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HC2121 Comparative Business Ethics and Social Responsibility
Task:Choose a recent news/media article that has been published within the last 3 months thatconcerns a business ethics issue/s within Australia only and answer the following questionsusing an essay style format Instructions and Learning Outcomes:1. Introduction and conclusion• Your introduction should be a short summary of the article and your plan foranswering the questions.• Your conclusion should be a concise statement that is consistent with yourintroduction2. The outline and summary should show that you understand issues raised from anethical Perspective Outline/summary of arguments demonstrates clear understandingof relevance to ethics not just personal ethics and legal ramifications (if applicable)3. Demonstrate own decision making/judgement processes in relation to the
In this case, this ethical issue has resulted in resignations of a number of top-level executives for the company. It shows the failure of leadership capabilities of Clayton Utz, the CEO of AMP. the report that has been produced by him does not reflect the opinions of the management or the staff. It implies that the ineffective leadership has resulted in this fee for no service scandal where many consumers have been misled by its financial services. It has violated the regulations of Companies Act 1961 in providing transparent and effective financial and banking services to its customers. Section 4(a) of this act states that any company operating in the territory of Australia is required to furnish documents as per the demands of the Corporate Regulator ASIC (legislation.vic.gov.au, 2018).
Appropriate ethical decisions have not been made as far as the company has made no significant changes in its policies and procedures for ensuring ethical business practices. The company has not given compensation to its customers in view of its misleading practices of deducting fees from the customers' accounts. Besides these, it has been misleading ASIC in furnishing right reports and information regarding its internal practices. It has been reported that almost two million accounts have been affected because of this fees for no service. In Australia, ethical issues have been more prevalent in banking and financial institutions like ANZ, which has been forced to pay millions of
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