Are we becoming immune to poor corporate governance?

It would be unfair to call it boring, but the Hayne Royal Commission (HRC) is becoming so repetitive it's almost predictable, so much so that it's losing its shock factor.

Misdeeds at the big end of the financial system? So what? We all either knew that, or suspected it, and by now we have heard it all (or much the same) before.  No wonder the banks fought so hard against the RC being established in the first place.

In any other area, the charging of fees for no service would be called for what it is - a SCAM.  If perpetrated by an individual advisor they'd be struck off in quick time. But at executive and board level different rules obviously apply. The key point going forward is not how much financial pain is inflicted on executives via lost or reduced bonuses, or penalties on the banks themselves (which of course flow on to shareholders), but the potential for criminal charges to be laid.

That, to excuse the pun, might help to arrest the problem.

Whilst this might seem extreme, the reality is that theft has occurred, deliberately, knowingly, and frequently - and worse still more often than not at the expense of those most vulnerable, both as a result of their lack of financial interest or knowledge, or those least likely to be able to afford it in terms of their financial security in the future.

What is astounding is that, like at AMP, the senior ranks of the banks such as CBA and NAB knew of the theft, and did nothing to fix it - even worse, NAB did whatever they could to obfuscate to protect their position, including asking Mr Hayne to keep it confidential.

Nothing will focus their minds more than the prospect of some quiet, reflective time in a green uniform, with set meal times, and limited visiting hours.

CEO's and chairmen (and women, although there's been little apology we can recall from AMP's previous Chair) may apologise' but saying sorry is one thing. Changing the systemic cultural and operational problems are another.

By contrast, Australian Super's Mr Silk gave a "smooth as" performance, partly as a result of what seemed to be a less severe interrogation, itself quite possibly because there have been fewer misdemeanours uncovered on his watch.  We'd still like to see the HRC delve into where the fees behind industry super flow - over and above purchasing shares in the New Daily. That problem's unlikely to resolved while the boards and trustees of industry funds are not required to have independent members.

Unfortunately the superannuation pie is so large, so opaque, and in many respects so distant from the majority of contributors and beneficiaries that it is going to take some serious government intervention to change the current malpractices. And while talking of change, with an election looming in less than a year from now, it's likely the "for profit" sector is likely to be firmly in Canberra's sights, while the "industry" sector will remain as opaque as ever.

Pity the poor punter!