CGRM4000 Corporate Governance and Ethics: IOOF Code of Conduct Report

This report provides a comprehensive analysis of the IOOF Holdings Code of Conduct, fulfilling the requirements of a Corporate Governance, Sustainability, and Ethics assignment (CGRM4000). The report addresses critical aspects of corporate governance, including discrimination, exploitation, corruption, dishonest and fraudulent behavior, whistleblower protections, and enforcement mechanisms. It explores IOOF's commitment to regulatory compliance, ethical conduct, and the protection of stakeholders. The report examines the code's scope, applicability, and the ethical standards expected of all members within the organization. It also highlights the importance of a safe working environment, the prevention of unethical practices, and the measures in place to protect whistleblowers. The report includes a detailed examination of the Ethics Committee's role and the enforcement of the Code. The report is well-researched and referenced, demonstrating a strong understanding of corporate governance principles, ethical frameworks, and the practical application of a Code of Conduct within a financial services company. The assignment adheres to the guidelines, including word count and the use of academic sources. This report provides valuable insights into IOOF's approach to ethical conduct and corporate responsibility.

Running Head: IOOF 0
IOOF Holdings
Corporate Governance, Sustainability, and Ethics
Code of Conduct
Student Name:
Student University:

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Contents
IOOF Holdings...........................................................................................................................2
Code of Conduct: IOOF Holdings.............................................................................................2
Overview................................................................................................................................2
Scope......................................................................................................................................2
Regulatory Compliance..............................................................................................................3
Discrimination........................................................................................................................3
Exploitation............................................................................................................................4
Corruption..............................................................................................................................4
Dishonest and Fraudulent Behaviour.....................................................................................5
Whistle-blower Protections....................................................................................................5
Enforcement...........................................................................................................................6
Ethics Committee.......................................................................................................................6
Bibliography...............................................................................................................................7

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IOOF Holdings
IOOF society was established in 1846 under ASX top 200 companies with 500,000 customers
and 2,000 employees. It is a friendly society and charitable foundation with offices in
Sydney, Auckland, Melbourne, Adelaide and more. The foundation for over 170 years helps
Australians to secure their financial freedom and growing as a foremost provider of quality
financial assistance, products, and services. They focus on showing the best results for
customers with wide range of wealth management products and services to achieve the goal
(IOOF, 2019). The foundation believes to care about individuals, show constant performance
and be the outstanding service provider for its success. The objective is to raise funds from
contributing members to help to continue sickness experience. The partners of the foundation
are families, aged care, and youth and children; staff as well.
Code of Conduct: IOOF Holdings
Overview
The Code of IOOF is used to direct the company’s interactions with each other
professionally. It frames the expectations company have for their actions and behaviours. The
values they consider are understanding, commitment, trust and quality. This Code outlines
the standards and values they want to accept. Their advice-led strategy is based on day-to-day
roles of working where it is essential for community to follow this Code. This Code is a
policy made to live with values in the company which connects, provides support and
commits to working ethically with standard conduct. IOOF's main purpose is to understand
customers, look after them and secure their future. IOOF conducts its business ethically and
professionally under this Code where the actions are framed by the standards to achieve the
goals of the company by policies and values (IOOF, 2018).
Scope
In IOOF, the code is applied to all directors, employees, contractors, senior executives and
other members as well. The employees need to be aware of the applicability of this Code,
procedures, guidelines, policies and legal commitments. The applicability of this Code is on
the business activities of Australia and New Zealand under IOOF Policies. The understanding
of values and standards expected of conduct. This Code is to act in good faith, to pursue
support from members including Management, Governance Services team, or Human
Resource team as required; practice upright judgment and fulfilling with the spirit of the

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Code. IOOF do what they say and face the challenges to improve and increase their
performance under the expectations of the customers. Under this Code, the company care and
respects employees and customers with reliability and openness for positive working in
environment and fostering relationships (IOOF, 2018).
Regulatory Compliance
IOOF is aware of the applicability of regulations and laws in this Code under the business
operations to maintain the confidence and respect of their customers to protect the image of
the company. They are responsible for judgments and taking feedback for clarification from
Human Resources, Management, and Governance Services. The company is responsible to
protect the image and maintain a supportable business where they allow reporting any noticed
breaches of this Code, IOOF policies, or any major law or regulation (IOOF, 2018).
Employees are told to raise their voice against any unethical practices without any fear or
disadvantage where the company makes sure to protect them and allowed to report to any of
the members. IOOF compliance with the Code is a condition of employment and failure to
report any misconduct which will lead to serious action with legal measures like termination
of employment (IOOF, 2018).
Discrimination
The unfair and illegal conduct with any employee at the workplace in the company
categorized by race, gender, sex, nationality, and disability, etc. is known as discrimination.
The employees are treated according to their appearances which is a breach of contract under
the law (Thompson, 2017). The creation of misconduct is based on the appearances of the
workforce where the regulations are avoided for the drawback of other employees. IOOF
provides a workplace free from discrimination as they make them believe to work with
respect and self-esteem, and aim to nurture a positive environment and productivity in the
company. The company does not bear discrimination based on employee’s appearances and
try to avoid it (Berrey, et al., 2017). This Code makes sure to commit to the environment free
from unlawful discrimination and to take action against any unfair practice at the workplace.
The company trains employees and give them knowledge about the regulations and laws to
understand the problems of discrimination. IOOF is devoted to diversity and ASX (Australian
Securities Exchange) principles to be followed for aiming to support safe work environment
by taking actions against misconduct and unethical behaviour in business at the workplace to
avoid discrimination.

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Exploitation
In the company, the mistreatment with employees at the workplace where mainly the women
are targeted is meant to be exploitation. This situation occurs when any member of the
company illegally disobeys the legal provisions of employees for own profit (Renshaw,
2016). Moreover, employees are forced to do tasks which reports to welfare loss and is
unethical. The company makes sure to consider the contributions, rights, and needs of the
employees for securing their jobs and pays. If any employee is exploited, the company is
responsible for the same where they have overload of work. It is essential to know their legal
rights and avoid the problem by reporting for the ones who exploit employees for
appearances, do not pay them on time, and behave unfairly (Craig, et al., 2015). The
company values their stakeholders which include mainly employees and customers in IOOF
but government and shareholders as well to provide them work with ethics and fairness. In
the business, to ignore the issue of exploitation and achieving organization’s goals where
other members will not be able to take advantage of employees’ efforts and time; the
company gives directions for:
1. Not to force employees to work by stretching hours more than described in the
employment contract in the company
2. Not to force them to work on public holidays
3. Considering the interest of other stakeholders for the company’s profit
4. Not to make them wait for the salary without any valid reason.
The supervisors need to work on fair practices according to company expectations. It is their
role to take care of the stakeholders’ interests at the time of decision-making (Scott & Sam,
2017). IOOF focuses on providing a safe working environment for the workforce and
provides satisfaction to stakeholders where they have the freedom to raise their voice under
the policy against the misconduct and unfair practices in the company.
Corruption
In the company, members misuse their power in an unethical way for own profit and start
working in false activities which is a practice of corruption. The unfair practices cause the
performance of the company and profits in the business where members take wrong
advantage of other individuals and harm the ones who do not listen to them (Nica, et al.,
2016). Corruption is a problem faced by employees who also affect the company’s overall
performance and productivity. It is necessary to take measures to minimize corruption and its

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effects; to identify risks. IOOF aware employees to have information and knowledge about
future unfair practices in the company and take steps to prevent it which needs proper
qualification and talent by keeping regular check on operations and development of values
for implementing the process; employees need to have abilities and confidence to play
essential roles for future development and growth by avoiding corruption (Vickers, 2014).
IOOF takes responsibility to act carefully for identifying doubtful activities. The company
made policies including Anti-Corruption policy to work on misconducts for reducing the
influence of corrupted activities and employees to raise voice against such activities by filing
a report in the law created in this Code. The management of the company is expected to act in
the interest of stakeholders for the achievement of the company.
Dishonest and Fraudulent Behaviour
The issues related to money, privacy, identity, misusing false documents and confidential
information show dishonest and fraudulent conduct which can result in lack of productivity,
profit loss and morale deprivation (Henle, et al., 2019). The employees who work for longer
hours and feel low-paid are the ones who do these unfair practices. In the company, members
facing these activities can report the issue by using policy in the business written in the
employment contract and can take instant actions by filing a complaint to supervisors. This
code considers the Fraud Policy conducted by IOOF Group wherein the business company
expects fairness and honesty from all the stakeholders to maintain the reputation. The
framework is made by the company to train and guide employees for the development of
their values and to take ethical actions (McInnes, 2019). The utmost priority of IOOF is its
stakeholders where the company asks them to report against unethical practices of members
without any fear and with support of the company.
Whistle-blower Protections
The ones who report to the illegal and unfair practices in the company and break the trust of
the members at the workplaces to alert the regulatory authorities or IOOF are known as
whistle-blowers. The Corporations Act 2001, the law is mentioned in the company for the
whistle-blowers which motivate them to speak out for unethical activities in future. The
protection given to them is for confidentiality and against revenge, and they have the right to
protect themselves within the law where they can fight against an individual who leaks their
identity while investigating (Peffer, et al., 2015). The Whistle-Blower Policy of IOOF is for
built confidence in the employees to stand against wrong and helps is outlining the measures

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to protect whistle-blowers with the help of processes and supervisors (IOOF, 2017). The
company expects fairness under the matters raised under the policy where there will be no
disadvantage to whistle-blowers in their jobs while reporting. They have direct and
unrestricted allowance to legal, financial and operational support at the time of investigation.
Once the process is done, the members of the company including Company Secretary and
Group General Counsel review the results before determining the correct option of action for
stepping forward. IOOF states final reports to the Chair of the Audit Committee and the
Managing Director, communicating with the Board of Directors through the Managing
Director. Whistle-blowers are anonymous and do not reveal their identity themselves
protected under the Act to the Australian Securities and Investments Commission (ASIC).
They make a report of suspicious activities which include corruption, fraud, audit matters,
and regulatory non-compliance (IOOF, 2017).
Enforcement
Enforcement is the process where the company makes sure that people are obeying the
regulations and rules mentioned under the law. It helps in maintaining the professionalism,
performance, productivity, and profits of the company with the responsibility of fair practices
under the ASX principles mentioned above in this Code (Volkov, 2015). Every member or
employee needs protection and safe working environment at the workplace, so does IOOF
provides policies under the conduct. It is important for the company to describe clear
guidelines for the behaviour you expect in the company and mention the punishments for
misconduct in the company, and a positive system for those who work ethically and make
sure about the concern of privacy within the workplace (Smith, 2018).
Ethics Committee
Ethics Committee is executive-level staff who maintains excellent performance records and,
looks at the purpose and goal of the company to investigate and review accusations of
misconduct and, tell employees to work ethically and report to them (Laj, 2018). It is the duty
of the ethics committee to take corrective action. They constantly and regularly strengthen
this Code to maintain the standards considered. This Code is important to handle the major
issues of the company.

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Bibliography
Berrey, E., Nelson, R. L. & Nielsen, L. B., 2017. Rights on Trial: How Workplace
Discrimination Law Perpetuates Inequality. Chicago: University of Chicago Press.
Craig, G., Waite, L., Lewis, H. & Skrivankova, K., 2015. Vulnerability, Exploitation and
Migrants: Insecure Work in a Globalised Economy. New York: Springer.
Henle, C. A., Dineen, B. R. & Duffy, M. K., 2019. Assessing intentional resume deception:
development and nomological network of a resume fraud measure. Journal of Business and
Psychology, 34(1), pp. 87-106.
IOOF, 2017. Whistleblower Policy. [Online]
Available at: https://www.ioof.com.au/__data/assets/pdf_file/0009/68787/Whistleblower-
Policy-July-2017.pdf
[Accessed 30 August 2019].
IOOF, 2018. Corporate Governance Statement. [Online]
Available at: https://www.ioof.com.au/__data/assets/pdf_file/0003/226398/IOOF-Corporate-
Governance-Statement-2018-FINAL.pdf
[Accessed 30 August 2019].
IOOF, 2018. Our Code. [Online]
Available at: https://www.ioof.com.au/__data/assets/pdf_file/0016/282202/IOOF-Code-of-
Conduct.pdf
[Accessed 30 August 2019].
IOOF, 2019. About IOOF Proud of our heritage - excited by our future. [Online]
Available at: https://www.ioof.com.au/about-us/about-ioof
[Accessed 30 August 2019].
Laj, A., 2018. How to Enforce a Code of Ethics. [Online]
Available at: https://careertrend.com/how-6458362-enforce-code-ethics.html
[Accessed 30 August 2019].
McInnes, A. N. S., 2019. The Regulation of Financial Planning in Australia: Current
Practice, Issues and Empirical Analysis. London: Routledge.

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Nica, E., Hurjui, I. & Stefan, I. G., 2016. The relevance of the organizational environment in
workplace bullying processes. Journal of Self-Governance and Management Economics,
4(2), p. 83.
Peffer, S. L. et al., 2015. Whistle where you work? The ineffectiveness of the Federal
Whistleblower Protection Act of 1989 and the promise of the Whistleblower Protection
Enhancement Act of 2012. Review of Public Personnel Administration, 35(1), pp. 70-81.
Renshaw, L., 2016. Migrating for work and study: The role of the igration broker in
facilitating workplace exploitation, human trafficking and slavery. Trends and Issues in
Crime and Criminal Justice, Volume 527, p. 1.
Scott & Sam, 2017. Labour exploitation and work-based harm. UK: Policy Press.
Smith, M. J., 2018. Workplace Violence, Security & Safety. Professional Safety, 63(8), pp.
26-27.
Thompson, N., 2017. Promoting Equality: Challenging Discrimination and Oppression. New
York: Macmillan International Higher Education.
Vickers, M. H., 2014. Towards reducing the harm: Workplace bullying as workplace
corruption—A critical review. Employee Responsibilities and Rights Journal, 26(2), pp. 95-
113.
Volkov, M., 2015. Code of Conduct Enforcement. [Online]
Available at: https://blog.volkovlaw.com/2015/04/code-of-conduct-enforcement/
[Accessed 30 August 2019].