Governance, Ethics, and Sustainability

Table of Contents

Introduction.

A... Discrimination.

B.... Exploitation.

C.... Corruption.

D... Dishonest and Fraudulent Behaviour

E.... Whistle-blower Protections.

F.... Enforcement

References.

Introduction to Governance, Ethics, and Sustainability

On commitment in the direction of legal obligation as well as to comply with them has a huge emphasis on Westpac Bank of Australian. The assurances on the way to act ethically along with responsibly are considered as the outlines of the Code of Conduct. A road plan associated with company working norms, as well as practices that are ethical, is called the Code of Conduct.

The Westpac’s vision needs to be at the forefront of the banking sector which makes valuable contributions and promises for the community and the country. There should be no compromise with their respect, superiority, accountability, and morality in following their vision.

The management should ask all organization employees in the direction of signing a declaration on the work’s very first day by acknowledging their responsibility in regards to the Code of Conduct. As they have an ongoing obligation in terms of the employment contract they tend to include abiding by the code of conduct. This Code of Conduct must be read by all employees of this the Westpac Bank urges professionally; in addition, they make sure of the fact to tag along with ethical practices in context to their daily work.

The Code of Conduct for the Westpac Bank of Australia will be discussed in detail about the contents of this report

A. Discrimination of Governance, Ethics, and Sustainability

The Westpac Bank place of work has a diverse culture across Australia furthermore all though this diversity that offers benefits such as up-to-the-minute innovative concepts as well as different approaches, it should be treated with care as it faces conflict and inequality. Westpac Bank considers that creating a safe as well as the non-discriminatory workplace is its responsibility and moral obligation. These responsibilities subsist as it is not limited to employment, administration, and completion of management, is considered to be limited. Discrimination based on top of race, age or that of sex is unprecedented or unjust (Hebl et al. 2019).

The Westpac Bank encompasses a policy of zero-tolerance in favour of inequality eradication those are practiced in the workplace based on caste, age, or caste. Equal opportunities for development and promotion in addition are to be believed that every employee should have within an organizational frame work. If an example is citied then it will be, in terms of his age or background the termination or dismissal of an employee is subject to ethical violations of this discriminatory laws as well as the code of conduct (Stone et al. 2019).

Westpac Bank expects that all their directors, officers, as well as employees will to adhere to these given code of conduct. Their expectation also includes an act within the framework of the organization that is considered of responsibilities and ethical practices. As in their belief, failing the manifestation of the mentioned rule based on adherence will result in disciplined conduct by a discriminatory law (Cortina and Kirkland, 2018).

Westpac Bank exists committed to respecting discriminatory laws, that in turn shows a fact instrumental in exposing the explicitly of the state that a discrimination based various forms of protected qualities, that includes age, disability, race, sex, status within the states, identity based on gender, in addition to sexual orientation in certain areas is considered to be a legal public life (Dubbelt et al. 2016).

Below mentioned are some of the laws that operate by the side of a federal level along with the Australian Human Rights Commission tend to possess or includes the statutory responsibilities in their control them:

  • Sex Discrimination Act of 1984.
  • Age Discrimination Act 2004
  • Australian Human Rights Commission Act 1986
  • Disability Discrimination Act 1992
  • Racial Discrimination Act 1975

B. Exploitation of Governance, Ethics, and Sustainability

At Westpac Bank, there exists a strong alliance by means of respect, dignity, as well as the community. They condemn in the least activity that results in anyone being treated unfairly for the benefit of their work and does not tolerate behaviour that violation of the law along with code of conduct (Visser, 2017).

Westpac Bank's survival committed to respecting in addition to the attempts to promoting human rights throughout the organization (Fartash et al. 2018). Westpac Bank follows principled practices in the workplace as well as values each person despite the consequences of their action in background, the matters they think of, or believe (Zuraik and Kelly, 2019).

Westpac Bank employees are supposed to act and work with ethics and responsibility while respecting other employee’s human rights. These include not engaging in any activities otherwise certain programs that directly or indirectly encourage forced child labour. Employees are the measurement of activities that conflict with the Code of Conduct, even if their actions do not harm anyone (Fartash et al. 2018).

The Code of Conduct explicitly instrumental in stating that, all Westpac Bank personnel must refrain since engaging in any activity or engaging in any activity that violates the human rights of any individual (Hermans, 2017).

All employees are required to:

  • Mindful about their actions to children or young people.
  • Should treat all individuals with respect, regardless of their background, race, age, gender, language, religion, political/another opinion, and disability.
  • Conduct themselves under company values.
  • Respect cultural differences and be transparent about their actions.

C. Corruption of Governance, Ethics, and Sustainability

Westpac Bank gives confidence growth along with development towards our goals, but not at the expense of fraudulent behaviour including dishonest behaviour (Gorsira et al. 2018). Corruption is considered to be a perversion of proper business practices along with standards as well as the Westpac Bank condemns any action or any way behaviour involved in corruption. Westpac Bank stringently prohibits all employees from engaging in any activity so that bribes or kickbacks can be made to protect any advantage as of competitors (Albahussain, 2016). Westpac Bank accomplishes no promoted cash or in-type bribes for personal or organizational interests as well as any person found in this conduct will face legal action along with disciplinary action (Pertiwi, 2018).

Westpac Bank considers that the interests of the company go beyond the interests of one in addition to any dispute that exists between the two can harm the reputation as well as the value of the company (Gorshunov et al. 2019). All employees were informed that they need to express any conflict of interest with the organization in the same way they must have happened. These employees in context to this discussion value the customer’s feedback in addition to the country in which they live, and employees must refrain from using company resources or information for their benefit including accepting of bribes (Voliotis, 2017).

All the employees that are working with the ethical practices in mind must not engage in not taking any unnecessary advantage of their position for their benefit as clearly stated by Code of Conduct (Fath and Kay, 2018).

All these employees that are present in context to this paper are needed to:

  • conduct within laws limits based on ethical behaviour
  • Prioritizing the interest of personal gain it is not allowed to harm the company in any case
  • In context to Australia or outside of Australia they must refrain from giving or accepting bribery

D. Dishonest and Fraudulent Behaviour

Westpac Bank subsists committed to acting with the ethics of responsible behaviour as well as discourages any dishonest along with fraudulent behaviour. Although the contextual company values all its stakeholders and believes that it is not enough to act with ethics in addition to responsibility, Westpac Bank staff should treat all stakeholders honestly along with impartially. The company put off any misleading, counterfeit, or that of fraudulent marketing associated with reputed products as well as services (Khatwani and Goyal, 2019).

The Code of Conduct gives confidence to all employees in the way of adhering to their values along with to behave honestly and with the highest standards of personal integrity. Westpac Bank accepts as true meaning the spreading of consciousness commencing from the top to the bottom. Top managers are supposed to work with the highest personal integrity because they rely on corporate governance (Yatich and Musebe, 2017). The Code associated with the Conduct promotes transparency through investor relationships as well as provides an honest picture of the company’s current position to boost investor confidence (Akhtar et al. 2017).

If a member of staff finds any wrongdoing, he or she must show personal honesty along with integrity by reporting this type of a wrongdoing associated with the Internal Affairs Committee. All the Employees are therefore been given an opinion to or talk about behaviour along with conduct that is considered to be a direct or indirect violation associated with the Code of Conduct (Gabriel, 2017).

Examples of dishonest and fraudulent behaviour –

  • Representation or Fake marketing intended to a bank accounts increase
  • To obtain a financial advantage using these inside knowledge in favour of oneself or an associate
  • Payments for personal gain along with the use of fake invoices
  • In exchange for a personal gain the aspect of accepting bribes or giving gifts

E. Whistle-Blower Protections

Westpac Bank tends to encourage all employees to report any unfair or unlawful conduct that may harm an individual or damage the reputation of an organization. Employees must report any immoral or unethical activity or any other person or organization immediately involved (Wainberg and Perreault, 2016). This includes hearing all internal complaints of employees and summaries of any unethical activities of the Westpac Bank that encourage them to reach out to the internal team. They provide a safe environment for all employees who can take revenge for any wrongdoing (Chordiya et al. 2020).

The Code of Conduct encourages reporting as well as clearly outlines any wrongdoing and immoral activity. In the Westpac Bank, employees who speak out in opposition to unethical behaviour will definitely be protected as well as given fair treatment. The internal program tends to focus on the development as well as the process of implementation associated with retaliation for any wrongdoing (Denhardt, 2019).

All requirements that an employee need to fulfil:

  • Of their action against any unethical Employees should not fear a few retaliation or unlawful behaviour
  • Report any or any wrongdoing or an act considered as unethical
  • Communicate to the internal team about any findings resembling to unlawful behaviour

F. Enforcement of Governance, Ethics, and Sustainability

Westpac Bank survives committed to their values as well as their Code of Conduct in addition to any breach of any of the above mentioned ones can result to an disciplinary action that are placed against the person or a number of people’s group. All the employees were instrumental in signing of consent’s statement so that they can conduct legal procedures as well as behave ethically. If an employee fails to work in a legal and ethical environment, he or she will suffer the consequences (Clingan, 2020).

The organization looks forward to Westpac Bank staff to receive formal training along with education and staff must comply with them. The internal working group (committee) will review as well as take disciplinary action against anyone who violates the code of conduct (Park and Hassan, 2018).

The goals and apparition of the organization are matched with the expectations from their employees as well as appropriate training is arranged to meet them. Proportional action will strengthen the character that has to be taken against them if they fail to comply (Stretesky et al. 2017).

Disciplinary actions are included in the below mentioned forms of–

  • Performance management meeting
  • Officially written reprimand
  • Suspension or demotion
  • Termination of employment
  • Final written warning
  • Verbal warning
  • Counselling

References for Governance, Ethics, and Sustainability

Akhtar, S., Arshad, M.A., Mahmood, A. and Ahmed, A., 2017. Spiritual quotient towards organizational sustainability: the Islamic perspective. World Journal of Entrepreneurship, Management and Sustainable Development.

Albahussain, S. A., 2016. The Role of Human Resource Management Activities in Reducing Managerial Corruption in Organizations. Online Review16(1).

Chordiya, R., Sabharwal, M., Relly, J. E. and Berman, E. M., 2020. Organizational protection for whistleblowers: a cross-national study. Public Management Review22(4), 527-552.

Clingan, P., 2020. Depression in the Workplace A Focus In Law Enforcement and Organizations. Social Science and Humanities Journal, 1755-1758.

Cortina, L. M. and Kirkland, A., 2018. Looking forward: What lies ahead in employment discrimination research?..

Denhardt, K. G., 2019. Encouraging Responsible Reporting and Developing Effective Whistleblower Protections. Global Corruption and Ethics Management: Translating Theory into Action, 213.

Dubbelt, L., Rispens, S. and Demerouti, E., 2016. Gender discrimination and job characteristics. Career Development International.

Fartash, K., Davoudi, S. M. M., Baklashova, T. A., Svechnikova, N. V., Nikolaeva, Y. V., Grimalskaya, S. A. and Beloborodova, A. V., 2018. Correction on The Impact of Technology Acquisition & Exploitation on Organizational Innovation and Organizational Performance in Knowledge-Intensive Organizations. Eurasia Journal of Mathematics, Science and Technology Education14(12).

Fath, S. and Kay, A. C. (2018). “If hierarchical, then corrupt”: Exploring people’s tendency to associate hierarchy with corruption in organizations. Organizational Behavior and Human Decision Processes149, 145-164.

Gabriel, A. A., 2017. Behavioural and attitudinal outcomes of psychological contract violation among some selected SMEs workers: A psychological appraisal of operational challenges of SME’s in Nigeria. AFRICAN JOURNAL FOR THE PSYCHOLOGICAL STUDIES OF SOCIAL ISSUES20(3), 57-89.

Gorshunov, M., Armenakis, A. A., Harris, S. G. and Walker, H. J., 2019, July. Audit Committee Directors’ Characteristics: Implications for Reducing Financial Corruption. In Academy of Management Proceedings (Vol. 2019, No. 1, p. 12265). Briarcliff Manor, NY 10510: Academy of Management.

Gorsira, M., Steg, L., Denkers, A. and Huisman, W., 2018. Corruption in organizations: Ethical climate and individual motives. Administrative Sciences8(1), 4.

Hebl, M., Cheng, S. K. and Ng, L. C., 2019. Modern Discrimination in Organizations. Annual Review of Organizational Psychology and Organizational Behavior7.

Hermans, M., 2017. Ambidexterity;“How high-tech organizations balance and control their exploration and exploitation activities”.

Khatwani, R. K. and Goyal, V., 2019. Predictor of Financial Dishonesty: Self Control, Opportunity, Attitudes. Academy of Accounting and Financial Studies Journal.

Park, J. and Hassan, S., 2018. Does the influence of empowering leadership trickle down? Evidence from law enforcement organizations. Journal of Public Administration Research and Theory28(2), 212-225.

Pertiwi, K., 2018. Contextualizing corruption: A cross-disciplinary approach to studying corruption in organizations. Administrative Sciences8(2), 12.

Stone, D. L., Lukaszewski, K. M., Krueger, D. C. and Canedo, J. C., 2019. Influence of Immigrants’ Attributes on Unfair Discrimination in Organizations', Diversity within Diversity Management (Advanced Series in Management, Volume 22).

Stretesky, P. B., Long, M. A. and Lynch, M. J., 2017. Trends in the Formation of Environmental Enforcement International Non-Governmental Organizations, 1950–2010. Globalizations14(4), 627-642.

Visser, M. A. 2017. A floor to exploitation? Social economy organizations at the edge of a restructuring economy. Work, employment and society31(5), 782-799.

Voliotis, S., 2017. Establishing the normative standards that determine deviance in organizational corruption: Is corruption within organizations antisocial or unethical?. Journal of business ethics140(1), 147-160.

Wainberg, J. and Perreault, S., 2016. Whistleblowing in audit firms: Do explicit protections from retaliation activate implicit threats of reprisal?. Behavioral Research in Accounting28(1), 83-93.

Yatich, H. K. and Musebe, R., 2017. Assessment of ethical behaviour on organizational performance. African Journal of Business Management11(1), 12.

Zuraik, A. and Kelly, L., 2019. The role of CEO transformational leadership and innovation climate in exploration and exploitation. European Journal of Innovation Management.

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