Mba402-Governance And Ethics In Australian Assessment Answer

Answer:

Purpose

A Code of Conduct is a collection of rules, principles and values that the employees must follow in order to retain the sustainability in the business organisation (Lange 2016). In other words, it can be argued that the role of the preface is to enumerates some standards and values in order to reflect the culture and practices that the organisation possess to make a better environment (Maimbo, S.M. and Melecky, M. 2014, 1-26.). In this regard, the aim of this Code of Conduct of the Commonwealth Bank Australia is to portray the organisational culture and practices. Moreover it is important for the employees to follow the Code of Conduct so that they can maintain a professional environment in the organisation that is related to the mission and vision of the Company (Elçi, M., Karabay, M.E. and Akyüz, B. 2015, 587-597.). As a matter of fact, in case of any breach or violation of the Code of Conducts the Company will take necessary steps even legal steps against the employees.

Preface

It can be declared that all the employees and the higher authorities are compelled to follow the Code of Conduct that is prescribed by the Commonwealth bank of Australia. The purpose of this Code of Conduct is to create an ethical and moral workplace environment and business orientation as a part of the sustainability for future business operation in domestic and abroad (Lorenz, E. 2015, 437-466.). Moreover, the objective of this Code of Conduct is to create a better platform for the employees by safeguarding their rights and interests and eradicate any kind of exploitation. Hence, we expect all our employees and board members to acknowledge and maintain Code of Conduct. In case of any failure to maintain the regulation will be considered to be a violation and the Company is entitled to take disciplinary actions in this regard. Breaching the Code of Conduct can lead towards termination of the employment as well (Fernandez, V., Simo, P. and Sallan, J.M. 2016, 204-222.). 


 

Discrimination

As far as the Discriminatory practice in Australian workplace is concerned, it can be argued that the Australian government enacts several regulations in order prevent such heinous crime. According to the regulation of the Australian Human Rights Commission, unlawful discrimination can be referred in terms of race, colour, national or ethnic origin, sex, gender, marital or relationship status, pregnancy, disability and age (Australian discrimination laws: https://www.humanrights.gov.au/employers/good-practice-good-business-factsheets/quick-guide-australian-discrimination-laws [Downloaded 30 Aug. 2018]). In response to that the Australian government enacted some laws such as the Part 4 of the Age Discrimination Act 2004, Part 2 of the Disability Discrimination Act 1992. Part II or IIA of the Racial Discrimination Act 1975, Part II of the Sex Discrimination Act and Division 4 of Part 2 of the Disability Discrimination Act 1992 (Federal Discrimination Law 2016: https://www.humanrights.gov.au/our-work/legal/publications/federal-discrimination-law-2016 [Downloaded 30 Aug. 2018]). Moreover, the offensive behaviours can be identified on the basis of racial hatred, sexual hatred and harassment of people with disabilities.

Therefore, we expect all the employees to maintain good workplace conduct and do not possess any kind of discrimination or hatred against colleagues. As a matter of fact, it is also important for the management to facilitate a better framework in the course of recruitment process so that every aspirant will get equal treatment during the recruitment process. Moreover, in workplace it is pertinent to follow the anti-discriminatory policy and maintain zero tolerance in case of violation. 

 

Exploitation

Exploitation of the employees has become an epidemic in the organisational practice in Australia. As per the report of the Sydney Morning Herald it can be argued that the exploitation and underpayment of workers in Australia can be seen in the big business houses and it should not be practiced. In response to that the Australian parliament tries to eradicate this problem by implementing some regulations.

As a result of that the Commonwealth Bank Australia compels to implement a fair working hours where no employees will perform more than 38 hours a week. As a matter of fact, the company must follow this practice in order to follow the Fair Work Ombudsman policy manifested by the Australian government. In case of any practice of overtime the Company compels to pay more to the respective employee and has to mention it in its monthly report.

Corruption

The Australian legislation defines corruption in the light of a corrosive impact on society. It can be ascribed that the practice of corruption is detrimental for the democratic establishment and rule of law. Moreover, the Australian legislation expands its dynamics by taking strong stance against the foreign bribery and other forms of corruption as well. In fact, the Australian government does not entertain any kind of corruption and practice of bribery in any kind of transactions whether it is in the public sectors or in private organisations (Banking on a bribe: https://www.austrac.gov.au/case-studies/banking-bribe [Downloaded 30 Aug. 2018]). As far as the report of the Australian Transaction Reports and Analysis Centre (AUSTRAC) the Australian business sector is considered to be the one of the least corrupted country around the world (Foreign bribery, 2018.: https://www.ag.gov.au/CrimeAndCorruption/Foreignbribery/Pages/default.aspx [Downloaded 30 Aug. 2018]).

Therefore, it is important for the Commonwealth Bank of Australia is to create a better environment to cooperate with the government. Moreover, it will be in the vision and mission of the company to follow anti-corruption framework. Henceforth, the employees are hereby notified that using unlawful activities in terms of bribery and corruption will be considered against the policy of the company and the company will take necessary steps in case of any violation.

Dishonest and fraudulent behaviour

For prohibiting any kind of fraudulent activities in the business activities the Australian government has set some guidelines that are focusing and monitoring the dishonesty in business sectors (Commonwealth Fraud Control Guidelines: https://www.legislation.gov.au/Details/F2011L00511 [Downloaded 30 Aug. 2018]). In this regard, most of the fraudulent behaviours are associated with the financial terms. Therefore, the Australian authority implements some risk management assessments and detailed fraud prevention planning where the company CEOs are primarily responsible to procure a anti-fraud culture within their agencies (Foreign bribery, 2018.: https://www.ag.gov.au/CrimeAndCorruption/Foreignbribery/Pages/default.aspx [Downloaded 30 Aug. 2018]).

Based on this understanding, the Commonwealth Bank of Australia is also expected to maintain a strong fraud prevention culture inside its business activities. In recent times, the company became in the limelight due to the violation of Commonwealth Fraud Control Guidelines. As a result of that the higher authority became responsible of this illegal practice. Therefore, the company does not want to get convicted further because of the unethical practice conducted by some employees and senior managers. The Company hereby clarifies that in case of any fraud and dishonest behaviour, the Commonwealth Bank does not take full responsibilities and will employ an investigation and will take disciplinary action against that individual. 

 

Whistle-blower protections

The Australian legislation is very strict related to the protection of their whistle blowers. As far as the regulation of the Australian government is concerned, it is related to the protection of the information provided by the whistle-blowers (Guidance for whistleblowers: https://www.asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/guidance-for-whistleblowers/ [Downloaded 30 Aug. 2018]). Moreover, it is important for the company to protect the disclosure of the whistle-blower so that there will be no issue regarding the safety of the life of the whistle-blowers. In this regard, there are protections for the whistle-blowers against civil or criminal litigation. The Corporations Act of the Australian government is certainly safeguard the interest and personal information of the whistle-blower for the safety of his life and prevents any kind of victimisation (Financial reporting in Australia: https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-Australian-business-regulation/Financial-reporting-in-Australia [Downloaded 30 Aug. 2018]). In this context, there are three factors that are responsible for the protection and safety of the whistle-blowers in terms of protection of the information provided by the person, protection of the whistle-blower against litigation and the safeguarding the person from any kind of victimisation.

It is the responsibility of the organisation to organise every protection in order to safeguard the whistle-blower. Therefore, the Commonwealth bank of Australia must possess some measures for the protection of the whistle-blower. It requires to maintain secrecy in information and identity of the person. In case of any breaching of information, the company will be responsible and compels to face the consequences. 

 

Enforcement

The Privacy Act 1988 is entitled to cover most of the Australian law enforcement agencies such as the Australian Federal Police and the Australian Border and CrimTrac (Law enforcement: https://www.oaic.gov.au/individuals/faqs-for-individuals/law-enforcement-surveillance-photos/resources-on-law-enforcement [Downloaded 30 Aug. 2018]). As far as the Law Enforcement Legislation Amendment Act 2015 is concerned, it is responsible to follow the Proceeds of Crime Act 2002 where a person is suspect for proceeding and the law of a state or territory where a person is in a corresponding category for that law. Besides this general enforcement law, there are specific business laws that are generated and monitored by the Australian Trade and Investment Commission (Austrade). In this context, business operation in Australia requires to lodge a Business Activity Statement (BAS) to the Australian Taxation Office (ATO) to make payments and report their tax obligations (Financial reporting in Australia: https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-Australian-business-regulation/Financial-reporting-in-Australia [Downloaded 30 Aug. 2018]). Moreover, the financial reporting is important in continuing business environment in Australia. The Australian Securities and Investments Commission (ASIC) is responsible to monitor the process.

Based on this understanding, it can be argued that the Commonwealth Bank of Australia also follows the same way and notifying the legal and finance department to move with the legislation provided by the Australian government. Moreover, the organisation requests its employees to cooperate with the departments in order to record and submit the reports in time.

Conclusion

It is the responsibility of the Commonwealth Bank management to maintain a good business environment in Australia. Therefore, the company is highly concerned about the Australian regulatory guidelines in different aspects. The key focuses are casted upon the illegal activities in terms of the fraudulent and bribery and also on the workplace health and safety of the employees. Furthermore, the Commonwealth Bank also expect all board members and the employees to be guided by both the letter and the spirit of codes. The aim of this Code of Conduct is to foster sustainability in the Australian market through following the Australian regulations and facilitate fair and transparent operation culture. 

 

Bibliography

Anti-corruption: https://www.ag.gov.au/CrimeAndCorruption/AntiCorruption/Pages/default.aspx [Downloaded 30 Aug. 2018].

Australian discrimination laws: https://www.humanrights.gov.au/employers/good-practice-good-business-factsheets/quick-guide-australian-discrimination-laws [Downloaded 30 Aug. 2018].

Banking on a bribe: https://www.austrac.gov.au/case-studies/banking-bribe [Downloaded 30 Aug. 2018].

Commonwealth Fraud Control Guidelines: https://www.legislation.gov.au/Details/F2011L00511 [Downloaded 30 Aug. 2018].

Elçi, M., Karabay, M.E. and Akyüz, B., “Investigating the mediating effect of ethical climate on organizational justice and burnout: A study on financial sector". Procedia-Social and Behavioral Sciences, 2015, Vol. 207, pp.587-597.

Federal Discrimination Law 2016: https://www.humanrights.gov.au/our-work/legal/publications/federal-discrimination-law-2016 [Downloaded 30 Aug. 2018].

Fernandez, V., Simo, P. and Sallan, J.M., “Turnover and balance between exploration and exploitation processes for high-performance teams”. Team Performance Management, 2016, Vol.  22 (3/4), pp.204-222.

Financial reporting in Australia: https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-Australian-business-regulation/Financial-reporting-in-Australia [Downloaded 30 Aug. 2018].

Foreign bribery, 2018.: https://www.ag.gov.au/CrimeAndCorruption/Foreignbribery/Pages/default.aspx [Downloaded 30 Aug. 2018].

Guidance for whistleblowers: https://www.asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/guidance-for-whistleblowers/ [Downloaded 30 Aug. 2018].

Humanrights, 2018: https://www.humanrights.gov.au/employers/good-practice-good-business-factsheets/quick-guide-australian-discrimination-laws [Downloaded 30 Aug. 2018].

Lange, A.C., “Organizational ignorance: An ethnographic study of high-frequency trading”. Economy and Society, 2016, Vol. 45(2), pp.230-250.

Law enforcement: https://www.oaic.gov.au/individuals/faqs-for-individuals/law-enforcement-surveillance-photos/resources-on-law-enforcement [Downloaded 30 Aug. 2018].

Lorenz, E., “Work organisation, forms of employee learning and labour market structure: accounting for international differences in workplace innovation”. Journal of the Knowledge Economy, 2015, Vol. 6(2), pp.437-466.

Maimbo, S.M. and Melecky, M., “Financial sector policy in practice: benchmarking financial sector strategies around the world”. 2014,  The World Bank, pp. 1-26.

Protection from exploitation, violence and abuse: https://www.ag.gov.au/RightsAndProtections/HumanRights/Human-rights-scrutiny/PublicSectorGuidanceSheets/Pages/Protectionfromexploitationviolenceandabuse.aspx [Downloaded 30 Aug. 2018].

The Sydney Morning Herald: https://www.smh.com.au/national/high-time-exploitation-and-underpayment-of-workers-stamped-out-20170102-gtkwdm.html [Downloaded 30 Aug. 2018].

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