Our responses and supplementary information to support ESG-related queries from our stakeholders.
Social
In October 2021, the Fair Work Ombudsman (FWO) commenced civil penalty proceedings in the Federal Court of Australia against CBA and CommSec, alleging contraventions of the Fair Work Act 2009 (Cth) (Fair Work Act), and of the Group’s 2014 and 2016 enterprise agreements. The proceedings follow an investigation by FWO of the Group’s employee entitlement review (EER). CBA self-disclosed these matters in the EER to the FWO in late 2018.
CBA and CommSec cooperated fully with FWO and entered into a statement of agreed facts and admissions with FWO. Judgment in this matter was delivered in February 2024 with CBA and CommSec fined $10.3m by the Federal Court of Australia (the penalty was paid in March 2024).
CBA’s broad remediation review of employee entitlements for current and former employees completed in mid-2023.
More detailed information can be found in our CBA Annual Reports 2019 – 2023, ASX announcements and newsroom articles.
Governance
In October 2024, CBA entered into an amended Enforceable Undertaking (EU) with the Australian Communications and Media Authority (ACMA) and paid a $7.5 million fine for breaches of certain provisions of the Spam Act 2003 (Cth) (Spam Act). Between November 2022 and April 2024, CBA incorrectly classified a significant number of electronic customer messages, which led to those messages being sent without a functional unsubscribe facility, or without consent.
CBA acknowledges the findings of the ACMA’s investigation and has apologised for the non-compliant messages. Timely and relevant information for our customers is incredibly important. Classifying that information to meet our regulatory requirements and customer expectations is a priority.
CBA is continuing to review and strengthen its systems, processes, and controls to support ongoing compliance with the Spam Act. In accordance with the EU, an independent consultant will make recommendations for improvements to CBA’s procedures, policies, training, and systems relevant to CBA’s compliance with the Spam Act. CBA has committed to implementing the independent consultant’s recommendations.
More detailed information can be found in our ASX announcements and newsroom articles.
Social
In October 2021, the Fair Work Ombudsman (FWO) commenced civil penalty proceedings in the Federal Court of Australia against CBA and CommSec, alleging contraventions of the Fair Work Act 2009 (Cth) (Fair Work Act), and of the Group’s 2014 and 2016 enterprise agreements. The proceedings follow an investigation by FWO of the Group’s employee entitlement review (EER). CBA self-disclosed these matters in the EER to the FWO in late 2018.
CBA and CommSec cooperated fully with FWO and entered into a statement of agreed facts and admissions with FWO. Judgment in this matter was delivered in February 2024 with CBA and CommSec fined $10.3m by the Federal Court of Australia (the penalty was paid in March 2024).
CBA’s broad remediation review of employee entitlements for current and former employees completed in mid-2023.
More detailed information can be found in our CBA Annual Reports 2019 – 2023, ASX announcements and newsroom articles.