The Commonwealth Bank (CBA) is holding its annual general meeting in Brisbane, marking the first time since 2018 that the event has been held in Queensland. Chairman Paul O’Malley, who is seeking re-election for his final three-year term, emphasised the bank’s commitment to regional areas, noting that 40 per cent of CBA branches are located outside major cities. With 2.2 million retail customers in the state, the meeting is being held in the Legends Room at the Gabba. Commonwealth Bank provides a range of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, and investment services. It is one of Australia’s largest financial institutions.
Addressing the growing concerns around scams and cyber threats, O’Malley acknowledged that CBA has “more work to do” despite investing over $900 million in customer protection over the past year. He highlighted a 76 per cent reduction in customer losses from scams since late 2022, indicating progress in this area. The bank has been working to enhance its systems to protect customers from fraud and cybercrime.
Regarding the energy transition, O’Malley referenced CBA’s environmental policy, updated in August, which outlines the bank’s approach to lending to high-emitting companies. The framework recognises Australia’s need for a secure energy platform, indicating a commitment to supporting the energy sector through the transition. The bank aims to balance environmental responsibility with the need for reliable energy supply.
O’Malley also addressed the critical role of the board in appointing the CEO and ensuring succession plans are in place. He expressed satisfaction with the performance of current CEO Matt Comyn, who has served in the role for seven-and-a-half years. The board will lead the process of selecting the next CEO, with O’Malley’s successor as chair overseeing the appointment. Alistair Currie and Jane McAloon will be standing for election as independent non-executive directors at the meeting.
