CBA chairman defends the bank’s support of the Voice
Commonwealth Bank chairman Paul O’Malley said a $2 million contribution to the Yes campaign for a Voice to Parliament is consistent with the bank’s values, after some shareholders argued it should not be allocating bank capital to support what they considered a political campaign.
Ahead of the Voice referendum vote on Saturday, Mr O’Malley said the board saw the Voice as a policy issue. Backing it was consistent with CBA’s long-term support of Indigenous communities, and aligned with its purpose, he said.
As made clear by the Closing the Gap report, the “social and economic outcomes for Indigenous people in this country are unacceptable,” he said.
Commonwealth Bank chairman Paul O’Malley and CEO Matt Comyn at the bank’s AGM in the ICC in Sydney on Wednesday morning. Dominic Lorrimer
Mr O’Malley said CBA had decided to back the Voice because its “benefits are broad”.
“We see it as a policy item, not a political item, from a CBA perspective,” he said.
“Our own experience has been that listening to Indigenous voices has improved the way we support First Nations customers, employees and community members. Our support for reconciliation is consistent with our focus on sustainable practices, policies, and outcomes to create long-term value for our customers, communities and shareholders.
“For these reasons, we reached a view that the bank should be supportive of the Voice.”
Polling suggests the Voice will be defeated, leading Prime Minster Anthony Albanese, who is in Uluru, to urge those preparing to vote No to reconsider.
One CBA shareholder, Alexander Haege, criticised the board early in the meeting for funding the Yes campaign, saying it went beyond its legal role. On his way out of the meeting, Ms Haege said he would
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