The move by the Rio Tinto board to take action against the chief executive and two other senior executives should be a wake-up call to corporate Australia that cultures based on profit at all costs can no longer be tolerated | adele_ferguson
which saw sick and dying people denied claims based on policies that included medical definitions that were out of date, and then came the Austrac money laundering debacle.
When the scandals became too great, a royal commission was called around the same time that investors started to find their voice publicly and vote against the remuneration packages of executives at annual general meetings. It became clear that poor behavior damages brands and reputations, which, in turn, hurts an organisation’s bottom line.in 2017, booking a $300 million after tax loss on the sale and slashing its goodwill by $1.4 billion.Sydney Morning HeraldAll up, the big four banks have exited wealth management and are facing billions of dollars in remediation to ripped off customers.
It was swift action designed to protect QBE’s reputation. But the decision by the board to keep investors and staff in the dark about the details of his departure doesn’t bode well. Nor does the insurer's lack of a succession plan.
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