Published: November 21, 2018
David Turner refused board’s request, which was sparked by a highly critical regulator report
Commonwealth Bank’s board was so dissatisfied with the performance of its former chairman David Turner that it asked him to return 40% of his annual fees. However Turner refused and the board moved on, and the incident was kept secret from shareholders.
The banking royal commission has also heard that the minutes of CBA’s board meetings do not necessarily record everything discussed by board members “verbatim”. Questions were raised regarding significant matters that were not recorded on the minutes.
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