Corporate Culture and Laws of Business Concerns: A Report

This report delves into the critical aspects of business concerns and corporate culture, emphasizing their interconnectedness and impact on organizational success. It defines corporate culture as a system of shared beliefs and values that influence employee behavior, highlighting its significance in shaping work environments, employee bonding, and overall business performance. The report references key legislation, including Section 180 and 184 of the Corporation Act 2001, and the role of the Australian Securities Exchange in corporate governance. It underscores the importance of ethical practices, effective decision-making, and risk management in fostering a healthy corporate culture. Furthermore, it examines how maintaining transparency, employee engagement, and adherence to ethical principles, as outlined by APRA, contribute to a positive and productive workplace. The report concludes by emphasizing the crucial role of corporate culture in achieving organizational goals and profitability.

Running head: LAWS OF BUSINESS CONCERNS
Laws of Business concerns
Name of the Student
Name of the University
Author note

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LAWS OF BUSINESS CONCERNS
Corporate culture and its implementation
The concept of corporate culture can be defined as the systematic procedure with
predominance of few particular beliefs, values, and commonassumptions amongst the
management and the employees of a specific business organization that guides every
individual’s behavior within the organization. In this regard, it is noteworthy to mention that
the beliefs and values which are responsible for governing a specific organization can have a
profound impact on the performance of the employees within their work places. Within a
specific business firm, the bonding opportunities amongst employees, working environment
and the concerned workforce are the basic elements of the corporate culture. Therefore, it can
be indicated that the organizational culture can be built within the work place and it depends
on some tangible and intangible components. It can also be said that by this term ‘culture’ the
approachof the associated work force with any specific business firm can be referred.
Furthermore maintaining a positive culture can be contributive to the productivity, reputation
and the profitability of the organization (Redmond et al. 2015). Therefore developing such a
healthy organizational culture requires some significant approaches such as attracting,
selecting and retaining employees, reward system and the leadership attitude of the business
firm. As stated in the Section 180 of Corporation Act 2001, the employees of any business
organization should executetheir responsibilities with care and diligence. Section 184 of the
mentioned act reveals that the particular position of any individual and the data of the
business firm should also be used with honesty and integrity. It can be found out that the
Australian Securities Exchange is responsible for governing all the corporate governance
within the Australian territory (Hahtela et al. 2017).
It has been noticed that the principles explain the fundamental structure of a business
organization and also explains the members were associated with a particular business
organization. Secondly it has been observed that healthy ethics should be promoted within the

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LAWS OF BUSINESS CONCERNS
workplace and along with that the management of the business organization should make
sure that the decision making process in the workplace is highly effective as decision making
skills plays a vital role in the success of any business organization. Not only that it is also
seen that a balanced disclosure should be created and the risk factors in the workplace should
be eliminated with responsibility and therefore it can we looked at that if all those principles
as are stained or satisfied a healthy corporate culture organizational culture can be maintained
in the workplace that can effectively improve the productivity along with the profitability of
that particular organization.
A business corporation should be operated with high moral and ethical values as the
primary principles should be the process of recruitment and there should be an effective
leadership in all the stages of the operations of a business organization as it can introduce a
corporate culture in the organization that can become helpful for the management to generate
profitability. The management of the business organizations should have a clear
understanding of the risk factors which can be associated with the processes of the business
organization as the employees of the business organizations always has the chance to get
exposed to the risks associated with the company while performing their duties (Hahtela et al.
2017). In this regard it can be said that ethical principles are not at all difficult to make when
the organizational culture nods to any particular behavior which is unethical and the finances
of a business organization should be transparent as the management should know all the
whereabouts regarding the funding and the expenditures of the company. In order to sustain
the corporate culture the employees of a business organization should get in touch with the
management of the organization and discuss the issues that can bother them and such culture
or Ambience inside the workplace can effectively help to negate the negativity that are
present in the organization and it will give a major boost to the level of performance of the
existing workforce of the company (Redmond et al. 2015). According to APRA Australian

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LAWS OF BUSINESS CONCERNS
Prudential regulation authority the management of the business organization should act in an
ethical manner and track the funds of the business organization. It has been seen that APRA
is funded by the industries operating in the Australian market and its fundamental purpose is
to release facts and Statistics related to the business sector. The basics principles lay
foundation for the management of the organizations and oversight and integrity needs to be
safeguarded for the rights of the shareholders and for the financial reporting as those should
be provided with respect (Strand et al. 2015).
To maintain the ethical issues in a business organisation the principles which have
been mentioned above should be followed to develop and sustain a healthy culture in the
organization and the disclosure which have been made in the workplace should be made in at
most good faith as per Corporation Act 2001. Therefore it can surely be said that the notion
of corporate culture plays an important role for the success of the business organizations.

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References
Redmond, S.A., Wilcox, S.L., Campbell, S., Kim, A., Finney, K., Barr, K. and Hassan, A.M.,
2015. A brief introduction to the military workplace culture. Work, 50(1), pp.9-20.
Strand, P., Edgren, G., Borna, P., Lindgren, S., Wichmann-Hansen, G. and Stalmeijer, R.E.,
2015. Conceptions of how a learning or teaching curriculum, workplace culture and agency
of individuals shape medical student learning and supervisory practices in the clinical
workplace. Advances in Health Sciences Education, 20(2), pp.531-557.
Hahtela, N., McCormack, B., Doran, D., Paavilainen, E., Slater, P., Helminen, M. and
Suominen, T., 2017. Workplace culture and patient outcomes: What's the
connection?. Nursing management, 48(12), pp.36-44.