The Reserve Bank says ANZ New Zealand is meeting the standards set out in the Directors Attestation Framework after a review found it lacking in a number of key areas.
(File image) Photo: RNZ / Nate McKinnon
At issue was whether the bank's board of directors had been rigorous in its inquiries before signing off on disclosure statements, following a number of matters that came to the public's attention in 2019.
"The review noted that a level of complacency in relation to the execution of some aspects of the directors attestation framework in 2019 is no more," deputy governor and general manager of financial stability Christian Hawkesby said.
The review by consultancy Deloitte found a full programme of work was necessary to ensure each attestation made by directors was backed by hard evidence, and not just reliant on the recommendations of others.
To ensure that ANZ met all of the review's recommendations, the Reserve Bank issued a further s95 notice requiring independent confirmation that ANZ implemented all of the report's recommendations.
Hawkesby said the review was a positive result and showed the value of the s95 process.
"We expect all of the entities we regulate to have robust and well-established governance processes in place," he said.
"As we have demonstrated, we will use statutory powers to ensure that is the case."
The review report notes there were elements of the framework still in the process of being embedded.
However, the key changes recommended in the 2019 Director Attestation s95 have been appropriately addressed.