Two significant ethical issues can be identified with respect to CBA in current times. Firstly, CBA is facing a class action law suit. Allegation exists that the company had breached anti-money laundering and counter-terrorism funding laws. It had not reported the breaches as required by legal compliance within the country. Any form of breach of protocol, law, etc must be reported or disclosed for investor and stakeholder security. By not reporting the breaches, the Board put itself and the company at the receiving end of a class action suit. There was evidence to understand that the Board was indeed aware of the breach and yet did not inform the share market until 2017. Many people were named in the lawsuit as having been privy to the information such as the substantial losses, the director of the company, the Chief officers, etc. “The most significant issue is that when (CBA) knew of the complete and systemic breakdown of its compliance system, it chose not to do anything about that and it chose not to disclose that to shareholders” (AAP, 2017, para. 5). While the actual breach maybe happened out of error, it was hiding the breach by not reporting it that raised compliance and ethical concerns. It is the obligation of companies to be transparent with respect to some needed financial obligations and in not being so, CBA showed oversight and carelessness. Mr Narev apologized to retail shareholders to show that CBA indeed were sorry about the ethical issue that had happened and were trying their best to resolve it for the future. William Philips, the lead plaintiff of the case, said that the company only really made the disclosures when they did not have a choice, because they were facing civil action. Therefore, any credit that could be meted to the company for coming forward on their ethical breach of duty to investor still looks questionable.