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7153AFE Ethical and Governance

Question

Answered

Questions:

Question 1:

How to evaluate of the company's decision-making and future development?

Introduction:

This article mainly discusses the accountability and stakeholders of different ownership companies in Australia. In recent years, many illegal money laundering activities have occurred in Australian companies. Propose policies for the Australian government and companies to promote the reduction of ethical issues and a more responsible sense of Australian corporate executives/boards. In the first part, this article will propose how to implement the accountability system to make the corporate executives and the board of directors accountable, and the importance of the accountability system based on the problems of the corporate executives in the case.

The second part will put forward the advantages and disadvantages of interest-related and accountability systems under different ownership systems. The paper will discuss GBE, SOE, Cooperative, unified board of directors, code termination. Finally, we will limit the board of directors based on interest and accountability, analyze the pros and cons of different ownership systems under this policy, and provide the best suggestions for all company models. In order to promote Australian companies to reduce ethical issues and improve social responsibility. Through in-depth research on ethical issues, the government and enterprises can make more informed decisions and reduce the loss of profits for the company and society.

Topic 1:

The boards serve a central role in the context of organizational accountability. However, the adequacy of such boards has considerably been questioned by researchers, policymakers, the media, among others. There is normally a valid reason for monitoring the board's performance, but there have also not been preferable alternative mechanisms put in place to effectuate this ideology. Generally, the boards must meet the basic accountability standards mutually derived from corporations' law and that for trust. The standards uphold that the board, together with the associate members, have the liability of conducting their duties and operations with due diligence, care, loyalty, and obedience(Schillemans and Bovens 2019).

The loyalty duty provides that a trustee should take reasonable care in their dealings and ensure that they act to the company's best interest or organization. Such dealings should always be effectuated to not conform with the trustees' interest self-interests of other persons. Thus, the duty to loyalty at any given time ensures that the board mandatorily conduct their transactions to the best interest of the company. It is vital to note that the primary issue of concern revolves around conflicts of interest, making the board less accountable in major instances (Tacon et al. 2017). For accountability to be established among the board members, it would be prudent to address the interest issue's conflict. The corporate law allows businesses to conduct transactions between themselves and the board members while considerably having a proper disclosure.

Moral Obligation:

While paying particular attention to the duty of care, this moral obligation demands the board members practice a participatory approach, especially in decision-making, and should always stay well informed about matters coming before the board(Ford and Ihrke 2017). The board members should always ensure that they pay particular attention to the organizational affairs so that any reasonable person would operate when given such an opportunity. Under the same law, there is a duty of obedience that stipulates that the board members should conduct their activities in a faithful manner ensuring that they comply with the applicable laws and the organization's mission. The board should always ensure that the organization carries its mission. It should further establish organizational policies that everyone executed their duties according to the policies.

 Accountability:

An external form of accountability should relatively be imposed, which includes incorporating legal regulations to be abided by the board members and the employees. The regulations enforce a sanction upon failure to comply with either of the personnel mentioned above(Ford and Ihrke 2016). For instance, in the United States, regulation and enforcement are normally conducted at both the state and federal levels. The organizations incorporate under the state law, making their officials and employees subject to the state's corporate laws to empower the state to impose individual requirements on the boards. A significant number of states have a mandatory requirement restricting the number of members within any given board to a specified number. This requirement, however, varies from state to state.  

The accountability of the board of directors requires the board of directors and the company's senior management to be responsible for all decision-making and ethical matters, and proposes to stakeholders a fair measurement and evaluation of the company's decision-making and future development.

7153AFE Ethical and Governance

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