Ethical Investment Advisers
In the Banking Royal Commission Ken Henry of the NAB said that the capitalism is about “businesses have no responsibility other than to maximise profits to shareholders.’’
Over the years when I have talked with Trustees of supers and fund managers they have all told me that boards should be focused on the maximisation of profits for shareholders.
In the Banking Royal Commission it appears that Rowena Orr is suggesting to the banks that profit shouldn’t come at the expense of mistreated customers. The argument probably would run that by ripping off customers the short-term interests of shareholders are considered, but possibly not in the long-term interests.
But it appears that the banks did not put their customers before profits and certainly not before bonuses. For the banks customers are seen cash cows to pay shareholder profits, rather than the customer being the focus of good products and service.