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

Thomson, Dianne and Jain, Ameeta 2005, Corporate governance failure and its impact on National Australia Bank's performance, in EABR 2005 : European Applied Business Research Conference, [EABR & TLC], [Santorini Island, Greece], pp. 1-34.

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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
Conference name European Applied Business Research. Conference (2005 : Santorini Island, Greece)
Conference location Santorini Island, Greece
Conference dates 20-22 June 2005
Title of proceedings EABR 2005 : European Applied Business Research Conference
Editor(s) Clute, Ronald C.
Publication date 2005
Conference series European Applied Business Research Conference
Start page 1
End page 34
Total pages 34
Publisher [EABR & TLC]
Place of publication [Santorini Island, Greece]
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. Thisforeign 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.
Notes This is a combined conference : EABR Conference and TLC Conference. The 2005 European Applied Business Research Conference And The 2005 College Teaching & Learning Conference : Program & Proceedings.
ISSN 1539-8757
Language eng
Field of Research 150203 Financial Institutions (incl Banking)
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category E1 Full written paper - refereed
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Document type: Conference Paper
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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