Business and society

Introduction

Code of conduct is defined as a set of professional regulations that guide personnel regarding acceptable social and psychological norms within the entity. Also, it includes a clear description of the expected way in which individuals should behave while delivering their performance within organisation. This assignment is based upon AMP which is a financial services enterprise operating within Australia and New Zealand. This company provides insurance, investment as well as superannuation products, banking products and financial advise. This paper includes a code of conduct based upon principles to deal with issues related to exploitation, discrimination, whistle-blowing, corruption etc.

Main Body

Case Scenario

AMP is Australia's biggest corporate as well as retail superannuation provider and also the largest insurance company of the country. It is involved in provision of financial advice, listed assets and infrastructure as well as management of funds of public. Since last some years, company is regularly seen to be involved in a number of scandals. This is largely owing to a number of unethical issues that personnel within the organisation have indulged in, with passage of time. The key issue that have been noted after investigation of affairs in context of AMP is that company has been charging life insurance premium of dead people from their superannuation of accounts even after knowledge of their death.

Also, AMP Ltd. has been overcharging the fees from corporate super clients in relation to the services delivered to them. Besides this, a whistle-blower has revealed that company has indulged in immoral and unethical behaviour while dealing with its business of financial advisory. This conduct had been going on in front of eyes of managers, yet they were not concerned to stop this. Another big issue highlighted within AMP is that company may have to pay criminal charges for misleading ASIC  although enterprise had been involved in continuously charging fees from clients that are not even receiving services.

Code of Conduct

Code of conduct refers to the manner in which professionals are supposed to conduct activities and processes within the entity to operate within the lines of company. It consists of principles that guide and govern the behavioural characteristics of employees in organisational context. A written and documented code of conduct clarifies the mission, vision, principles, rues and regulations of an enterprise to the workforce. This is used as a reference for making ethical decisions in relation to day-to-day operations of business. AMP is a pubic limited company  which is largely dealing with funds of people. Thus, it is essential that managers within AMP Ltd. make use of such methods and procedures which are ethical and in public interest. Considering the issues and scandals that are continuously taking place within AMP, it is required that leaders and managers ensure that there is no unethical behaviour in the enterprise. Also, it is important that management realises the need of devising a new Code of Conduct for AMP Ltd. taking into account the immoral activities of professionals of the organisation.

Thus, keeping in consideration the need to regulate activities and conduct of employees, AMP Ltd. has devised a new code of conduct. This is mainly done to avoid any kind of immoral behaviour in organisational premises.

Principles

All the employees as well as management of AMP Ltd. are required to abide by the principles at all the times. Such principles laid under the new code of conduct for AMP Ltd. are specified below:-

  1. Treat employees in a fair and dignified manner and giving the respect while having communication
  2. Create a non-discriminatory working environment for personnel in the enterprise
  3. Encourage ethical behaviour within the organisation
  4. Develop healthy relationship between business and society
  5. Adopt ethical practices and ensure transparency of transactions
  6. Act with integrity and honesty while taking decisions
  7. Safeguard the rights of employees, consumers and shareholders
  8. Refrain any involvement in criminal activities or policies against public interest
  9. Ensure the compliance of organisational rules and policies by all individuals

 1. Treat employees in a fair and dignified manner and giving them respect while having communication

Fairness, integrity and respect are the core elements that are kept in consideration by the company while operating in marketplace. It is ensured that operations takes place within organisational premises in a manner that is ethical and do not breach any act desirable by law. Such principles are largely followed by personnel to maintain trust and  loyalty amongst the employees as well as management.

The personnel of AMP Ltd. is highly committed towards operating in a dignified and fair manner that does not support any kind of partiality with anyone. Managers and leaders within the business ensure that individuals are performing their duty with due care. Also, workforce of AMP Ltd. Does not engage in any unethical practices. If found guilty of unethical conduct within the entity, managers communicate the same in a respectful manner. Employees of organisation are accountable to the company for their conduct of behaviour and performance. Communication carried out within the enterprise takes place in a structured manner. It is aligned with the communication strategy adopted by organisation.

2. Create a non-discriminatory working environment for personnel in the enterprise

The organisation does not tolerate discrimination within the entity in any condition. There is no discrimination on the basis of age, gender, caste, colour or any other aspect. It is ensured that employees are exposed to a workplace where there is no partiality done by top management.

The workforce as well as management of AMP Ltd. believes in providing personnel an environment where there is no discrimination. Organisation largely promotes equality within the enterprise at all the times. Employees are treated in a free and fair manner. Partiality with employees on any basis is strongly prohibited within organisational premises. Any kind of discriminatory act found or reported within the organisation is liable to punishment. Employees can be even asked to leave if the extent of such act is not meagre. Employers take suitable and situation based steps to ensure that any person with disabilities employed within AMP Ltd. is treated in the same manner as other employees to create a positive atmosphere. This fosters a sense of belonging among employees towards the enterprise.

3. Encourage ethical behaviour within the organisation

Ethical behaviour is the way in which an individual executes their work in right manner. It is important in an organisation to promote ethical behaviour within working environment so that employees can work  honestly and perform their business activities without any illegal work.

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The management team of AMP Ltd. encourage ethical behaviour within business premises by providing regular based awards to employees on the basis of their performance. The company also provides training sessions for employees so that they could improve their existing skills. This helps employees in improving themselves professionally. The company also has some policies which protects ethical values organisation.

Develop healthy relationship between business and society

Business and society are co-related. As business fullfil the needs of society and society gives business the resources it needs. So business needs to take care of the society by giving quality goods. And business also have some responsibility towards business. So business need to do C.S.R activities to take care of society.

  1. Adopt ethical practices and ensure transparency of transactions
  2. Act with integrity and honesty while taking decisions
  3. Safeguard the rights of employees, consumers and shareholders
  4. Refrain any involvement in criminal activities or policies against public interest
  5. Ensure the compliance of organisational rules and policies by all individuals

References

  • Da Giau, A.and et. al., 2016. Sustainability practices and web-based communication: An analysis of the Italian fashion industry. Journal of Fashion Marketing and Management. 20(1). pp.72-88.
  • Džupina, M., 2016. A theoretical study on cross-national differences on corporate social responsibility orientation (CSRO). European Journal of Science and Theology. 12(1). pp.163-169.
  • Granquist, S. M. and Nilsson, P. Å., 2016. Who's watching whom?–an interdisciplinary approach to the study of seal-watching tourism in Iceland. Journal of Cleaner Production. 111. pp.471-478.
  • Ismail, E.H., Hassan, N.A. and Ariffin, S.A.I.S., 2016. Perceptions Differences in Professional Integrity and the Risk of Public Safety in Architectural Self-regulation System. Journal of Science, Technology and Innovation Policy. 2(1).
  • Joshi, P. L. and et. al., 2016. Determinants of compliance and disclosure requirements by top listed companies under Malaysian Code of Corporate Governance (2012). Afro-Asian Journal of Finance and Accounting. 6(2). pp.135-159.
  • Khan, M. S. and Rahman, M. S., 2017. Pesticide Residue in Foods. Springer.
  • Leipziger, D., 2017. The corporate responsibility code book. Routledge.
  • Purnomo, E. P., Anand, P. B. and Choi, J. W., 2018. The complexity and consequences of the policy implementation dealing with sustainable ideas. Journal of Sustainable Forestry. 37(3). pp.270-285.
  • Salimi, A. Y., Kornelus, A. and Abo-Hebeish, A., 2016. Improvement in Accounting Students' Perception and Judgment on Ethical Issues as They Progress Through the Accounting Curriculum. Journal of Higher Education Theory and Practice. 16(3). p.51.
  • Sethi, S., 2016. Globalization and self-regulation: The crucial role that corporate codes of conduct play in global business. Springer.
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