Code of Conduct - Australia and New Zealand Banking Group Limited

Running Head: CODE OF CONDUCT
CODE OF CONDUCT
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INTRODUCTION:
ANZ or the Australia and New Zealand Banking Group Limited is a multinational
institution offering banking and other financial services whose headquarters are located in
Melbourne, Australia. It is the second largest bank in terms of the assets being held by the bank
and the third largest in terms of the market capitalisation in the Australian market of financial
institutions and banking. The Bank was established on 1st October 1951 as a result of the
merging of Bank of Australasia and Union Bank of Australia Limited (Liu and Tripe 2003). It is
one of the four pillars of the Australian Economy driving the operations of Australian
commercial and retail banking in domination. The company aims to establish a Code of Conduct
for all the employees of the organization so as to regulate the conduct and activities surfacing the
media and controversies. However, the company has been known for its leading market
capitalisation and banking services in the Australian as well as the New Zealand market, but the
aim of this Code of Conduct is to improve the face of the organization amidst the controversies.
PURPOSE of CODE OF CONDUCT:
The purpose of the enforcement of Code of Conduct for the financial institutions along
with the professionals involved in the financial services is to promote and establish honest and
ethical conduct with the adherence of legal provisions in particular with that of financial books,
financial records and the preparation of financial statements (Fichter 2018). The ethical
importance of Code of Conduct lies in the close attention to the moral considerations with
respect to the day to day activities of the people (Sethi, Martell and Demir 2017). The
maintenance of the culture which is at par with ethical values, is of critical interest to the

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regulators, authorities of bank, employees and customers in order to maintain the face of the
company and its services at par with the satisfaction of service (Liu 2018). The principles and
recommendations outlined in the Code of Conduct shall be at par with the ethical principles
which govern and administer the decisions of the company based on which various policies are
imposed and the behaviour of the employees which marks the face of a company or an
organisation. It lays down essential principles with respect to the behaviour of the employees and
a guideline to the organization with respect to the management of issues with respect to
harassment, safety and the conflict of interest. The essence of honesty, integrity, social
responsibility, accountability and fairness is maintained through the effective enforcement of the
Code of Conduct and its investigations regarding the violations.
 Discrimination: Discrimination is a critical concern in the management of diversities in
workplace (Sharma and Mann 2018). It is mandatory for all the employees of ANZ Bank
to not engage in any activity or conduct involving discrimination among the fellow
colleagues . Employees shall be ensured with equal opportunities irrespective of their
age, caste, race and sex including discussions and comments involving their intimate sex
life and related incidents (Larsen, Nye and Fitzgerald 2019). As it can be explained
looking in to the multi-million dollar claim against the former ANZ executive regarding
the workplace discrimination, such discussions regarding a woman’s sexual partners shall
be avoided at any event involving the due course of employment (Lock 2020). These
events include team dinners, official meets, official parties with respect to conferences
and so on. Further any sexual or racial discrimination and harassment as observed in the
case of former senior trader who was forced to recount intimate details about her sex life

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and prior sexual abuse shall not be tolerated and hence, would attract penalties and
punishment with respect to the breach of this Code.
 Exploitation: this provision includes the treatment of workers fairly irrespective of
personal stake or benefit. In other words, it can be explained as the act of unfair treatment
of the workers in exchange of personal benefit or favours (Hamann and Bertels 2018). It
generally involves the act of undue influence or advantage of the superior in exchange of
the favours committed by the subordinates (Scott 2017). ANZ is one of the four pillars of
the Australian economy and the officers and employees of the organization are expected
to behave in solid fashion so as to maintain the dignity and accountability of their
conduct. Any favour or undue benefit observed by any employee of the organization
against the act of another employee shall be held in breach of the Code with relevant
penalties and punishments.
 Corruption: The Royal Commission into Misconduct in the Banking, Superannuation
and Financial Services or the Hayne Royal Commission has been established by the
Government of Australia in concordance with the Royal Commissions Act 1902 to curb
the culture of greed within several financial institutions of Australian market (Hayne
2018). It has further been revealed that the Australian financial institutions are also
involved in the activities of money laundering for drug cartels and terrorism financing
activities. Thus, in order to control such activities in the organization, the Code is at par
with the Hayne Royal Commission and the Royal Commissions Act 1902 and any
employee found to be engaged in such activities shall be held liable for the breach of the
Code as well the Act and Commission and would be dealt in accordance to the penalties
and penalties enshrined against such corrupt act. Although the Commission does not