Opes Prime

I commend anyone reading this Site to undertake research into what ANZ did regarding the Opes Prime debacle.

Mike Smith was “somewhat pissed off’ when he found out that ANZ were involved in such a stupid arrangement.  He rightly undertook to have a public review of what went wrong [ I suggest with hindsight he may have wished he hadn't].

What the Review revealed was a lack of understanding of the risks to ANZ particularly the reputational risk.

The review also highlighted the need for a proper understanding of ANZ’s Code of Conduct and Values as it was clear some [if not all] people within ANZ were lacking in this area.

Why would ANZ roll out such a massive campaign to introduce a new Code of Conduct and Ethics and the annual pledge process if this was not the case.  

In Bob Santramaria’s letter to me dated 27 February 2008 following on my concerns of ANZ having a systemic problem with their values he wrote “that there is nothing more that we can reasonably be expected to do”.

Well Mr Santamaria the Opes Prime fiasco kicked you into gear regarding the Code of Conduct and Ethics - jusyt maybe you need to understand how to apply them.

In the meantime do not fight those who you have wronged - retrieve some respect and look to settling with then on reasonable terms.  Sure this may cost money in the short term, but in the long term the ANZ may just survive. For a copy of the letter from Bob Santamaria go to Topics and articles.