Ethics and Governance for Policies and Practice- myassignmenthelp

Question: Discuss about thEthics and Governance for Policies and Practice. Answer: Corporate Governance Definition Corporate governance is a term used to refer to the framework of rules, relationships, systems and process within which authority is exercised and controlled in corporations (Tricker, 2015). Corporate governance is a guideline of how companies set and achieve their objectives as well as how the corporate can assess and monitor risks associated with their operations Three Corporate Failures In March 2016 Mr. Van Cuylenberg who is a Melbourne resident was involved in a case with Bank of Queensland concerning unfair compensation. The complainant stated that he was not properly compensated when the Bank of Queensland took over two of his franchised in 2004. Gatto Corporate Solutions had to come in to solve the dispute.s, BoQ has been in the spotlight for poor customer treatment as it had to pay $ 17 million compensation due to a legal action that was raised by ASIC. Customer satisfaction is a major objective to any organization but the company failed to be responsible to ensure this objective is met, Good corporate governance is put to ensure accountability in the company but it failed to guarantee this to the customers and the general public. Thirdly, the compliance system of the bank to be specific their transaction monitoring responsibilities were a concern according to ASIC and they were investigating the money-deposit account of the bank. The company was also involved with Brad Sherwin who was charged with fraud as revealed by The Australian Financial Review. The Bank of Queensland was seen to be treating its customers well and this had a negative impact on the banks reputation. Recommendation These failures are mainly associated with the poor corporate governance of the company and therefore they need to concentrate on how to improve their corporate governance. For the first issue they should establish a remuneration committee to ensure they compensate their clients or employees in the event of a contract breach. For the second issue, the solution is to lay a solid foundation for management and oversight that will ensure customer demands are met. For the third issue, they should do an internal control and structure the company board so as to add value to it (Du Plessis, 2018). Safeguarding integrity in financial reporting will ensure the annual report of BoQ will look into their corporate governance and compliance. References Tricker, R. B., Tricker, R. I. (2015).Corporate governance: Principles, policies, and practices. Oxford University Press, USA. Du Plessis, J. J., Hargovan, A., Harris, J. (2018).Principles of contemporary corporate governance. Cambridge University Press.