National Australian Bank's Code of Conduct: A Comprehensive Analysis

Desklib provides past papers and solved assignments for students. This report analyzes National Australian Bank's code of conduct.

CODE OF CONDUCT
1

Table of Contents
Introduction..............................................................................................................................3
The fundamental morals..........................................................................................................3
Elimination of discrimination and promotion of equality irrespective of sex, race and
community..............................................................................................................................3
Eliminate exploitation from workplace..................................................................................4
Eliminate chances of corruption.............................................................................................4
Promote honesty and trustworthy behaviour..........................................................................4
To protect the employees in cases of retaliatory actions (whistle-blower protection)...........5
Enforcing all the measures taken for the beneficial purpose of the personnel.......................5
References.................................................................................................................................7
2

Introduction
The National Australian Bank is the leading bank in Australia with the aim of protecting the
money of the society. It is committed towards the principles of hard work with honesty and
having respect for customers as well as colleagues. The bank’s code of conduct is an
exceptional behaviour which extends equally from directors to employees. This conduct is
the core values of our work which is developed keeping in mind the reputation of the bank
and its maintenance in the long run.
The bank is centrally focused on giving a positive contribution to the country and its
communities. In attaining its mission and vision there shall be no compromise done on
account of excellence, ethics and values.
The bank's personnel are expected to act inconsistently with the conduct laid down in the
code.
The fundamental morals:
1. Elimination of discrimination and promotion of equality irrespective of sex, race and
community.
2. Eliminate exploitation from the workplace.
3. Eliminate chances of corruption.
4. Promote honesty and trustworthy behaviour.
5. To protect the employees from retaliatory actions (whistle-blower protection).
6. Enforcing all the measures taken for the beneficial purpose of the personnel.
Elimination of discrimination and promotion of equality irrespective of sex, race
and community:
Workplace discrimination is one of the major growing problems across the globe where
inequality in hiring is done and employees are discriminated on the basis of religion, race,
sex, etc. The companies are hence required to take strict and prohibitive actions in order to
eliminate all forms of discrimination from the workplace (Howell, 2015).
Employees are subject to many types of discrimination which includes age, ethnicity, race,
national origin, disability whether physical or mental and much more. Based on these factors
there are discriminative decisions taken for example denying compensation and other
3

benefits, different payments for employees on the same position, discrimination during
promotions, and many more (Nab.com.au, 2019).
The National Australian Bank has achieved its goal of eliminating discrimination from the
workplace whether it be in any form. The bank is committed to promoting equality in all
forms especially equality of gender. It has promoted hiring women in many fields and gave
them a chance to stand equally in the competitive world (Chang, et. al. 2014).
The executive management team of the bank has approximately thirty-one per cent of women
employed with the efficient work quality. Further, in the bank's group of subsidiary board
approximately thirty-nine per cent are women employees. And it is a path towards success
that the workforce includes about fifty-one per cent of women.
The bank has strived to hire the right people for the right roles and hence has given women an
opportunity to shape the future for tomorrow. The bank also provides women employees with
appropriate tools and program designs to make them deliver their work with efficiency.
The bank has also strived to achieve equality on the basis of race and national origin. The
concept of indigenous employment has been increased in the past few years and more than
two hundred indigenous Australians are working with the bank as employees (Smith, et.al.,
2017).
Eliminate exploitation from the workplace:
The bank is to take every possible initiative to eliminate exploitation of employees. The
employees are given the best possible work conditions which suit their needs. The health and
safety of the employees are kept in mind and also initiatives are taken to protect the interest
of customers. Its main mission is to ensure that the workers are well at work and save up to
the highest extent. The mental health of the employees is a major concern to be checked as
the overall productivity depends upon the performance of the employees (Andrew, et.al.,
2012).
The bank has also started an employee assistance program in order to provide expert training
to them and encourage a mentally healthy workplace. The bank also takes initiatives keeping
in mind the aspect of well being for the employees. Along with the employees, the mental
well being of the customers is also targeted. The customers are satisfied by taking proper
measure as they want proper care of their money.
4

The bank maintains a healthy employee-customer relationship by having interactive sessions
with them. This will contribute to the mental well-being of both the employees and
customers.
Eliminate chances of corruption:
The bank focuses on its code of conduct to completely eliminate fraudulent and corrupted
means of making money. It is to promote healthy competition which shall focus on
productivity but not at the sake of ethics and values. In order to avoid the adoption of
corrupted measures, the bank rewards the employees for their excellent performance which
will, in turn, develop healthy competition among employees to fulfil their target. The bank
has two-fold objective including the employees as well as customers. It attracts more
employment applications and also motivates the already employed. Further, it balances and
creates align between the employees, customers and shareholders through justified possession
(Villa, 2015).
The employees are required to deal with customers relating to services, products and advice
in a manner which is consistent with domestic laws and regulations. The employees shall not
adopt misinterpretation or fraudulent means in order to induce the customer to enter in any
kind of transaction. All the dealings with the customers shall be done fairly and in good faith
with honesty (Nab.com.au, 2018).
Promote honesty and trustworthy behaviour:
The employees behave in a proficient manner that establishes trust among customers and also
has respect for the rights of others whether it be employment rights or human rights. It is
required from the side of employees that they treat everyone with dignity and respect.
Further, bank confidential information shall not be used in order to gain personal profits. The
employees shall not circulate inappropriate information to the customers or their colleagues.
They shall also not deliver derogating and harassing statements to the customers or
colleagues. The bank's money and valuable securities shall be handled with honesty and the
employees shall act with integrity while dealing with customers and colleagues (Team, 2012).
The employees shall not accept any kind of monetary benefit from the customer in return for
their work. The employees shall deliver true and accurate information to the customer when
dealing with them. All the relevant and important information relating to the transaction shall
be communicated to the customer and the employee shall not conceal or omit any fact or
information from the customer. The employee is required to take the decision as a prudent
5

and reasonable man and in cases of facing a dilemma, assistance from seniors can be pleaded
(Samociuk and Iyer, 2017).
The employees shall prevent indulging in acts of bribery and theft of property belonging to
the bank. Further, if there is any kind of suspect that the service or product delivered shall be
used in any illegal or criminal act, the employee shall inform the leader. If there is a failure in
reporting about any kind of fraud or misleading or corrupted means, it shall be regarded as
the crime itself.
All the employees are required to abide by the rules and regulation laid down by the authority
and shall have the intention to follow and abide by the code of conduct. The employees are
required to perform their duty with due care and shall have respect for their work. Failure in
meeting with the internal obligations and standard shall attract penalty (Graycar, 2014).
To protect the employees in cases of retaliatory actions (whistle-blower protection):
The bank shall protect those employees who report the fraudulent and misleading behaviour
of others. Hence, the bank shall take initiative and measure in order to protect the interest of
the one who has reported the same. It is the duty of every employee that if they come across
any misleading behaviour or fraudulent activity carried on by others, the former has to report
the same to the leader. The bank shall protect the employee from civil or criminal proceeding
for reporting such an act.
It is the duty of every employee to take every possible step to eliminate activities of fraud and
misinterpretation. The employees shall discourage the use of false business tactics in order to
mislead the customers. Further, it is the duty of the bank to protect the employees who have
adopted retaliatory actions. But the bank has to ensure that the action is fair and true and not a
mere allegation on the employee.
A whistle-blower program is initiated by the bank in order to protect the interest of the one
reporting. Also, a fair call service is initiated by the bank in order to hear the complaints from
the employees. Any act of fraud or corruption though suspected shall be reported via fair call
service (Dixon, 2016).
Enforcing all the measures taken for the beneficial purpose of the personnel:
The bank has a mission of promoting a healthy workplace for the employees and also to meet
the needs and demands of the customer. The bank is offering service of protection and hence,
has a primary concern of safeguarding the interest of the customers.
6

The bank visions to promote excellence in every field of its work by ensuring the well-being
of its employees and also to promote overall performance and productivity.
The bank has strived to increase the number of women employees in order to meet gender
equality in the workplace. Further, measures have also be taken in order to promote equality
like the bank has extended parental leave up to twelve weeks for both male and female. In
fact, the National Australian Bank is the first one to introduce a policy on domestic and
family violence against women. It has also extended paid leaves for the employees who are
aiding anyone who is a victim of domestic and family violence. Also, the representation of
women has been increased through a panel which sponsors or organises conferences
(Bielefeld, 2012).
The bank has also taken initiative to make its access easy for the people suffering from
disability whether mental or physical. A plan on accessibility has been initiated by the bank
in order to make its products and services accessible to all without discrimination. The bank
shall make every possible endeavour in order to protect the interests of the disabled.
The bank shall eliminate all forms of corruption whether bribery, fraudulent means and
misleading the customers. For the purpose of this, the bank has initiated a free and fair call
service on which complaint can be made if any type of corruption is witnessed.
Also, a whistle-blower protection program has been initiated by the bank in order to protect
the employees who report fraudulent and deceptive measures adopted by others. Under this
program, the bank protects the informing employee from civil or criminal proceeding filed by
the one against whom the complaint is made. This program shall encourage others to show
non-tolerance for fraudulent activities and report the same as soon as possible (Dixon, 2016).
Hence, the bank attempts and struggles to ensure that all business relationships with the
customers are legally framed and are based on professional ethics and integrity. The safety,
health and well-being are the key priority on National Australian Bank. The bank believes in
having a responsibility as well as an opportunity to establish an economic, social and
environmental balance between the customers and investors at present and also in future
(Salim, et.al., 2016).
The bank relies on its brand and the faith which it has established to make the customers
enter in any transaction. It focuses on creating a great workplace and involvement for all its
employees. The bank has a vision of taking responsibility for its employees, for itself and for
7

the service which it is rendering. Further the bank endeavours to value the viewpoint of every
employee and also the feedbacks of the customers. The bank centralises on attaining best in
what it is doing and what it is delivering.
8

References
 Andrew, N., Wickham, M., O'Donohue, W. and Danzinger, F., 2012. Presenting a
Core-Periphery model of voluntary CSR disclosure in Australian annual reports.
Corporate Ownership & Control Journal Vol. 9(2). Pp. 438-448.
 Bielefeld, S., 2012. Compulsory income management and Indigenous Australians:
delivering social justice or furthering colonial domination. UNSW Law Journal Vol.
35. Pp. 522.
 Chang, J., Connell, J., Burgess, J. and Travaglione, A., 2014. Gender wage gaps in
Australian workplaces: are policy responses working? Equality, Diversity and
Inclusion: An International Journal Vol. 33(8). Pp. 764-775.
 Davis, P.J., Frolova, Y. and Callahan, W., 2016. Workplace diversity management in
Australia: what do managers think and what are organisations doing? Equality,
Diversity and Inclusion: An International Journal Vol. 35(2). Pp. 81-98.
 Dixon, O., 2016. Honesty without Fear-Whistleblower Anti-Retaliation Protections in
Corporate Codes of Conduct. Melb. UL Rev. Vol. 40. Pp. 168.
 Graycar, A., 2014. Awareness of corruption in the community and public service: A
Victorian study. Australian Journal of Public Administration Vol. 73(2). Pp. 271-281.
 Howell, N.J., 2015. Revisiting the Australian code of banking practice: is self-
regulation still relevant for improving consumer protection standards. UNSW Law
Journal Vol. 38. Pp. 544-586.
 Koh, B. and McConnell, P. 2019. Bank codes of conduct: add bars to the window
dressing and make them legally binding [Online]. Available at:
https://theconversation.com/bank-codes-of-conduct-add-bars-to-the-window-dressing-
and-make-them-legally-binding-105391. (Accessed on 26th April 2019).
 Nab.com.au, 2018. Sustainability report 2018 [Online]. www.nab.com.au. Available
at: https://www.nab.com.au/content/dam/nabrwd/documents/reports/corporate/2018-
sustainability-report.pdf. (Accessed on 26th April 2019).
 Nab.com.au, 2019. National Australia Bank, Code of Conduct [Online].
www.nab.com.au. Available at:
https://www.nab.com.au/content/dam/nabrwd/documents/policy/corporate/code-of-
conduct.pdf. (Accessed on 26th April 2019).
9

 Salim, R., Arjomandi, A. and Seufert, J.H., 2016. Does corporate governance affect
Australian banks' performance? Journal of International Financial Markets,
Institutions and Money Vol. 43. Pp. 113-125.
 Samociuk, M. and Iyer, N., 2017. A short guide to fraud risk: fraud resistance and
detection. Routledge.
 Smith, D.K., Clarke, T. and Rogers, J., 2017. Banking and the limits of
professionalism. UNSW Law Journal Vol. 40. Pp. 411.
 Team, B.I., 2012. Applying behavioural insights to reduce fraud, error and debt.
Cabinet Office, London, Vol. 185. Pp. 186.
 Villa, J., 2015. Ethics in Banking: The Role of Moral Values and Judgements in
Finance. Springer.
10