ANALYSIS: The democracy movement that invaded corporate Australia
Last week, the chief executive and chairman of Westpac Banking Corporation, Brian Hartzer and Lindsay Maxsted, were shown the door following a monumental failure in management that, even if minimum penalties for all 23 million breaches were applied, would bankrupt the bank.
For some, this is an alarming development with the potential to undermine the stability of our corporate sector. Others, however, call it out for what it is: democracy. That is a trend that hasn't sat at all well in Canberra, prompting this outburst from Assistant Minister to the Prime Minister Ben Morton in September:"Too often big businesses have been on the front line on social issues but missing in action when arguing for policies which would grow jobs and the economy."The traditional divide between business and workers has blurred.
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