The shocking revelations of The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry have called into question the motivations of the boards driving Australia's big banks and businesses. This has caused key commentators to question whether the legacy of the inquiry will be a fundamental shift in the ideologies underpinning these institutions, away from the notion of shareholder primacy put forward by Milton Friedman in the 1960's, and towards a more ethical corporate accountability model that takes into account the interests of customers, and the community

Required: Considering the above interview, analyse the ethical implications of a corporate objective of maximising shareholder wealth in banks and its effect on broader society. (450 words)