Question-   Corporate Governance & Compliance (doc)

Solution-

Topic 4: Compliance Requirements & Business Governance (Task 2)

TheWork Health and Safety Actis a set of laws on how businesses, employees, and owners etc. must conduct health and safety regulations in their work place. The main purpose of the act is to provide a nationally and balanced framework to secure the health and safety of workers and workplaces. There are a number of ways in how they wish to achieve it. For example through protecting workers against harm to their health, safety and welfare by eliminating or minimizing risks arising from work, substances, and plants. This is very important for stakeholders within the business if they were to not comply with this law, they would put employees health and standard of living at risk. This law benefits employees of a business as compliance of it guarantees them protection from exposure to harmful substances in the work place, since the law also protects the welfare of an employee it means that employees will be guaranteed to fair pay and will not be taken advantage of by their employers. Another benefit is that future employees will be able to see that the business will treat them well if they are in compliance with the health and safety law.

Because Health and Safety is a very important regulation it is not often overlooked. However there are many serious implications if a set of laws such as the Work Health and Safety Actdid not exist, with negligence to the law employers everyday could be putting their employees at risk, for example if employees worked at a nuclear plant and did not have to follow health and safety laws they could wear whatever they wanted to work and would risk being exposed to harmful substances. Another implication would be that workers could be exploited by their bosses, for example if welfare and integrity were not being protected than the employers could pay whatever wages they feel like. Lastly if no regards for health laws existed people who have caught contagious illnesses would not be allowed to stay home and rest before returning to work as things like sick leave allowances would not exist. Therefore it would risk the entire health and safety of a business’s entire wor

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