61% of the poll respondents said there is too little personal accountability in ASEAN’s financial sector, compared to just 16% who believe there is too much.
The ASEAN financial sector lacks personal accountability, according to a poll of business and compliance leaders conducted at the 5th annual Refinitiv ASEAN Regulatory Summit yesterday (8 May).
Of the 800 attendees at the Summit, 61% of the poll respondents believe said there is too little personal accountability in ASEAN’s financial sector, compared to 16% who believe there is too much. The remaining 16% said there is an appropriate level of personal accountability.
More that half (54%) of respondents also said individuals are too often blamed for corporate failures in cases of serious misconduct, compared to 25% who think organisations too often provide cover for individual failures and 11% who believe no one takes the blame.
“There are both internal and external drivers of misconduct. While not a lot can be done with external factors such as increased competition and slowdown of economy, it is more important to focus on what people can do within the company,” said Herbert Smith Freehills head of counsel Natalie Curtis. “Growth models, remuneration and the way we manage conflict are areas that can be improved.”
“Companies have the fiduciary duty to their customers and should have robust measures and programmes in place to balance the incentives and the handling of misconduct,” said State Street head of compliance June Lau.