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Corporate governance failure and its impact on National Australia Bank's performance

Thomson, Dianne and Jain, Ameeta 2006, Corporate governance failure and its impact on National Australia Bank's performance, Journal of business case studies, vol. 2, no. 1, pp. 41-55.

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Title Corporate governance failure and its impact on National Australia Bank's performance
Author(s) Thomson, DianneORCID iD for Thomson, Dianne
Jain, AmeetaORCID iD for Jain, Ameeta
Journal name Journal of business case studies
Volume number 2
Issue number 1
Start page 41
End page 55
Publisher The Clute Institute for Academic Research
Place of publication Littleton, Colo.
Publication date 2006
ISSN 1555-3353
Summary The National Australia Bank (NAB) is the largest financial services institution listed on the Australian stock exchange and is within the 30 most profitable financial services organisation in the world. In January 2004, the bank disclosed to the public that it had identified losses relating to unauthorised trading in foreign currency options amounting to AUD360 million. This foreign exchange debacle was classified as operational risk, the risk of loss resulting from inadequate or failed processes, people, or systems and reiterated the importance of corporate governance for banks. Concurrent issues of National Australia Bank’s AUD4.1 billion loss on US HomeSide loans in 2001, the degree of strength of their risk management practices and lack of auditor independence, were raised by the US Securities and Exchange Commission in 2004, reinforcing the view that corporate governance had not been given the priority it deserved over a number of years. This paper will assess and critically analyse the impact of corporate governance failure by management and Board of Directors on NAB’s performance over the years 2001-2005.
Language eng
Field of Research 150203 Financial Institutions (incl Banking)
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2006, The Clute Institute for Academic Research
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Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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