Ethics And Governance EXECUTIVE SUMMARY
Added on 2021-02-21
11 Pages3792 Words409 Views
Leadership ManagementProfessional DevelopmentEnvironmental SciencePolitical Science
|
|
|
ETHICS ANDGOVERNANCE
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................1REPORT..........................................................................................................................................1Summary of the Company......................................................................................................1Summary of Corporate Governance.......................................................................................3Board Orientation...................................................................................................................5Interpretation of Company Communications.........................................................................6CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
EXECUTIVE SUMMARYEthics and Governance are important parts of functioning of an organisation and it isimportant to effectively ensure effective application of both these factors within working of acompany. For this purpose, the following report is using Rio Tinto, Ltd.The report required effective insight in the company and its corporate governance, forwhich, secondary research through annual and sustainability reports of the firm were utilised togain information regarding the same. It was determined, that the firm has sound corporategovernance structure which is important for its long term sustainability.Another purpose of the report was to determine orientation of board of Rio Tinto, Ltd.,and company communication. For this agenda, Legitimacy Theory was applied which allowed toanalyse reporting of the firm in context with the principles of this theory. It was identified that itssocial and environmental reporting is very effective and it must apply the same reporting infuture as well.INTRODUCTIONEthics refer to the principles, belief systems and moral values which governs behaviourof individuals and organisations while performing an activity (Raman, 2016). On the other hand,governance means effective establishment of several essential policies, as well as procedure forcontinuous monitoring of implementation of the same. The report below is based on ethics andgovernance within Rio Tinto Ltd., which is one of the largest mining and metals corporation,headquartered in Melbourne, Australia. It covers a brief summary of the company, corporategovernance within the firm, orientation of board and Interpretation of communication within thecompany using Legitimacy Theory.REPORTSummary of the CompanyRio Tinto Ltd. is a multinational corporation which operates globally and is one of themarket leaders in mining as well as in steel. The organisation operates in metals and miningindustry and has an effective worldwide presence (Sudhakar, 2018). Furthermore, the companyhas effective strategies to ensure a consistent position within the market. In addition to this, thecompany has appropriately followed innovation, diversification and expansion as viable andconstant strategies to effectively succeed in the marketplace. In addition to this, the company1
performs effective and necessary marketing research which helps the firm in effectively stayingahead.Products:There are several products in which the firm effectively deals in such as Iron ore,aluminium, coal, diamond, gold, etc. furthermore, all these commodities are produced usingextensive and latest technological methods and equipments, which assists the Rio Tinto ineffectively enhancing competence within its production as well as of the whole organisation(Doh, Husted and Yang, 2016).History:The firm has a history of more than 140 years as the firm came into operations in 1873.Its history began with a consortium of multinational investors buying a mine complex on RioTinto from Spanish Government. The syndicate which brought the complex was headed by awell known Scottish entrepreneur, Hugh Matheson, which led to establishment of “Rio TintoCompany”. After the acquisition however, new processing facilities were constructed by theorganisation and further new technologies and techniques were introduced. Such operations ledthe company of being one of the biggest copper producer for a brief period of time, which wasfrom 1877 to 1891.Major Operations:There are several operations which made the company quite reputed within themarketplace. One such operation was held in 1905 where the firm along with engineer HerbertHoover created a new and effective process to extract zinc through residues. Such waste was leftpost-extraction of lead as well as silver from ores.The firm also had numerous acquisitions and mergers which enabled the company towork in an effective and essential manner. Within 1995, the firm merged its Australian and UKbusinesses, which led to merge all its operations under a common name which was 'Rio Tinto'.This organisation has also been quite consistent on ethical practices as well as riskmanagement. For instance, within 2015, the organisation implemented an effective Critical RiskManagement programme which was related to fatality prevention within jobs which weresubjected to fatality risk. This program was quite effective as by end of 2016, it led to almost 1.3million verifications within more than 60 sites that were operational (Rio Tinto: History, 2019).2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Contemporary accounting theory : Assignmentlg...
|18
|5052
|61
Case Study on Rio Tinto Assignmentlg...
|17
|4890
|86
Corporate Finance: Sustainability Analysis of Rio Tintolg...
|7
|1564
|446
Corporate Social Responsibility and Governance Structure of Rio Tinto Limitedlg...
|13
|2991
|77
Report | Managing Human Resourceslg...
|11
|3169
|38
Contemporary Issues in Accounting Assignment | Rio Tintolg...
|12
|2394
|42