Clarification: Rabobank pay practice
Rabobank "can confirm that its policies for the remuneration of its employees are fully compliant with the recommendations of the Sedgwick Review," its media adviser, Denise Shaw emailed us yesterday.A Rabobank regional executive "gave evidence that the bank's current remuneration structure is still predominantly driven by sales and is not yet consistent with the recommendations of the Sedgwick Review," counsel assisting Rowena Orr told the Hayne royal commission in her closing address on Friday.In our article yesterday, Rabobank non-compliant with Sedgwick, Banking Day reported Orr: "It is open to the commissioner to find that misconduct and conduct that fell below community standards and expectations was the result of inadequate internal systems at Rabobank."