Ethical Considerations in the Use of Greed Culture and the 'Fee for No Service' Policy for the Enhancement of Profit: A Case Study of ANZ Bank

Running head: BUSINESS MANAGEMENT AND ETHICS
Ethical considerations in the use of Greed culture and the “fee for no service” policy for the
enhancement of profit: A case study of Australia and New Zealand Banking Group Limited
(ANZ)
Name of the Student:
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1BUSINESS MANAGEMENT AND ETHICS
Executive Summary
This report highlights the importance of the use of the notion of business ethics in the context
of the contemporary business world. The purpose of the report is to analyze the question
“Ethical considerations in the use of Greed culture and the “fee for no service” policy for the
enhancement of profit: A case study of Australia and New Zealand Banking Group Limited
(ANZ)”. The report begins by providing an overview of the ANZ bank and the findings of the
Royal Banking Commission of 2017. The report next analyses the business operations and
also the actions of theirs on the basis of stakeholder theory, corporate governance theory,
corporate social responsibility and creating shared value. The report also undertakes a
stakeholder analysis of the bank and analyses the action of the bank on the basis of the
“Corporate Governance Discussion based on ASX 2010 Principles and recommendations”.
The report at the same time undertakes an analysis of the actions of the bank on the basis of
consequentialist perspective, libertarian and Rawls approaches and finds that the actions of
the bank were not only unethical but at the same time had adversely affected the long-term
prospects of the bank. Lastly, the report concludes by proving three recommendations that the
bank can utilize, namely, focus on CSR, increased transparency in business operations and
the improvement of the work culture which can help the bank in a substantial manner.

2BUSINESS MANAGEMENT AND ETHICS
Table of Contents
Introduction................................................................................................................................3
Overview of ANZ Bank.............................................................................................................4
Findings of the Royal Banking Commission related to ANZ bank...........................................5
Analysis of the business operations of ANZ bank using stakeholder theory.............................6
Theories of Corporate Governance, Corporate Social Responsibility (CSR) and/ or Creating
Shared Value (CSV) and the business operations of ANZ bank...............................................7
Stakeholder Analysis..................................................................................................................9
Corporate Governance Discussion based on ASX 2010 Principles and recommendations.....10
Business operations of ANZ bank and business ethics............................................................10
Recommendations....................................................................................................................11
Conclusion................................................................................................................................12
References................................................................................................................................13

3BUSINESS MANAGEMENT AND ETHICS
Introduction
The business enterprises of the contemporary times are required to make positive
contributions towards the cause of the planet as well as the society (Crane and Matten 2016).
Trevino and Nelson (2016) are of the viewpoint that this notion has gained prominence
because of the ever increasing threat as well as the damage that the business operations of
these organizations are causing to the environment and the planet. It is precisely here that the
notion of business ethics comes into play. As opined by Ferrell and Fraedrich (2015), the
effective utilization of the various precepts of business ethics not only helps the organizations
to help in the process of the growth of the society and the nation in which they are operational
but at the same time help them to conduct their business in an ethical manner. Furthermore,
the primary focus of the various organizations on the entity of profitability and financial
growth often propels them to use the kind of measures or strategies which are not only
unethical but at the same time unfair as well (Weiss 2014).
Chell et al. (2016) have stated that these unethical practices although provide short-
term benefits to these organizations however the long-term usage of these measures can
adversely affect the business prospects of these organizations. The fate of the automobile
giant Volkswagen clearly indicates this fact since it is seen that the organization was able to
gain a substantial amount of financial gain through the use of the defect devices however the
long-term usage of the same ultimately lead to the decline of the organization (Trevino and
Nelson 2016). This purpose of this report is to discuss the importance of the effective
utilization of business ethics in the particular context of the research question “Ethical
considerations in the use of Greed culture and the ‘fee for no service’ policy for the
enhancement of profit: A case study of Australia and New Zealand Banking Group Limited
(ANZ)”. The report intends to show the need for the organizations like ANZ bank to take into