As the banking industry prepares to face a Royal Commission, ANZ has acknowledged that it must continue working to meet customer expectations.
In its latest Corporate Sustainability Review, ANZ chairman David Gonski and chief executive officer Shayne Elliott noted that the major lender has “much to do” to build customer trust.
The review highlights the bank’s management of environmental, social, and governance risks and opportunities, and includes addresses from both Mr Gonski and Mr Elliot.
“I want ANZ to be a company known for behaving fairly and responsibly in order to meet the expectations of our customers, employees and society,” Mr Elliot said.
“While we still have much to do to achieve this, we are making good progress. This report highlights the positive contributions we have made this year, while also acknowledging the challenges we face.”
The federal government’s recent announcement of a Royal Commission has ramped up accusations of alleged misconduct in the banking sector, but Mr Gonski believes that ANZ is taking appropriate measures focused on “rebuilding community trust”.
The chairman said: “Recognising the failures that have led to the recently announced Royal Commission, I would like to acknowledge the genuine progress we have made in delivering better outcomes for customers and in rebuilding community trust.
“This has been supported by the establishment of the Responsible Business Committee, led by the chief executive Shayne Elliott, and the revision of the charter for the Environment, Sustainability and Governance Board Committee (ESG).
“The aim of both committees is to improve our decision making about our products, services and customers.”
Mr Gonski added that he believes the Royal Commission will ultimately help restore trust, noting that the lender intends to contribute to the Commission to help strengthen the sector.
“We still have much to do to restore the trust of customers and the community, and I believe the Royal Commission will play an important role in that process,” the ANZ chairman said.
“We will work hard to ensure our contribution to the Commission helps further strengthen Australia’s financial services system.”