The Interim Australian Royal Commission report on abuse of marketing by financial firms was released last month. The executive summary of the report can be found here.
The techniques for enhancing firm revenues brought under scrutiny do not measure up to standards of moral capitalism. Once again. I s such taking advantages of customers inescapable in capitalism as a function of a human nature which is programmed to deviate towards selfishness or can market incentives be arranged to offset that propensity with more ethical fidelity?
Noel Purcell, Chairman emeritus of the Caux Round Table for Moral Capitalism who worked on CSR for WestPac Bank in Sydney, has submitted a response to the Royal Commission’s interim report, which can be found here.
In Noel’s distinctive and distinguished fashion, his response is short and forceful. I urge you to read it and let me know your thoughts.