Bank in­de­pen­dence

The West Australian - - LETTERS -

Fed­eral Trea­surer Scott Mor­ri­son says he will move within weeks to in­tro­duce laws to tighten rules on banks’ ex­ec­u­tive pay and bonuses.

The ma­jor banks are stock­mar­ket-listed com­pa­nies and as such the Fed­eral Gov­ern­ment, un­less it means to take a ma­jor stake in the banks, can have no say in this mat­ter.

Share­hold­ers in ANZ, Com­mon­wealth, West­pac and the NAB — the big four banks — have the fi­nal say on their ex­ec­u­tives’ pay and can cer­tainly do so at their an­nual gen­eral meet­ings. They are the ones to sanc­tion their ex­ec­u­tives’ pay and bonuses.

The Fed­eral Lib­eral-Na­tion­als Gov­ern­ment has not learnt from the Gil­lard La­bor gov­ern­ment’s down­fall when they wanted to tax the big min­ing com­pa­nies.

That ended in tears.

Bernie Whit­worth, Safety Bay

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