MGX3100 Management Ethics And Corporate Governance

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MGX3100 Management Ethics And Corporate Governance

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MGX3100 Management Ethics And Corporate Governance

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Course Code: MGX3100
University: Monash University

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Country: Australia

Question:

Discuss About The Social Responsibility Ethics And Corporate?

 
Answer:
Introducation

Westpac has a history spanning over 200 years. It is composed of five customer divisions that serve up to thirteen million customers. The divisions include Consumer bank, business bank, BT Financial Group Australia (BTFG), Westpac Institutional Bank (WIB) and Westpac New Zealand. Westpac is the fourth largest bank in order of total assets when compared to NAB, CBA, and ANZ respectively. It operates 1,429 branches with 3,850 ATMs. Westpac has many products available to their customers including; finance and insurance, corporate banking, consumer banking, credit cards, mortgages, investment banking, private equity and global wealth management (Yoon et al. 2006, p. 380).
Vision
The vision of Westpac is to be among the world’s great service delivery companies, designed to assist customers, people and communities to grow and prosper. This they intend to achieve through the provision of superior returns to shareholders, ensuring customer satisfaction, creating a conducive environment to attract the best employees and being leaders in the community.
Ethical Issues
Westpac has a disclosure document called Product Disclosure Statement which has information on any financial product such as the benefits, risks, costs and the fees or charges that is associated with a particular product. Additionally, they declare, in their periodic financial statements including revenues and profits to inform the general public, shareholders and prospective investors on the performance of the bank.
Theoretical Framework
Westpac has increased shareholder value and views it as the core driver in corporate social responsibility (CSR). Their main focus is on staff morale by creating a conducive working environment to lure more employees and to keep them happy. In the long run, this influences customers who want to do business with the bank (Jamali & Mirshak, 2007, p. 123).
Credibility
CSR accounting and reporting has been an attempt in providing additional accounts to capture externalities. CSR reporting is a formal account of the social and environmental aspects of the activities of an organization which is verified externally. CSR is voluntary for companies whose employees exceed five hundred.
 
Lack of adherence to regulation/relevant laws
Though CSR is not required by law, it is the only means by which a company can gauge its impacts on the environment or society. Companies do it voluntarily that is motivated by a company’s desire to remain competitive and to maximize company resources and to a larger extent the effectiveness in management (McWilliams & Siegel, 2001, p. 59). The smaller companies do not practice corporate responsibility since it is not a legal requirement. In future, however, such reporting would be made mandatory through the formulation of laws that regulate it and to reduce the burden on the management (Brown & Fraser, 2006, p. 179).
Outsourced Auditing on Sustainability Efforts – Advantages

Outsourcing of a business function saves costs, and therefore resources are set aside for other uses
It also gives an organization the opportunity to focus on the core business, and expertise hence increases efficiency.
It improves quality since engaging personnel who are more experienced improves the quality which in turn translates to customer satisfaction.

Disadvantages
There is an increased risk as to the quality. Poor quality is likely to expose an organization to legal risks and employee layoffs.
 
References
Brown J. and Fraser M. (2006) Approaches and Perspectives in Social and Environmental Accounting: An Overview of the Conceptual Landscape Business Strategy and Environment 15, 103 – 117
McWilliams, A., & Siegel, D.(2001) Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117-127.
Jamali, D., & Mirshak, R.(2007) Corporate social responsibility (CSR): Theory and practice in a developing country context. Journal of business ethics, 72(3), 243-262.
Yoon, Y., Gürhan-Canli, Z., & Schwarz, N (2006) The effect of corporate social responsibility (CSR) activities on companies with bad reputations Journal of consumer psychology, 16(4) 377-390

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