Governance Ethics and Sustainability Australia Code Conduct 2022

Running Head: GOVERNANCE ETHICS AND SUSTAINABILITY
GOVERNANCE ETHICS AND SUSTAINABILITY
Name of the Student
Name of the University
Author Note

1GOVERNANCE ETHICS AND SUSTAINABILITY
Table of Contents
Introduction................................................................................................................................2
Background of Company.......................................................................................................2
Discussion..................................................................................................................................2
Corporate Governance...........................................................................................................2
Corporate Governance Issues at ANZ Bank..........................................................................3
Code of Conduct....................................................................................................................4
Draft of Code of Conduct at ANZ..........................................................................................5
Conclusion..................................................................................................................................7
Reference....................................................................................................................................9

2GOVERNANCE ETHICS AND SUSTAINABILITY
Introduction
Corporate governance is structure of the practices, rules and processes that are used
for managing and directing the company. This term encompasses external and internal
factors, which affects interest of the firm’s stakeholders, including customers, shareholders,
suppliers, management and government regulators. The sustainability practices focuses to
meet needs of the present without compromising future generations’ ability for meeting their
needs. Further, the term sustainability is comprised of three major pillars, which consists of
social, environmental and economic that is also informally known to be people, planet and
profit (Tricker and Tricker 2015). Hence, this report aims to discuss corporate governance
issues at ANZ Bank. Further, code of conduct will be drafted for ANZ Bank.
Background of Company
The Australia and New Zealand Banking Group Limited is also termed as ANZ. It is
the financial services and the banking firm that is headquartered in Melbourne. ANZ is third
largest bank in the market capitalization terms of the Australia and it is second largest bank in
assets terms. It offers ranges of the business financial solutions and personal solutions. The
services of bank includes internet banking, personal banking, foreign exchanges, personal
accounts, insurance, loans and credit cards (Anz.com. 2020).
Discussion
Corporate Governance
Corporate governance is defined as the set of principles, systems as well as processes,
with the help of which firm is governed. It provides the guidelines regarding the way firm can
be controlled or directed, which ultimately helps in fulfilling objectives and goals in manner
that it adds value of company. It is also beneficial for all the stakeholders in longer-run. The
firm’s management plays the role of trustee for others (Hermalin 2014). The principles on

3GOVERNANCE ETHICS AND SUSTAINABILITY
which corporate governance is based includes conducting business with fairness and
integrity, making all the necessary decisions and the disclosures, being transparent in relation
to all transactions, responsibility and accountability towards stakeholders and the
commitment towards conducting the business in the ethical manner as well as compliance
with all laws of land. It ensures the transparency that helps in maintaining balanced and
strong economic development. There is broader scope of corporate governance. This is
consists of both institutional and social aspects. It encourages morality, trustworthy and
ethical environment (Yermack 2017).
Corporate Governance Issues at ANZ Bank
The investigation was conducted by ASIC into rate-rigging in the Australia and there
was closely looking at the global markets team of ANZ, which was led by Steve Bellotti. It
was with joining of Steve Bellotti in 2010, he had earned colorful status as successful banker
of investment all across world. He was quite successful. He started loving money and was
good to make it. He rented Caribbean island of Richard Branson at cost of $40,000 for the
day of his wedding (Anz.com. 2020). The 40th birthday of Mr. Bellotti have lasted for three
weeks. He was hired for leading global markets team of ANZ. According to one of the
employee, “The Boardroom” become club because one can get their one-to-one time with
their boss there rather than in the office. Moreover, he instituted strategy, which was known
as “three in three”. In this particular strategy he aimed for lifting revenue to $3 billion.
During 2011, there was hiring of new trader, whose name was Etienne Alexiou. Moreover, he
took the senior role of trading in company. Almost immediately, he got the feeling that there
was something quite different at ANZ. The very first thing that has caught his attention was
talk regarding the trading-floor regarding “slaughtering the rate” (ABC News. 2019).
The 180-page court document filed by ASIC contained extracts of the emails and the
other evidences. This also included allegations by the ASIC that thirty eight employees of