This report discusses the code of conduct of Wesfarmers Limited, a top company in Australia, and its commitment to social, financial, and environmental contributions. It covers topics such as discrimination, exploitation, whistle-blower protections, corruption, and enforcement.
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Running head: REPORT0 CORPORATE GOVERNNACE AND ETHICS DECEMBER 28, 2018 STUDENT DETAILS:
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REPORT1 Introduction The code of conduct refers to the set of the rules defining the social standards, spiritual rules and liabilities of, and or suitable exercises for the people. The code of conduct which is written for the company’s employees, secures the business and provides the notification to the workers in respect of expectation of the employees. In the following parts, the code of conduct of Wesfarmers limited is discussed. Wesfarmers limited is dedicated to providing the social, financial and environmental contribution to the societies, constant principles related to integrity, equality, justice and esteem. The board of Wesfarmers Limited had followed the code to render the set of directingthe principlesobserved by the employeesof the Wesfarmers. Employees of Wesfarmers Limited are anticipated to perform constantly with principles set in the code. Code of conduct of Wesfarmers limited- The code of conduct of the Wesfarmers limited is examined as follows- An Overview of Wesfarmers limited- In Australia, Wesfarmers limited is one of the top companies. The company’s headquarters are located Perth, Western Australia. The Westralian Farmers Cooperative limited was created as Cooperative Corporation by the Farmers and Settler’s Association of Western Australia in year 1914. Further, this was established as Wesfarmers limited in year 1984 and listed in ASE as the public corporation. Now this has various hotels, markets, coal mining, gas processing, chemicals, energy distribution, stores, home care stores, and departmental stores. The Wesfarmers limited is one of the top companies having more than 210,000 workers and 500,000 stakeholders.
REPORT2 Discrimination- The structures and procedures, which support the daily operations of the group, are created to ensure that all appropriate commonly identified human rights are protected. Constant with the principles given in the moral sourcing policies and code of conduct, Wesfarmers limited is devotedtomaketheenvironmentalcontribution,financialcontribution,andsocial contribution. Wesfarmers Limited ban discrimination and enforced, trafficked and child workforce and are dedicated to secure and positive working conditions, involving right of independence of the connotation and mutual negotiating. Wesfarmers Limited has group extensive moral sourcing policies that establishes the minimum norms expected of the divisions, which trade the products for resale. The company has recognised that certain level of the discrimination on the basis of femininity, phase, competition, incapability, sexual orientation, traditional context, faith, family obligations or other fields of prospective variation is the probable risk in the corporate. It is also identified by Wesfarmers Limited that the right of persons, which company hire to bargain the salaries either personally or jointly, with or without the participation of other people. The company also believes in enhancing the elasticity of office provisions presented to the workers. The protection of the workers is the high priority of the company and whereas the company is seeing the advantages of the relentless make focus on creating the workplace secured. Wesfarmers Limited also admits that if any member of the team is wounded at the workplace, the protection performance still needs the development. The secrecy has been upraised as the substantial issue during the year. The company has systems and processes in place to secure confidentiality but admit that privacy security needs ongoing important means. As per the relevant policies, all the dealers making products for resale should agree to conform to
REPORT3 minimum standards in agreements with business. These are minimum requirements are as follows- 1.No child labour 2.No misuse 3.No discrimination 4.Freedom of connotation 5.Woking condition should comply with appropriate common law 6.No corruption 7.Conservational agreement Exploitation- WesfarmersLimitedneverbearillegalperception,employeeexploitationoppression, nuisance,orotheroffensivebehaviour.Companycanmakethevariousandhelpful atmosphere by- ď‚·Helping and functioning collaboratively ď‚·Making sure that company does not exploit against, persecute, or harass the staff or anybody at workplace ď‚·Taking decision related to hiring based on the presentation. Safe working environment Wesfarmers would give the secure working condition and conform completely with central and domestic laws and rules in respect of the protection It is required by the Wesfarmers employees would: ď‚·Report issues related to the protection ď‚·Abide by the policies related to security ď‚·Obey with the alcohol policies of Wesfarmers
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REPORT4 No smoking. It is required to not to smoke at the time or work out of the allowed break at the premises, supported functions and actions. The company has zero tolerance policy for unlawful possession of drugs and use, and the exploitation of prescription drugs, at work whether on the premises of Wesfarmers Limited, while running the business on behalf of Wesfarmers limited or at Wesfarmers-sponsored roles. This policy is helpful for the employees to not be exploited. Whistle-blower protections- Wesfarmers is to making sure privacy regarding the matters raised as per policies, and that those who create the reports in good faith are considered justly and don’t face the difficulties. (a) Subject to the compliance with lawful needs, on receiving the report as per policies, Wesfarmers would not, nor would the administrator, director or secured disclosure officers, disclose the particulars that will advise or disclose the identification as the whistle-blower, without first getting the consents. (b) All documents made from the examination would be kept under severe protection and unlawful release of data to the person not engaged in enquiry without the consents as the whistle-blower would be breach of the policy. Whistle-blowers are guaranteed that the release of data in breach of the policies would be considered as the severe matters and would be dispensed with under disciplinary procedures of Wesfarmers. (c) The employees and contractors of Wesfarmers within the team of Wesfarmers who is subject to harmful treatments as the outcome of creating the report in good faith under the policies must notify the top level supervisors in the division directly.
REPORT5 Special protection to the whistle-blower under the Corporations Act- The Corporations Act renders the specific security to disclosure regarding the Corporations Act breaches, where following conditions are fulfilled: ď‚·Whistle-blowers are the worker of Wesfarmers Group, or the individual or entity who has the agreement for delivery of services and products with the Wesfarmers Group. ď‚·The whistle-blower provides the name before creating the reports ď‚·The report is created with honesty, and the whistle-blower has proper grounds to suspect that there have breaches of Corporations Act by the Wesfarmers Group or the workers (Zummo, McCredie and Sadiq, 2017). Corruption Wesfarmers Limited is committed to ensure anti- bribery at the workplace. Bribery may take various methods. The advantage which is proposed, provided, or taken can be financial or non-financial (Miklosik, et. al, 2018). For an example, it can include non-monetary gift, loan, party-political or charitable contribution, give-and-take favour, job and service opportunities orextravagantbusinesshospitality.TheBriberycanbetakeninindirectmanner (McGaughey, 2018). For an example where the person obtains, the intermediary and the agent to give offers that create the bribe to other people; or give proposal offer that makes the bribe is created to the companions of the people who are required to be affected. Wesfarmers employees should not provide, give proposal, give assurance, take, or demand the bribe and should not be reason the bribe to be provided, presented, assured, and taken by the other people. Under no circumstances would Wesfarmers Group support of the proposals, and create, demand and take the unequal payments or new things of the value, to run business and
REPORT6 affect the business decisions in the favour of Wesfarmers limited (Janssens and Kaptein, 2016). Moreover, Wesfarmers Limited bans the proposing or taking of the gift, amusement, or hospitality in the situations that can be considered to provide growth to an undue influence. If value of gifts and entertainment exceeds the gift registration, it should be punctually noted in related gift, entertaining performance register and stated to appropriate Anti-bribery Officers. Anti-bribery Officers can take more data from the employees of the Wesfarmers Limited to authorise that the abovementioned situations are met regarding the gift, amusement or generosity, which is noted on the gift and amusement registers (Baumeister and Gutsche, 2017). Dishonest and fraudulent behaviour All the managers and workers of the companies are expected at every time to perform constantly with relevant principles. According to the principle of act with honesty, integrity and equality, it is required by the employees to be liable for the decisions (Pearn, 2015). The honesty, integrity and equality are essential to the manner where the business runs and must direct the decision. The values are essential to developing the faith of the dealers, clients, associates, communities and stakeholders (Linn, Smith-Gander and Barrington, 2015). It is required by the stakeholders, dealers, clients and the groups of the Wesfarmers- ď‚·Performing the obligations with care and diligence, and looking for achieving the quality in the parts ď‚·Not taking participation in the unlawful or immoral activities ď‚·Being liable for the decisions and the activities, and ď‚·Making deal honestly with the clients, dealers and challengers
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REPORT7 The employees of the company should never make deal in the securities of Wesfarmers, or the listed companies, however in control of inside data regarding these securities. Inside data refers to the data that is not normally existing and if it were, can or will be likely to substantially influence the prices the securities. The employees of the Wesfarmers who have securities as per the Wesfarmers share plan should also be alert of and conform with regulations of these plans and Wesfarmers Securities Trading Policies, while seeing dealing in Wesfarmers securities as part of the plan. Extra prohibitions are applicable to the managers and the leaders of the Wesfarmers, and can be applied to particular project teams from period to period (Dakhelalla, 2014). According to the principle of act in compliance with laws and policies of Wesfarmers, and do not create or take inappropriate payment. The employees of Wesfarmers should be aware and conform with rules and regulations (Pulker, et. al, 2018). Enforcement The Code of conduct is enforced to anyone who is hired to work in Wesfarmers Group. This Code is applicable to the person when that person is identified as the representative of company. In certain situations, it would include the durations when employee is outside of the company and working time (Klettner, Clarke and Boersma, 2014). The agent, advisor, contractor and the mediators are also anticipated to identify and review the principles defined in the code and must be made alert of the code or related business unit code at what time company employ them to perform with them. The copy of the code may searched on website of the Wesfarmers limited and Wesfarmers intranet. This copy and the related divisional unit code would be given to all new workers at what time they came in Wesfarmers Group (Grimmer, 2018).
REPORT8 The Code has complete assistance of Board and Management of the Wesfarmers, and compliance with code is considered extremely serious. As the degree of liability, obedience with code and with own regional unit code is reviewed by the internal audit operation of the company in respect of the Board of Wesfarmers. On breaching the Code, employees can face corrective actions, involving closure of the service. If the circumstances involves the breach of rules and regulations, the problem may also be referred to the proper laws. It isthe accountability to directly report the breach of the code by the co-workers to the direct administrators or executives, and they should also report behaviour where there is no surety whether the break of the code has happened. All the reports would be retained private and no worker would be deprived or biased by making report in the good faith the breach or alleged breach of the rules and regulations related to code (Jones, Comfort and Hillier, 2014).
REPORT9 References Baumeister, S., and Gutsche, R. (2017) The impact of CSR reporting quality on analyst forecast accuracy. Oxford: Oxford University press Colla,A.(2017)Corporategovernancein2017:Failuresandwins.Governance Directions,69(4), p. 217. Dakhelalla,R.F.(2014)Theimpactofcorporategovernanceprinciplesonboard characteristics: an Australian study. USA: Springer Grayson-Morison, R., and Ramsay, I. (2014)Responsibilities of the Board of Directors. Cambridge: Cambridge University Press Grimmer,L.(2018)Thediminishedstakeholder:Examiningtherelationshipbetween suppliersandsupermarketsintheAustraliangroceryindustry.JournalofConsumer Behaviour,17(1), pp. e13-e20. Janssens, M. R., and Kaptein, M. (2016) The ethical responsibility of companies towards animals: A study of the expressed commitment of the Fortune Global 200.Journal of Corporate Citizenship, 75(63), pp. 42-72. Jones, P., Comfort, D., and Hillier, D. (2014) Environmental and Social Programmes and Rapidly Growing Retailers.Economia Seria Management,17(1), pp. 5-17. Klettner, A., Clarke, T., and Boersma, M. (2014) The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy.Journal of Business Ethics,122(1), pp. 145-165. Linn, B., Smith-Gander, D., and Barrington, J. (2015) The debate: The year ahead.Company Director,31(11), p.18.
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REPORT10 McGaughey, F. (2018) Australia's proposed Modern Slavery Act for business reporting-part of an international trend in business and human rights.Australian Resources and Energy Law Journal,36(3), p.29. Miklosik, A., Evans, N., Hasprova, M., and Lipianska, J. (2018) Reflection of embedded knowledge culture in communications of Australian companies.Knowledge Management Research & Practice, pp. 1-10. Pearn,J.(2015)EponymousmemorialsoftheRoyalChildren'sHospital, Brisbane.Queensland History Journal,22(8), p. 621. Pulker, C. E., Trapp, G. S., Scott, J. A., and Pollard, C.M. (2018) Global supermarkets’ corporatesocialresponsibilitycommitmentstopublichealth:acontent analysis.Globalization and health,14(1), p.121. Zummo, H., McCredie, B. and Sadiq, K. (2017) Addressing aggressive tax planning through mandatorycorporatetaxdisclosures:Anexploratorycasestudy.eJournalofTax Research,15(2), pp. 359-383.