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Comminsure Practices and Financial Decisions

   

Added on  2021-01-02

9 Pages1892 Words220 Views
BUSINESS

TABLE OF CONTENTSEXECUTIVE SUMMARY.............................................................................................................3MAIN BODY...................................................................................................................................31. Comminsure practices and financial decisions...................................................................32. Coverage of CBA’s Corporate Responsibility Report.......................................................43. Comminsure Practice relative to CBA's CRR Report........................................................44. Sustainable or Social Outcomes of CBA matter or not......................................................55. Ethical principles breached by Comminsure in comparison to CBA's Code of Ethics......56. Ethical violation with reference to stakeholder..................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

EXECUTIVE SUMMARYCommonwealth Wealth of Australia is a multinational Bank which provides financialservices and Comminsure is an insurance company for home, car, life and other products. In thisreport, there is a discussion on social, environmental and governance practices adopted by it.Corporate Social Responsibility focuses on long run strategy and intensifies financial well-beingof societies and communities (Dixon and Finnane, 2018). They follow correct things forenhancement of business and customers. Unethical practices for stakeholders and customers willbe described in the report.MAIN BODY1. Comminsure practices and financial decisionsComminsure is one of the largest Australia's insurers and an important insurance part ofCommonwealth Bank of Australia (CBA). It was involved in various fraudulent practicesincluding deleting of medical files, forcing to change opinions of doctors etc. Its practices and financial decisions are described below:Governance: Comminsure has adopted comprehensive framework of Corporate Governancewhich balances performance of its employees. Company is committed and is considered asresponsible corporate taxpayer which integrate with all predominant tax laws (Nicholls, 2014).Governance practice includes fair pricing for foreign exchange transactions and remunerationprinciples that is suitable with market conditions and complies with regulatory demands.Social: Comminsure social practice consists of reconciliation action plan, commitment towardsdiversity, human rights position statement and financial commitment to people. It also buildssustainable pattern into every aspect of business by identifying significance of code of conduct.Environment and Climate: Comminsure is regularly evolving with practices and introducingEnvironmental, Social and Governance Lending Commitment (ESG). It ensures that businessshould not impact environment and support economic development through various renewableprograms.Comminsure is an insurance company that provides financial security on various tangibleproducts. It also offers income protection and replace up to 75% in monthly instalments to meetliving standards (Lipworth, Kerridge and Ghinea, 2016). This would rather help injured or illperson who is unable to work for particular time period.

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