The Banking and Finance Oath (BFO), first formed in 2010 and established as an organisation in April 2012, has now launched an independent ethical review panel to be headed by executive chairman of Macquarie Group in Melbourne Simon McKeon.
The panel will assess individual cases of unethical behaviour within the banking and finance industry, the BFO stated.
The BFO said the oath comprises of a set of ethical standards, encouraging members of the banking and finance industry to support the motion to improve ethical standards across the industry.
As a condition of becoming a signatory of the oath, all those involved must abide by the standards it sets out and if a signatory is found to be operating in conflict with the standards, they can be referred to the review panel.
The panel is to be made up of between 12 and 36 independent industry representatives, who are selected to sit on the review panel on a case-by-case basis by the panel president.
“The BFO panel will review individual cases of unethical behaviour and have the opportunity to ‘name and shame’ signatories, and ultimately remove from the signatory list those who they believe are guilty of not upholding the desired ethical standards of the BFO,” said BFO chairman, AMP Capital chief executive Stephen Dunne.
“The panel is currently comprised of 12 independent leaders in the banking and finance industry, with this number expected to ultimately increase to 36 individuals, to allow for each case to be assessed objectively, eliminating any potential conflicts of interest.”
In addition to Mr McKeon and Mr Dunne, the panel also currently includes Mallesons partner Tim Bednall; Elizabeth Proust, advisory board chairman, Bank of Melbourne; Diane Smith Gander, deputy chairman, National Broadband Network; Paul Verschuer, managing director, Foreign Exchange, Commodities, Carbon, Energy, Equities, Westpac Institutional Bank; Ilana Atlas, director, Suncorp; Ian Hammond, financial services partner, PwC; Greg Hutchinson, deputy chairman, The Australian Charities Fund; Peter Marriott, director, ASX; Andrew Mohl, director, CBA; Joanna White, general manager SA & NT, NAB; Peter Annand, chairman, Sunsuper board; and Michelle Tredenick, director, Bank of Queensland.
