Business Ethics and Corporate Social Responsibility

Running head: BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY
BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY
Name of the student:
Name of the university:
Author note:

1BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY
Introduction:
Proper business policies and practices plays significant role, specifically for the issues
that are potentially controversial (Crane, Matten and Spence 2013). Often business ethics are
guided by laws however, other times business ethics comprises of a basic framework is followed
to gain public acceptance. This paper is aimed to understand the importance of business ethics
and corporate social responsibility through three questions related Westpac bank.
Answer 1:
Westpac is among the Australia’s largest banks. In the year 1980s the bank was in a
financial difficulties and identifying its cause, the bank began its sustainability journey. The bank
moved towards a more stakeholder-led organization. Already having its relation with few
indigenous banks, then head of human resource, Ann sherry took a trip to Cape in 2001. The trip
had an impact on Sherry and after coming back formed Westpac’s Indigenous Working Group
including other senior leaders for the support of Indigenous Enterprise Partnership (IEP). The
partnership prioritized communities more than other philanthropic motive. It encouraged the
communities to take charge of their community and build strategies that would help their
community’s situation. The bank’s employees would visit Cape each year to provide capacity-
building and support on the local communities’ program. Westpac changed its way of
recruitment giving strong focus on the attitude and aptitude. Secondees, the employees visiting
Cape, would undertake extensive readings, management plans based on alcohol-substance-abuse,
economic strategies and guideline to communicate with aboriginals communities by the
aboriginals people. It took up induction training primarily on cultural understanding before
getting in touch with the aboriginal communities. Westpac’s secondees worked on two programs

2BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY
which focused in family income management and Business Facilitation. Family income
management was to provide help in individual budgeting skills while the business facilitation
was to provide advice on businesses. The programs were developed on the basis of employees’
skills. All the shorter-term placements were also initiated to have substitution to manage their
place if required. Westpac and IEP jointly funded for the long-term appointments. The company
now has a broader IEP program that is to create a critical mass of project which would support
indigenous initiatives including health, social and economic program. Today, Westpac has
participation of more than 400 employees in secondments in Cape York working to helping the
equivalent of 50 years of employment and it has announced an expansion of the program of
including inner areas of Sydney such as Redfern and Waterloo.
Answer 2:
From the trip to Cape, Ann Sherry was affected to a great extent. Sherry knew and said
that no one could walk into a community as such and come out without being bothered about the
existing social problem. The partnership between Westpac and other companies and indigenous
group engaged the entire stakeholder into contributing to society and the existing social issue.
The approach of Westpac was not from the philanthropic mindset however it was to encourage
the indigenous communities develop themselves with their capabilities. Westpac acted as a
supportive body to the communities by changing its principles and policies. Each employees was
able to go through life changing experiences. When the perspective of the work was changed
each employees was able to work serve communities through the medium of their work.
Employees were boosted with sprit and confidence in their work. The employees felt more
satisfaction in their job. Although there was an increase in the cost of shareholders in short-term,
it increased the share value of the company. The stakeholders were part of the Australia’s biggest