In reviewing the Cole Inquiry it is curious that the public response has been muted: there has been no public outrage and the Government appears to be comfortable about its role despite persistent Opposition criticism.
The bottom line is that AWB made a commercial decision to pay money to maintain its sales to Iraq even though the payments were in breach of UN sanctions. There does not seem to be any recognition by AWB that the original decision and AWB's subsequent conduct was wrong or that AWB has changed in any way.
AWB is waiting to find out whether its wheat export business will survive and is talking about a restructure. Wheat growers are understandably anxious about their future.
The Australian Shareholders Association said that the board needed to act in the best interests of AWB, the company rather than maximising the return to growers.
Commissioner Cole recommended that criminal charges be investigated against only one AWB director: the former Chairman, Trevor Flugge.
The Board is otherwise largely unscathed and is keeping a low profile.
Cole strongly criticised AWB's "closed culture of superiority and impregnability, of dominance and self-importance." He observed that "Legislation cannot destroy such a culture or create a satisfactory one. That is the task of boards and the management of companies. The starting point is an ethical base. At AWB the Board and management failed to create, instil or maintain a culture of ethical dealing." (Volume 1 Prologue, page xii).
The response of the AWB Board can be contrasted with the NAB Board after its implosion in 2004 following the discovery of foreign exchange losses. Whilst NAB has been open, AWB remains defensive. There is still a "lack of openness and frankness".
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