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Your Task

You are required to research recent news articles and other information about Westpac Bank.

Here is an example of a recent news article describing some of the corporate governance issues at Westpac Bank:

https://www.bloomberg.com/news/articles/2019-11-27/why-heads-are-rolling-at-another-big-australian-bank-quicktake

You must then draft a Code of Ethics for Westpac Bank

Your Code of Ethics for Westpac Bank must specifically address:

A. Discrimination

B. Exploitation

C. Corruption

D. Dishonest and Fraudulent Behaviour

E. Whistleblower Protections

F. Enforcement

Discrimination

Purpose

At Westpac Banking Corporation we value human input and that’s why we endeavor to treat all persons with respect and equality. We are dedicated to maintaining a healthy and diverse working environment.

Scope

This policy applies to everyone dealing with us. It includes but is not limited to employees, suppliers, investors, partners, and customers.

What is discrimination?

 Discrimination is the unfair treatment of a person or a group of persons based on age, disability, race, religion, sexual orientation, pregnancy, gender, and any other form( Rasmussen 2013).

 Discrimination comes in various types;

  • Direct Discrimination-direct unfavorable conduct These lists include but it is not limited to-gender transition, pregnancy, age, religion  e.t.c.
  • Indirect discrimination- unfavorable treatment to a group of people with shared characteristics.

Prohibition

All employees are prohibited from exercising preferential treatment towards each other based on shared characteristics.

All employees are prohibited from direct or indirect acts of discrimination against one another.

No employee should be treated differently because of possessing any protected characteristics.

Enforcement

Any violation of the above policy guidelines is an offense under the company’s rules and policies. If found guilty of performing any direct or indirect discriminatory act against a fellow employee, the employee risks immediate dismissal, fines,penalties, civil and criminal liability.

Purpose

We are committed to ensuring a healthy workplace free from sexual exploitation for all employees regardless of their age, gender, and sexual orientation. This policy aims to ensure accountability. The company is committed to raising awareness of sexual abuse, exploitation at the workplace.

Scope

All employees of Westpac Banking Corporation, its subsidiaries, and Trust are expected to uphold the highest standards of ethical and professional conduct at all times. Also, this policy protects all employees from any form of abuse at the workplace(Alliance 2015). These policies apply to employees during and outside corporation working hours.

What is sexual exploitation?

Exploitation is the use of a person’s position, influence, control over resources to pressurize, forceful, or manipulation of another person with negative consequences.

Sexual exploitation is the abuse of a position of power or influence for sexual favors(International Labour Office N.d).

Sexual exploitation includes but is not limited to;

Sexual abuse- refers to the intentional or threatened physical intrusion of sexual nature, inclusive of inappropriate touching or use of words(American Psychological Association 2020).

Sexual harassment-Any form of unwanted sexual advance, sexual favor requests, verbal or otherwise, or through the use of gestures whose nature is sexual that is perceived to humiliate another person and such conduct interferes with the work of the other party.

Prohibition

All employees are prohibited from engaging in sexual abuse in the workplace.

Sexual Exploitation

All employees are prohibited from sexually harassing their colleagues at the workplace or otherwise.

All employees are prohibited from demanding sexual favors from their colleagues.

All employees are prohibited from demanding or coercing their colleagues for sexual favors.

All employees are prohibited from sexually harassing their fellow employees.

All employees are prohibited from using sexual gestures at the workplace.

All employees are prohibited from using their sexuality to gain preferential treatment at the workplace.

Enforcement

Any form of sexual abuse or exploitation constitutes gross misconduct and therefore it forms grounds for termination of employment. The breach of any of the sexual exploitation guideline s may lead to criminal and civil liability on the part of the employee.

  1. Purpose

We are dedicated to conducting our affairs free from all forms of corruption. The policy sets out the company’s approach to corruption and employee. Westpac Banking cooperation, trust, and its subsidiaries are committed to transparency and accountability to all our shareholders. This policy directive aims to inform all company employees of their anti-corruption obligations towards the company.

  1. Scope

This policy applies to Westpac Banking Corporation, and its related trusts and companies its employees, suppliers, those authorized to act on our behalf. Compliance with this directive is mandatory.

The Banking Corporation is committed to eliminating all forms of corruption directly or indirectly by its employees.

  1. What is corruption?

Corruption is the abuse of a position of power for direct or indirect personal gain at the expense of the interests of the company they represent(Suman,2018).

Corruption takes many forms including:

  • Bribery- intentional Use of gifts or rewards to influence the outcome of a decision or to secure an unfair advantage.

Advantage takes the form of ;

  Any money, reward, gift, fee or any other kind of benefit, movable or immovable

Any office or employment contract

Any form of payment to facilitate, expedite, or secure the performance of any activity by another person.

  • Extortion-Demand  or forceful taking of tangible gifts or favors in the conduct of public duty or activity
  • Nepotism- The appointment of persons known to another in a public office without merit

(Mcfarlene 2000).

 Examples of corruption

  • Inflated tenders
  • Fabricated invoices
  • Secret commissions
  • Issuance of political donations with the intent to gain business leverage
  • Giving and receiving cash payments, lavish gifts, sponsorships, travel or accommodation Packages.

Prohibition

 No Westpac Banking Corporation employee or associate may accept any form of cash, gift or reward

No employee or associate of Westpac Banking Corporation is allowed to give or receive payment or any other valuable thing directly or indirectly with the sole purpose of obtaining or influencing an undue business or personal advantage

 Do not offer to make any kind s of payments to a customer or potential customer in exchange for their business(Stockland 2020).

Do not make demands or request any kind of gifts, payment or any other form of benefit to gain an improper business or personal advantage.

Corruption

Do not offer, give or accept inappropriate gifts or any other forms of benefit to and from third parties.

Ensure all gifts and any other form of benefits between you and third parties are approved and recorded in the company’s gifts and entertainment register (Standard Chartered group code of conduct 2008).

Do not accept donations made with the suggestion that a benefit will accrue to the company in exchange for the donation

Do not accept donations to the company in the form of cash payments.

Do not accept donations to the company in personal bank accounts (O.E.C.D. Org, 2020).

All employees are prohibited from receiving any form of facilitation benefit or payment for the performance of any transaction.

All employees are prohibited from receiving any payment, discharge, or liquidate contrary to the interests of the company.

Enforcement

Failure to adhere to the Westpac anti-corruption guidelines may result in civil and criminal liability for all parties involved.

Upon receiving a complaint on breach of the above anti-corruption guidelines, an official inquiry will be launched. If the employee is found at fault, he/she risks summary dismissal, termination, criminal and civil liability

Purpose

Westpac Banking Corporation, Trust, and subsidiaries are committed to providing an ethical business environment where fraudulent and dishonest behavior is not tolerated. This directive is aimed at sensitizing all employees of the company to uphold the integrity of the banking corporation.

This policy reinforces the corporation’s commitment to a zero-tolerance fraud and dishonesty policy and outlines the consequences for such conduct.

Scope

This policy applies to all employees of Westpac Banking Corporation, Trust and subsidiaries, and third parties directly associated with the corporation.

What is dishonest and fraudulent behavior?

Fraud refers to an intentional act by one or a group of individuals in the management position in a company position, or third parties using deception to obtain unjustified or illegal advantage (Oceania Capital Partners ltd 2009)

 Dishonest behavior-inclusive of any improper behavior or conduct that occasions any form of loss or damage to the company(USC 2020).

 Examples of dishonest behavior include but is not limited to;

  • Information misuse
  • Privacy Breach
  • Any other conduct prohibited by the company rules.

  Acts that constitute fraud;

  • Occupational Fraud(Misuse of company resources
  • Accounting fraud-Manipulation of financial record(Nicklas  2020)
  • Marketing fraud-Use of misleading or false promotional information or conduct on behalf of someone else

Prohibition

 All employees are prohibited from engaging in any form of dishonest or fraudulent behavior.

 All employees are prohibited from misusing company resources.

All employees are prohibited from divulging confidential company information.

All employees are prohibited from using company resources for private gain.

All employees are prevented from making false or misleading promotional messages on behalf of the company

Dishonest and Fraudulent Behaviour

Enforcement

Any form of fraudulent behavior will be thoroughly and independently investigated. In case of concrete proof against the employee, this may lead to disciplinary action, dismissal, civil and criminal liability.

Purpose

We are committed to upholding our business ethics and integrity. Westpac takes pride in its brand and strives to achieve the highest levels of integrity and honesty. This policy directive outlines Westpac Corporation's whistleblowing policy, specifying the persons to whom the policy applies and how the disclosures can be made. Also, this policy offers protection to whistleblowers who act in good faith. This whistleblower policy is aims to encourage all stakeholders to report all misconduct, dishonest and fraudulent conduct or corruption taking place using company resources.

Scope

This policy covers Westpac Banking Cooperation, Trusts, and related companies, their employees, and any other third parties in close association with the company. Equally, this policy offers protection to all listed parties listed above who acting in good faith report this breach or suspected breach (Alleyne & Watkins 2017).

 This directive covers intention and non-intentional breach of corporation rules, policies, fraud, malpractice, and other irregular conduct (SBM Bank India, N. d).

  1. What is whistleblowing?

 Whistleblowing is the act of drawing attention to wrongful conduct within an organization(Kenton 2020).

 Instances for disclosure apply if:

  1. The disclosure pertains to past, present or likely future misconduct

2 The matter of disclosure is a matter of company and public interest

Matters for disclosure include;

  • Any criminal offense against the company
  • Misuse of company resourced for personal gain
  • Endangerment of the lives of other employees at the workplace
  • Financial impropriety
  • Attempts to cover up wrongdoing by another employee

  Matters subject to disclosure;

  • Any offense is contrary to financial statutes such as the Corporations Act, Banking Act 1959, Investment Commissions Act 2000 Life insurance Act 1995, and other instruments of legislation.
  • Any offense listed under the Commonwealth law punishable by a year plus  imprisonment term
  • Any act stipulated the Westpac Banking Corporation.
  • Illegal, fraudulent, or corrupt conduct
  • Dangerous work practice
  • Any conduct contrary  to corporate process or procedure
  • Potential breach of the law
  • Any form of financial irregularity
  • An attempt to conceal any of the above conduct (Stockland 2020).

Procedure

All employees must disclose all the matters for disclosure as soon as possible.

The disclosure can be verbal, written, or through the company hotline.

The disclosure can be made at any time. All disclosure channels are available 24hours a day every day.

In case of an internal disclosure, the report should be directed to the company’s hotline, line manager, or ethics officer (Transparency International 2017).

Protection Policy

The identity of whistleblowers will remain confidential within the confines of the Law.

Employees who are whistleblowers will not be subjected to reprisals, demotion, dismissal, or any form of disciplinary action for whistleblowing done in honest belief.

Prohibition

All employees and third parties are prohibited from disclosures or whistleblowing that is untrue and within their knowledge.

All employees are prohibited from withholding disclosures on the matters listed above.

The corporation will conduct an appropriate and independent investigation on the alleged breach and act fairy and

A breach of any of the guidelines provided above may result in disciplinary action inclusive of dismissal if maliciously reported.

A breach of the above directive may lead to criminal and civil liability.

References

Alleyne, P & Watkins, A.2017. Whistleblowing as a corporate governance mechanism in the Caribbean.Researchgate.Net. [Online].Available at https://www.researchgate.net/publication/316636174_Whistleblowing_as_a_corporate_governance_mechanism_in_the_Caribbean[Accessed 11 May 2020]

Alliance 2015.Code of conduct. Aistream. [Online].Available at https://aidstream.org/files/documents/Annex-19_Alliance2015-Code-of-Conduct-Final-20170515070503.pdf[Accessed 12 May 2020]

American Psychological Association.2020.Sexual Abuse.[Online].Available at https://www.apa.org/topics/sexual-abuse/[Accessed 11 May 2020]

International Labor Office.N.d.Sexual harassment at work.[Online].Available at https://www.ilo.org/wcmsp5/groups/public/---ed_norm/---declaration/documents/publication/wcms_decl_fs_96_en.pdf[Accessed 11 May 2020]

Kelton, W.2020 .Marketing Fraud. Investopedia.[Online].Available at https://www.investopedia.com/terms/m/marketing-fraud.asp[Accessed 12 May 2020]

Kenton,W.2020. What is a whistleblower?[Online].Available at https://www.investopedia.com/terms/w/whistleblower.asp[Accessed 11 May 2020]

Mcfarlane, J.2000.Corruption and the financial sector: The strategic Impact. Dickinson Journal of International Law.Vol.19, Art.3

Nickolas, S.2020.What is accounting fraud? Investopedia.[Online].Available at https://www.investopedia.com/ask/answers/032715/what-accounting-fraud.asp[Accessed 11 May 2020]

Oceania Capital Partners Limited.2009.Fraud, Theft, and dishonesty policy.[Online].Available at  https://www.oceaniacapital.com.au/policies/Fraud-Theft-and-Dishonesty.pdf[Accessed 11 May 2020]

Organization for Economic Cooperation and Development. N.d. Anti-bribery policy and compliance guidance for African companies.O.E.C.D.Org. [Online].Available at https://www.oecd.org/corruption/anti-bribery/Anti-Bribery-Policy-and-Compliance-Guidance-for-African-Companies-EN.pdf[Accessed 11 May 2020]

Rasmussen,L.K.2013.What is discrimination?.[Online].Available at https://www.researchgate.net/publication/299782691_What_Is_Discrimination[Accessed 11 May 2020]

SBM Bank India .N .d. Whistleblower Policy. SBM Bank.[Online].Available at  https://www.sbmbank.co.in/pdf/Whistleblower-Policy.pdf[Accessed 11 May 2020]

Standard chartered .2008.Group code of conduct leading by example. S.C.[Online].Available at https://www.sc.com/_documents/code-of-conduct/sc_codeOfConduct_2008.pdf[Accessed 11 May 2020]

Stockland.2020. Code of Conduct. [Online].Available at https://www.stockland.com.au/~/media/corporate/pdf/about-stockland/stockland-code-of-conduct--13-june-2018.ashx?la=en[Accessed 11 May 2020]

Suman, S. 2018.Corruption,causes and consequences.[Online].Available  from https://www.intechopen.com/books/trade-and-global-market/corruption-causes-and-consequences[11 May 2020]

Transparency International.2017.Internal whistleblowing mechanisms. Transparency international.Org.[Online].Available at https://knowledgehub.transparency.org/assets/uploads/kproducts/Whistleblowing-Topic-Guide.pdf[Accessed 11 May 2020]

USC.2020.Fraud and Corruption control-Procedures.[Online].Available at https://www.usc.edu.au/about/policies-and-procedures/fraud-and-corruption-control-procedures[Accessed 11 May 2020]

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). Westpac Banking Corporation's Essay On Anti-discrimination, Anti-corruption, Anti-fraud, And Whistleblowing Policy.. Retrieved from https://myassignmenthelp.com/free-samples/mba402-governance-ethics-and-sustainability-5.

"Westpac Banking Corporation's Essay On Anti-discrimination, Anti-corruption, Anti-fraud, And Whistleblowing Policy.." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/mba402-governance-ethics-and-sustainability-5.

My Assignment Help (2020) Westpac Banking Corporation's Essay On Anti-discrimination, Anti-corruption, Anti-fraud, And Whistleblowing Policy. [Online]. Available from: https://myassignmenthelp.com/free-samples/mba402-governance-ethics-and-sustainability-5
[Accessed 21 July 2024].

My Assignment Help. 'Westpac Banking Corporation's Essay On Anti-discrimination, Anti-corruption, Anti-fraud, And Whistleblowing Policy.' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/mba402-governance-ethics-and-sustainability-5> accessed 21 July 2024.

My Assignment Help. Westpac Banking Corporation's Essay On Anti-discrimination, Anti-corruption, Anti-fraud, And Whistleblowing Policy. [Internet]. My Assignment Help. 2020 [cited 21 July 2024]. Available from: https://myassignmenthelp.com/free-samples/mba402-governance-ethics-and-sustainability-5.

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