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CONFIDENTIAL Commonwealth Bank of Australia

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CONFIDENTIAL Commonwealth Bank of Australia _R CBA.0502.0001.8021 CONFIDENTIAL Commonwealth Bank of Australia AGENDA FOR THE 311th MEETING OF THE BOARD TO BE HELD IN SYDNEY ON MONDAY, 11DECEMBER2017 AT 4.25PM AND TUESDAY, 12 DECEMBER 2017 AT 8.00AM Monday, 11 December 2017 Administration 4.25pm - 4.35pm 1. Non-Executive Director Private Session 10 mins 4.35pm - 4.45pm 2. Board Matters 10 mins 2.1. Minutes of the 31Qth Meeting of the Board held on 13-14 November 2017 2.2. Matters Arising 2.3. Disclosure of Directors' Interests (if any) 2.4. 2017 and 2018 Board Forward Agenda Business Operations 4.45pm - 5.1 Spm 3. Chief Executive Officer's Report and Board Discussion 30 mins Presented by Ian Narev 5.1Spm - 5.35pm 4. Chief Financial Officer's Report 20 mins Presented by Rob Jesudason with Jean Olivier in attendance 4.1. Investor Relations Presented by Gregg Johnston 4.2. Funding & Liquidity Presented by Paolo Tonucci 4.3. Economic Update (For Noting) ExCo to join the Meeting 5.35pm -6.15pm 5. Management Reports 40 mins 5.1. Enterprise Services 5.2. Retail Banking Services 5.3. Business & Private Banking 5.4. Bankwest 5.5. Institutional Banking & Markets 5.6. International Financial Services 5.7. Wealth Management* and KordaMentha Report* 5.8. ASB Bank* 5.9. Group Marketing & Strategy .. Group Executive to provide 5 minute update, followed by 5 minute Q&A _R CBA.0502.0001 .8021 _0002 CONFIDENTIAL 6.15pm - 6.25pm 6. India Entity Establishment 10 mins Presented by David Whiteing and Scott Wharton 7. Health, Safety and Wellbeing Report (For Noting) 6.30pm - 9.30pm BOARD AND EXCO DINNER Tuesday, 12 December 2017 ExCo to join the Meeting 8.00am -12.45pm 8. Group Strategy 2017 Progress Review See separate Strategy Agenda (at end of Agenda) 12.45pm - 1.00pm 9. Mergers & Acquisitions Update 15 mins Presented by Vittoria Shortt, Annabel Spring and Paul Fowler with Anna Lenahan in attendance 1.00pm-1.30pm LUNCH 10. People and Organisation 1.30pm -2.05pm 10.1. Organisational Structure 35 mins Presented by Ian Narev 2.05pm -2.25pm 10.2. Accountability Change Program and Vision & 20 mins Values Presented by Gregg Johnston and Deb Howcroft 2.25pm - 2.35pm 10.3. Remuneration Committee Report and 10 mins Recommendations Report by David Higgins Risk and Regulatory 2.35pm - 2.45pm 11. Project Management Office Update 10 mins Presented by Philippa Watson and Steve Ellis with Anna Lenahan and Rob Jesudason in attendance 2.45pm - 3.00pm AFTERNOON TEA 12. Regulatory Actions 3.00pm - 3.15pm 12.1 Financial Crimes Review Committee Report 15 mins Report by Mary Padbury 3.1Spm - 3.45pm 12.2 AUSTRAC Proceedings and Program of Action 30 mins Verbal update by Anna Lenahan and David Cohen, with Rob Jesudason, Leif Gamertsfelder and Clive Van Horen in attendance 3.45pm - 4.00pm 12.3 Royal Commission -Financial Services 15 mins Presented by Anna Lenahan _R CBA.0502.0001.8021 _0003 CONFIDENTIAL 4.00pm - 4.20pm 13. Regulatory Report 20 mins Presented by David Cohen, Peter Taylor and Jane Couchman 14. Risk Reporting 4.20pm -4.30pm 14.1 Risk Committee Report and Recommendations 10 mins Report by Shirish Apte 4.30pm -5.00pm 14.2 IT Risk Rem ediation Program: Quarterly Update 30 mins Presented by David Whiteing, Scott Wharton and James Walker 14.3 Enterprise Services - Strategy Progress and Operational Reporting Presented by David Whiteing, Scott Wharton and James Walker Financial Controls, Management and Treasury 15. Audit Reporting and Capital Management 5.00pm -5.10pm 15.1 Audit Committee Report and Recommendations 10 mins Report by Brian Long 5.1Opm - 5.20pm 15.2 Proposed Issue of PERLS X 10 mins Presented by Rob Jesuadson and Paolo Tonucci Policy and Governance 16. Governance Framework 5.20pm - 5.35pm 16.1 Corporate Governance Guidelines 15 mins Presented by Anna Lenahan and Taryn Morton 5.35pm - 5.45pm 17. Nominations Committee Report and Recommendations 10 mins Report by Catherine Livingstone 18. Continuous Disclosure Matters 5.45pm -6.00pm 19. Review of Meeting 15 mins NEXT MEETING Wednesday, 13 December 2017 - Sydney l!N.D·AGENDA 6.00p.m _.. 7.30pm CC1CKTAIL FU,NC110~ (Le.vet 1.9) _R CBA.0502.0001.8021 _0004 CONFIDENTIAL Commonwealth Bank of Australia STRATEGY AGENDA TUESDAY, 12 DECEMBER 2017 ExCo to join the Meeting 8. Group Strategy 2017 Progress Review 8.00am -10.45am 8.1 Corporate Strategy Performance 165 mins Presented by Vittoria Shortt and Jason Miller 8.2 Operating Flexibly Deep Dive 8.3 FY18-FY20 Group Business Plan ExCo to leave the Meeting 10.45am - 11.00am MORNING TEA Business Unit Strategy 11.00am - 11.15am 8.4 Business Banking Strategy 15 minutes Presented by Adam Bennett 11 .15am - 12.45pm 8.5 Retail Banking Services Strategy 90 minutes Presented by Matt Comyn, Dan Huggins, Sian Lewis Stuart Munro and Angus Sullivan RETURN TO ITEM 9 ON MAIN AGENDA R R R R R R R R R R R R R _R _R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R R _R CBA.0502.0001.8021 _0093 CONFIDENTIAL Commonwealth Bank of Australia Paper No. 5.2 Board 11-12 December 2017 Retail Banking Services Management Report 1. External market environment 1.1. In November the Australian Bankers' Association held an Open Banking symposium attended by banks, consumer groups and regulators. Data security was a key focus of the forum, particularly in light of major data breaches including Equifax, Yahoo and most recently Uber. 1.1.1 . CBA supports a model that provides safe data exchange where the customer initiates data transfers via Netbank, rather than third parties linking to CBA systems to 'pull' customer data. Under this model, 'screen-scraping' which involves customers disclosing their passwords and putting themselves at high risk, should no longer be justified. 1.2. Apple Pay has launched a trial in the U.S that enables customers to send and receive payments using Apple Pay over iMessage. Sim ilarly, Facebook Messenger has launched a Peer-to-Peer payment feature in the U.K. This functionality will be in direct competition with Beem, the CBA led industry digital wallet solution for the Australian market. 2. Vision and Values 2.1. In October we announced the removal of fees for electronic transactions for Streamline transaction accounts. Previous charges included $0.30 for transfers, payments or direct debits; and $0.50 for purchase transactions above a volume based threshold. Also removed were monthly account fees for our Equity Unlock for Seniors (EQFS) product, a type of reverse mortgage; while fees for International Money Transfers (IMTs) below $1000, processed through NetBank or the Comm Bank app, were reduced from $22 to $6. 2.2. From January 2018, schools participating in our School Banking program will receive fundraising support under a revised payment structure. Schools will receive an annual contribution each calendar year when the first School Banking deposit is processed, based on the number of participating students alongside a Regular Savers Contribution of $5 for every 10 deposits processed per student. This new structure aligns closely with the program's value of teaching kids the importance of regular savings behaviour. 2.3. Progressively since October 2017, credit card customers using the CommBank app have been alerted in real-time that when they make a high cost credit card transaction (such as an ATM cash advance or online gambling) that these transactions incur cash advance fees and interest. 2.3.1. CBA has commenced working with expert researchers in the field of gambling and gambling related behaviour from the University of Sydney. This partnership will help the Bank make informed decisions on the courses of action to take with the development of digital tools aimed to help our customers better manage their financial wellbeing. 2.4. From November 2017, customers received real-time alerts, reminding them their credit card payment is due. If their payment becomes overdue, _R CBA.0502.0001.802 1_0094 CON Fl DENTIAL customers will receive an additional alert advising them if they make their payment by midnight the following day, they will not incur a late payment fee. 3. Customer satisfaction performance 3.1. CBA leads the major banks for the Retail MFI Net Promoter Score (NPS) in October despite declining 0.2 to +1 .1. NAB improved to second place on +0.2, Westpac declined to third place on -1.1 and ANZ remains in fourth place on -4.6. 3.2. CBA continues in first place for overall Digital NPS, up 0.4 to +27.8. CBA's mobile app achieved a record high score of +34.5 and has margin of 10 points over NAB in second place. 4. Talent development and people engagement 4.1. In September we launched a new employee offer that will enable spouses of retired CBA employees to apply for a Low Fee Credit Card with no annual fee for the life of the card. This will help our customers during the estate planning process and in the unfortunate event where the retired officer passes away to provide the spouse with the financial means to continue to meet their day-to-day living expenses while the estate is finalised. 4.1 .1. We are also reviewing our employee benefits for both our current and former employees and will be making some improvements in the new year.
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