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ACCOUNTING THEORY Westpac Bank
Legitimacy and Ethics
Westpac Bank has a corporate code of conducts that spells out the ethical values that are observed in its operations. Providing superior returns to the shareholders is amongst the core principles that guide the organizational management. However, this bank fails to realise this objective by awarding its CEO’s pay packet that is more than 100 times the average pay in Australia and New Zealand. The company states that its mission is anchored in supporting the community development. However, the company is financing with companies that are accused of illegal logging, child labour and land grabbing. In 2013, the OXFAM report indicated that Westpac financed WTK Group Company, which is accused of illegal logging into PNG, which is a subsidiary of Westpac (Bartlett, 2015). Awarding its management lucrative packages and financing companies that are linked with illegal activities is against the Westpac’s code of ethics. The company has adhered to legitimacy and ethical in reporting management’s packages but fails to disclose the controversial relationship with WTK.
Corporate Social Responsibility
Westpac Bank has taken drastic steps in its social corporate responsibilities. This bank………………….
Bartlett, J. L. (2015). Addressing concerns about legitimacy: A case study of social responsibility reporting in the Australian banking industry.
Thomson, D., & Jain, A. (2014). Corporate social responsibility reporting: a business strategy by Australian banks?.
Westpac, 2015. Corporate governance. online