Answer To: MBA402_T2_2020_Assessment_2 Page 1 XXXXXXXXXXKaplan Business School Assessment Outline Assessment 2...
Preeti answered on Sep 19 2021
Commonwealth Bank of Australia (CBA): Code of Ethics
Introduction
The underlying assignment is based on drafting a code of ethics for Commonwealth Bank of Australia (CBA) in light of corporate governance issues prevailing at the organisation. The information given by recent news articles highlighted several corporate governance issues prevailing at CBA. As reported by the Australian Securities and Investments Commission (ASIC), CBA is facing around 87 criminal charges over unscrupulous practices in its life insurance business division (Khadem, 2019). This is found as the first major bank that faced criminal charges following banking royal commission.
The insurance arm of CBA is also being charged with ‘hawking’ for selling insurance products through unsolicited phone calls. ASIC alleged CBA for making unsolicited calls to customers, unlawfully selling life insurance policies, breaches of anti-hawking provisions, and other serious allegations. The bad conduct and inappropriate behaviour by CBA led regulators outlining the need of drafting code of ethics for its banking and service operations (Khadem, 2019).
Code of Ethics for Discrimination
This area should be covered under Code of Ethics for respect and inclusion where CBA should be made strongly committed for treating every employee and personnel with high level respect, valuing diversity and inclusion, in all, providing them a safe and secure working environment. Each one working at the firm is responsible for creating a safe and inclusive environment where safety of team members, employees, customers, suppliers and visitors are taken care at highest priority. For this, it is necessary to comply with all local, regional, national and international laws regarding safety, equality and inclusion at the workplace (Woolworths Group: Our Code of Conduct, 2020).
Stating specifically, CBA should advocate and implement zero tolerance policy towards unlawful discrimination, harassment and any other kinds of unacceptable conduct and behaviour. The employment and job roles decisions should be made based on merit and performance. The leaders should strive towards creating right environment supporting and encouraging each other, and, working collaboratively ensuring that no one in the workplace is being discriminated unlawfully, or bullied and harassed (Our Code of Conduct: The Wesfarmers Way, 2020).
Discrimination is understood as favouring one personnel or party over other, it includes giving undue opportunities to some people or group of employees, while ignoring others. If any employee is concerned about discrimination at the workplace, he/she is allowed to seek help and advice from the respective HR department. All employees and personnel need to be constantly reminded and aware of applicable set of laws and regulations. CBA is also committed for taking quick action and remedy to any violation of human rights as reported or identified by us (Jones & Ryan, 1988).
In this regard, internationally recognised human rights and principles such as United Nations Universal Declaration of Human Rights, UN Guiding Principles on Business and Human Rights, UN Global Impact, etc is complying and ensured. The firm strive to ensure that it’s banking operations and practices are perfectly aligned with these human rights and principles. This commitment paves path of creating and forming an inclusive workforce where different nature, kinds and background of employees are accepted and welcome (Monahan & Quinn, 2006).
Code of Ethics for Exploitation
CBA should position itself as a firm dedicated for creating a team that offer better and improved level experiences to all nature personnel. This is possible by respecting and supporting each other and, ensuring that right thing is done and implemented for customers and communities. This code of conduct is important as it sets the guiding principle for working at CBA which is geared towards zero tolerance policy. Everyone bears the responsibility of follow this code of conduct and doing the right thing, along with encouraging other to treat everyone with same respect, and, no intention of exploitation or seeking undue advantage. The policy of zero exploitation should be implemented on serious note, as any kind of violation in this code of conduct might result in disciplinary action or termination of employment. All leaders and manager are expected to follow this guiding principle while working with CBA (Workman, Phelps & Gathegi, 2016).
Regardless of role, designation and position, all are bound of respecting each other and treating with equality. The vision of ‘creating better experiences together’ is possible only when all work together in a form of team aimed at constantly...