The bank has addressed key changes recommended by an independent report
ANZ has taken appropriate steps to remedy concerns raised in an independent report, a review of ANZ New Zealand’s (ANZ) Directors Attestation Framework has found.
In June 2019, the Reserve Bank of New Zealand requested that ANZ commission and publish a summary report into ANZ’s Director Attestation and Assurance framework, under section 95 (s95) of the Reserve Bank of New Zealand Act 1989. A further s95 notice requiring independent confirmation that ANZ implemented all of the report’s recommendations was issued by RBNZ to ensure that the bank met all the report’s recommendations.
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The review, prepared by Deloitte, found that ANZ has invested heavily in their director attestation and remediation programme. ANZ was also found to have taken appropriate steps to address the recommendations from the 2019 s95 report as well as attained a marked uplift in the overall capabilities within ANZ in respect to the attestation process, with heightened focus and scrutiny from management, executives, and ANZ’s board.
Christian Hawkesby, RBNZ deputy governor and general manager of financial stability, said the review is a positive result and shows the value of the s95 process.
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“We expect all of the entities we regulate to have robust and well-established governance processes in place,” Hawkesby said. “As we have demonstrated, we will use statutory powers to ensure that is the case. The review noted that a level of complacency in relation to the execution of some aspects of the directors attestation framework in 2019 is no more. There has been a marked emphasis on adopting a ‘show me, don’t tell me’ governance approach at ANZ that aligns with our own strengthened supervisory policy.”
While some elements of the framework are still in the process of being embedded, the report noted that key changes recommended in the 2019 Director Attestation s95 have been appropriately addressed.
