The CBA chairman was sent off at an event at the MCA in Sydney on Wednesday night, attended by Joe Longo, Wayne Byres, Nick Moore and Matt Comyn.
On a cold Sydney night at the Museum of Contemporary Art at Circular Quay, Catherine Livingstone received a warm send-off over drinks and canapés with 150 guests.
A scathing APRA panel had declared that CBA’s “continued financial success dulled the senses of the institution”. The board was criticised for having insufficient rigour and urgency and failing to challenge management strongly enough., APRA lambasted a “widespread sense of complacency”, overconfidence, excessive complexity and insularity. It said CBA had not learnt from experiences and mistakes, and “turned a tin ear to external voices and community expectations about fair treatment”.
But just two years later, after plenty of blood, sweat and tears had been spilled, CBA had fundamentally changed for the better as a result of Livingstone’s determination to fix the place.“Accountabilities have been sharpened. The ‘voices’ of risk and compliance have been elevated, and are being heard. There has been considerable improvement in the ownership and understanding of non-financial risk.
Incoming CBA chairman Paul O’Malley also spoke at the soirée, describing Livingstone as not only a leader of the banking sector but corporate Australia more broadly, acknowledging her time as chair of Telstra, which she navigated through challenges including the construction of the national broadband network.
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