The Wells Fargo scandal stands as a poignant example of what can happen when company leadership sets the wrong kinds of incentives for employees. It’s such a great example of mis-alignment because, at some level, we all understand and have significant exposure to the retail banking system. Even if you are not a Wells Fargo customer, it’s easy to empathize with them and see how the corporate ship veered off course. But the lesson is not new or novel. History is replete with examples of misguided corporate incentives undermining culture—from the Dutch East India Co. to Enron—second verse, same as the first. Board oversight is a familiar theme. Like Enron, we have a special report issued in 2017 to figure out why it all went wrong for Wells Fargo. Last week, the company added a Business Standards Report to the narrative styled, “Learning from the past, transforming for the future.”

The report echoes some of the rebranding the company has focused on in digital and television advertising to regain customer trust. The bank’s wrongheaded incentive and decentralization story has been widely circulated (who can forget the images of Sen. Elizabeth Warren searing CEO Tim Sloan and suggesting he be fired). The report provides at least some answers to the questions posed by Warren and Wells Fargo customers. The report contains a lot to digest (honestly, it could have been a bit more concise and simpler). It begins by reminding readers that Wells Fargo is a storied institution (picture stagecoaches protecting gold) that customers have trusted since 1853. The introduction follows with statistics showing the bank has an equally impressive footprint today, including employing approximately one in 600 working Americans, providing significant benefits to U.S. communities, and serving one in three U.S. consumer households. The most interesting part of the report, however, deals with risk management and board oversight.