Electronic devices fit recycling needs
COMMONWEALTH B a n k boss Ian Narev has taken the blame for the lender’s alleged breaches of anti- money laundering laws and apologised to retail shareholders.
Mr Narev, who has announced he will step down following the allegations, said yesterday the bank was focused on “putting things right” after failing to meet the appropriate standards and letting down stakeholders.
“l am sorry for that ( and) as the chief executive I take accountability for it and can assure you that we are taking it extremely seriously,” Mr Narev said during a Morningstar investor conference in Sydney.
The proposed action launched by AUSTRAC in August alleges CBA failed to provide on- time reports for 53,506 cash transactions of $ 10,000 or more between November 2012 and September 2015.
CBA shares fell almost 12 per cent in the month after the allegations, but have since recovered some of the losses.
Mr Narev, who remained optimistic about the economy despite Thursday’s poor retail trade figures showing the sharpest monthly fall in more than four years, said the bank had damaged stakeholders’ trust.
“At the heart of the relationship of the Commonwealth bank and all its stakeholders lies trust – we can never take that for granted and we have a lot of work that we have to do,” he said.
“Certainly, it is my priority in my remaining time as chief executive to really restore that trust.” AUSTRALIAN households and businesses are not recycling their old computers, tablets, televisions and printers because they fear losing data or they think it will cost too much.
Not- for- profit national electronic waste recycler TechCollect says too many households and businesses are holding on to or not properly disposing of redundant electronic devices to the environment’s detriment.
If the e- waste were recycled, the recovered materials could be used in new goods, thereby saving resources and cutting down on landfill.
TechCollect chief executive Carmel Dollisson said Australians were good at recycling paper, cardboard and old printing cartridges but could improve on recycling e- waste.
“We all have a shared responsibility for the products that we consume,” Ms Dollisson said.
“You wouldn’t finish with your car and leave it on the street.”
TechCollect’s recent survey of 1000 respondents in Sydney, Melbourne, Brisbane, Adelaide and Perth shows that 43 per cent are keeping old electronic devices in case they need them again.
One in five respondents admit to being device hoarders.
Only 33 per cent have taken ewaste to a designated drop- off site and one in four have thrown their ewaste into the bin, which is likely to end up as landfill.
Respondents cited the loss of personal data, lack of knowledge, data security and cost as key barriers to recycling.
Improperly disposed- of e- waste can contain mercury and other heavy metals that can poison groundwater.
But more than 95 per cent of the materials in e- waste is recoverable, including plastics and circuit boards, which can then be sold to industry to be re- used in the manufacture of new goods.
Ms Dollisson said 100,000 tonnes of new electronic devices were imported into Australia each year.
The Federal Government’s target for recycling old computers and televisions in 2016- 17 was 58 per cent of the imported tonnage and the aim is to recycle 62 per cent in 2017- 18.
Although the results aren’t in yet, Ms Dollisson believes the target for 2016- 17 is close to being met.
She said much of the e- waste consists of old computers from business- es. Major companies are generally good at recycling old equipment, but small to medium- sized enterprises ( SMEs) are not.
Most SMEs don’t know that the ewaste can be recycled, are worried that it will cost too much and that data security may be compromised.
“Those things are the challenges that we need to overcome and educate the businesses that these products are eminently recyclable,” Ms Dollisson said.
She said TechCollect was funded by manufacturers of electronic goods and its recycling service is free.
Most manufacturers have information on their websites on how to reset devices or wipe data, there are services that can wipe data for you and there is also software that can assist in wiping data.