As Ferguson sees it the royal commission crescendo was something the banks definitely deserved. They had it coming.
Too big he thinks for the senior management and the boards to know what is going on multiple layers down in the organisation.He argues that it’s not a matter of the directors of banks not being fit for purpose rather that the organisation is not fit for purpose. In the corridors of big business there is division on Ken Henry. One view points to his arrogance and his tin ear to the seriousness of the banking industry’s culpability. The other sees him as a sacrificial lamb. Ferguson sits on the side of Henry’s supporters believing NAB’s former chairman spoke his mind, rather than followed political correctness."I felt great sympathy for Ken because I felt he was thinking out loud and he was made an example of.
"The mechanism for paying chief executives is flawed by the fact that boards – I don’t think they’re tough enough in terms of compensation." It seems a curious stance given Ferguson’s former membership of the Westfield board whose executives were renowned for the generous size of their pay packets.
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