There’s now nary a director on any board in the country who questions the concept of the “social licence to operate”. And that’s largely thanks to Commissioner Kenneth Hayne.
It’s in the nature of news reporting that there will inevitably be a flurry of stories that commemorate the first anniversary of a major event, but that attention dwindles with each successive year.
And this process is inevitably hastened if a global pandemic occurs in the interim which allows the erstwhile villains – in this case, the country’s major banks – a chance to redeem their sullied reputations.
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Jill Margo was a senior writer at The Australian Financial Review.
