Your Task
You are required to research recent news articles and other information about Westpac Bank.
Here is an example of a recent news article describing some of the corporate governance issues at
Westpac Bank:
https://www.bloomberg.com/news/articles/2019-11-27/why-heads-are-rolling-at-another-big-australian-bank-quicktake
You must then draft a Code of Ethics for Westpac Bank
Assessment Instructions
Your Code of Ethics for Westpac Bank must specifically address:
A. Discrimination
B. Exploitation
C. Corruption
D. Dishonest and Fraudulent Behaviour
E. Whistleblower Protections
F. Enforcement
You will be required to include a minimum of 5 references in your Code of Ethics which must come from academic journals or textbooks.
For further guidance here are the links to three example company codes of ethics:
1. Wesfarmers – http://www.wesfarmers.com.au/docs/default-source/corporate-governance/code-of-Ethics—may-2015.pdf?sfvrsn=8
2. Stockland – https://www.stockland.com.au/about-stockland/corporate-governance
3. Woolworths – http://www.woolworthsgroup.com.au/icms_docs/183764_Code_of_Ethics.pdf

Solution

Governance, Ethics, and Sustainability

Introduction

In the past, banking customers have incurred significant financial losses, and their confidence in the financial sector eroded on account of a broad spectrum of unethical practices. Some of the unethical practices are orchestrated regardless of the existence of stringent banking regulations. Members of the public continuously call for accountability, but in various cases, actions in the sectors are usually immoral, but not necessarily criminal. Westpac Bank has different governance issues, and hence it is vital to develop a code of ethics for the institution. The code will encompass a set of internal guidelines that will establish a commitment to operate legally, and it will promote anti-discrimination, anti-corruption, anti-exploitation, honest practice, whistleblower protections, and enforcement elements.

Discrimination

Discriminating people in the workplace based on their innate aspects is an unethical practice both in the banking and other sectors of the economy. In Australia, discrimination against people on the grounds of their cultural, racial, or ethnic orientation is strictly forbidden in law. Unethical discrimination could result in the generation of ill feelings at the workplace, which will, in turn, result in reduced productivity. To eliminate such ramifications, the Westpac Bank ought to entrench discrimination as an integral part of its code of ethics. The financial institution is supposed to……………………………………………………………To access the rest of the solution for $10, please click on the purchase button.