In an era of declining levels of public trust, royal commissions retain symbolic and actual power to provide potential reassurance. The handing down of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in February 2019 marks a defining moment. It offers, for the first time, a coherent and cohesive normative framework that integrates law, morality and public expectations. In so doing, it invigorates debate on corporate purpose and duty to the society in which it operates. It also provides mechanisms to ensure more effective pathways towards binding sanction. The report, however, suffers from a significant flaw. It presents identified failures in governance in mechanistic terms as independent and episodic rather than a systemic question of sub-optimal culture. The behaviours in the sector reflect the wider inculcation of social norms within and beyond specific communities of practice. In so doing, the report undermines rather than strengthens the power of administrative agencies to guide industry as a whole towards socially beneficial outcomes. Change will only come from a broader exercise in deliberative governance in which cultural renewal is determined, endorsed, and lived.

中文翻译：

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“因为他们可以”：在皇家委员会调查银行、养老金和金融服务业的不当行为之后，公司治理监管中的信任、诚信和目的

在公众信任度下降的时代，皇家委员会保留了象征性和实际的权力来提供潜在的保证。皇家委员会于 2019 年 2 月下令调查银行、养老金和金融服务行业的不当行为，这标志着一个决定性的时刻。它首次提供了一个整合了法律、道德和公众期望的连贯一致的规范框架。通过这样做，它激发了关于企业宗旨和对其运营所在社会的责任的辩论。它还提供了机制，以确保采取更有效的途径进行约束性制裁。然而，该报告存在重大缺陷。它将已确定的治理失败以机械的方式呈现为独立的和偶发性的，而不是次优文化的系统性问题。该部门的行为反映了在特定实践社区内外更广泛地灌输社会规范。在这样做时，该报告削弱而不是加强了行政机构引导整个行业实现对社会有益的结果的权力。变革只会来自更广泛的协商治理，在这种治理中，文化复兴得到确定、认可和实现。