Commonwealth Bank of Australia
(ASX:CBA)shareholders have cheered a record share price and dividends, but have questioned the bank over revelations rogue financial planners lost millions of dollars in retirees' investments.
At the bank’s annual general meeting, directors reportedly faced shareholders after details emerged in June that rogue planners lost millions of dollars by placing clients' investments in high risk products without permission.
Shareholders asked why it had taken management several years to notice.
Chairman David Turner admitted it had taken far too long for the problems to publicly emerge, but said the board and corporate regulator had since acted decisively.
CBA generated a net profit of $7.7 billion in the 2013 financial year.
