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In this podcast, Leon and Garry talk about Treasurer Wayne Swan’s raft of bank reforms while the Senate economics committee has hearings into the banking business, Australia’s super system is to be manipulated, new figures show that despite the mining boom, the real economy is struggling with vehicle sales down, personal credit shrinking, dwelling commencements falling, low business confidence and more businesses expected to call in corporate undertakers and consumer confidence edges up.
Reforming the board’s composition proved to be essential for the turnarounds at Credit Suisse and UBS. But in both cases it took a severe crisis to provoke the reform. Will other companies learn to reform their boards before they are hit by a crisis? Or will the old maxim continue to apply: no change without a crisis? Paul Strebel proposes five requirements to encourage healthy corporate governance.