by Catherine Delahunty
Last night, the Roger Award For The Worst Transnational Corporation operating in New Zealand, 2009 was awarded to ANZ.
The Aussie-owned banks continue to rip us off, and the Green Party believes a bank is a worthy recipient of this award. Along with Labour and the Progressive, we instigated the Parliamentary Inquiry into Banking. The Inquiry found that lack of competition between the banks has cost their customers up to $2 billion of additional interest rate expenses. They really are unscrupulous.
The Judge’s Decision on the Roger Awards reported:
During the year 2009 the banks were accused of:
Distorted lending margins in their favour and against their customers Tax dodging on a grand scale Poor lending and investment practices Overcharging and profiteering Poor employment and customer service practices
ANZ was rightly singled out because of the ING scandal.
ANZ also finances logging of old growth forests in Tasmania, and provides financial services to Rimbunan Hijau, the Malaysian logging company that is clearing rainforests in PNG.
All in all, a deserving winner! Cheers to Christine Dann and the other judges, and CAFCA and GATT Watchdog for a great night.
Published in Economy, Work, & Welfare by Catherine Delahunty on Fri, March 12th, 2010
Tags: ANZ, CAFCA, Catherine Delahunty, GATT Watchdog, Roger Awards
More posts by Catherine Delahunty | more about Catherine Delahunty
on the trolls and those who are unable to keep on topic
Guess it is also down to the consumers who dont’ seem to care. Woner who came second and third. No doubt just as dodgy.
Like or Dislike:
2 
0 (+2)
If you are on a benefit, however, watchout! If you attempt to take more than what you are entitled to, you can expect the full weight of of the law and Government scrutiny to not only publicly shame you but expect complete restitution. I don’t see many mansions for sale as dodgy bankers and finacial advisors are forced to compensate those who have had their retirements destroyed!
Like or Dislike:
7 
0 (+7)
I believe Telecom was 3rd.
Like or Dislike:
2 
0 (+2)
Have you considered the plight we would be in if we had not had the stability of the Australian owned banks to buffer us from so much of the global financial crisis?
Our banks have benefited hugely from the high credit ranking of the Australian banks and we have all benefited from that.
Like or Dislike:
2 
8 (-6)
The organisation running the awards is so anti foreign investment, that perhaps they should be called the Winston Awards.
(even NZ companies, registered on the NZ stock exchange, with a large majority of NZ shareholders, are slammed as an evil transnational companies, just because they have a small minority of foreign shareholders).
Like or Dislike:
1 
6 (-5)
It isn’t because they are banks, but because these people behave badly and are not called to account. It is a transnational competition because there appears to be no other forum that analyses their behaviour, let alone applied consequences.
Do you think they should never be criticised? “Stability” is but one aspect, greed and indifference to society are others and that is what they are being judged on.
The Roger awards provide information we should have.
Like or Dislike:
5 
0 (+5)
If the banks had not been gouging customers for interest, or expropriating profits offshore, or failing to pay taxes in NZ (IRD pinged them for $2billion in unpaid taxes), I might agree with you Owen, but as it is, ANZ deserved to be the 2009 worst-performing transnational corporation.
Rio Tinto run the smelters in the South Island; plenty of poor behaviour there. Telecom was widely picked by the audience on the night to have form, but came in third; I suspect that their greed and complete failure to acknowledge the paucity of their ‘customer service’ will pitch them into the front-running for next year’s awards. (which relate to performance during this fiscal year)
see http://www.cafca.org.nz if you want the pdf of the full Roger Award 2009 report.
Like or Dislike:
0 
0 (0)
Photonz says:
“The organisation running the awards is so anti foreign investment, that perhaps they should be called the Winston Awards.”
Brian Gainer talking on Monday mornings 6am business programme on TV One warned that while we want China to a appreciate the Yuan and/or our dollar to fall the Chinese are awash with money and all our assets would become cheap. He said what they do is offer a premium so no one can object. Further he expressed the opinion that NZr’s like to own their own homes and he thinks we should own our own assets.
In a balanced democracy we need legitimate concerns to have a voice.
Like or Dislike:
0 
0 (0)
The best service I’ve ever received from any bank, anywhere in the world, and I’ve lived in 12 countries, is from the Southland Credit Union, followed by Kiwibank. I’d banked at different times with National, ANZ and BNZ. All are rubbish. SCU and Kiwi customers are also their shareholders. Coincidence?
Like or Dislike:
1 
0 (+1)