Since March 2020, the number of people in Australia on a visa with the right to work has fallen by over 250,000, which is a significant decline.
Hence there is a need for standards of corporate governance which extend beyond the strictly legal obligations of a firm. The banking industry presents unique challenges for corporate governance because the scope for conflicts of interest between insiders and outsiders is larger than in many other industries. The scope for conflicts of interest arises for several reasons.