30 April 2018Mr Wayne Byres Chairman Australian Prudential Regulation Authority Level 12, 1 Martin Place Sydney NSW 2000Dear Mr Byres Prudential Inquiry into the Commonwealth Bank of Australia (CBA) Final ReportOn 28 August 2017, the Australian Prudential Regulation Authority (APRA} announced it would establish a Prudential Inquiry into the CBA. This followed a number of incidents in recent years that have damaged the reputation and public standing of the CBA group.The purpose of the Prudential Inquiry, contained in the Terms of Reference, was to examine the frameworks and practices in relation to governance, culture and accountability within the CBA group that have contributed to these incidents. The Panel provided its Progress Report on 31 January 2018.The Panel has now completed its assessment.In brief, the Panel has identified a number of shortcomings in CBA’s governance, culture and accountability frameworks, particularly in dealing with non-financial risks, and has made a series of recommendations designed to strengthen these frameworks. The Panel acknowledges that CBA’s efforts to address these shortcomings have gained momentum under its new leadership, but regaining community trust will require, time, hard work and an undistracted risk and customer focus.We are now pleased to provide you with the Final Report.Yours sincerely John Laker AO Jillian Broadbent AO Graeme Samuel AC

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