FNSACC604 Monitor Corporate Governance Activities - RMIT University
You are being consulted by ABC Importers Limited, as they have just become incorporated and are wanting your advice as to the areas of corporate governance that are concerning to them as a listed company.
John and Alan are thinking that if expansion plans into Europe is successful -What due diligence should they consider and discuss at the next Board meeting?
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Code of Conduct Policy for ABC Importers Limited
ABC importers Limited was started by John Patrick and Alan Jacobs. Although the company is working from quite a long time but recently it has been listed in the stock exchange. Majorly it is buying kitchen appliances as well as white goods from the domestic market but now it is also importing it from Bangladesh. Over time, it has made a strong reputation in supply chain management and gained the trust of consumers. Majorly the whole factory is being run by the family or extended family members. The manager of the factor is Sue Jones who is a family relative of John Patrick. There are a variety of issues which the factory is facing and they need to be corrected because now it is a listed company.
Corporations Act 1989:
Corporation is one of the main legal entity of Australia, this incorporate with all the companies of Australia which are registered with that organization. This corporation has passed an act, this act is a set of legislation principles which helps in regulating the companies of Australia. Main purpose of this act is to regulate the matters of organizations effectively and assure that every person related to organization is having same benefit form regarded organization. Corporations act 1989 is prepared on march 2000, by office of legislative drafting. This act is helpful in making organizations set of rules and how they deal with their issues while being in limits of laws. This corporate law's and its legal structure consist only one national statue. This act us administrated by a national authority.
It is necessary for the company that maintains accurate financial records. This is mainly because the balance sheet, income statement and cash flow statement of the listed companies are shared with the key stakeholders and any kind of concealing or wrong information can drag the company to legal trouble. there should be a strict rule that the financial department of the company provides the correct information and any kind of falsification of the records or representation of improper transactions lead to the Code violations.
Australia has established an act regarded to this issue, The Corporations Act 1989 was amended only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, which allows a person to get his issue resolved regarding any financial loss in any organization, this act also deals with all kind of gambling sector, financial sector and other professionals. It is the legal obligations of the listed company under this act that they provide the correct information to the stakeholders because on the basis of that information they make necessary decisions like investment or funding support.
Currently, the company has hired the lady who lacks the skills in the area which increase the concern because she does not know how to effectively use the financial software. The chances of gamble and wrong report preparation are high. moreover, the company is also deciding to expand in Europe and the financial head is not efficient to present the necessary information and help in the whole process(Thomas, Hunger, Hoffman, & Bamford, 2017). Thus, a skilled and expert plus experienced employee needed to be hired who could use the accounting software solution of the company and create customized reports which provide the immediate and necessary information to the top management and directors.
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Record keeping is necessary for the success of the business. the documentation procedure saves the company from any kind of big disaster. If any kind of complication occursthen the previous record can be shown to the persons and make the necessary arrangements. Auditing is an important aspect for the companies who are listed in the stock exchange because the relevant authorities and tax departments will like to have the full information of the company.
Currently, Jemma and her sister are responsible for handling the paperwork but they are not paying significant attention. They are busy wandering around and at the end, the piles of paper are present in the spare room of office. This thing can cause a serious problem. Corporation law act 1989, is also assisting in this field by providing them authority to verify their documents. Which are required to be verified but no specific manner of verification is mentioned. Other than that, this provision is made for verification of any document regarding the organization.
It is mandatory for all the employers that they provide a healthy work environment and take good care of the safety of the employees. it is the legal obligation of the employers to keep their employees safe from harm when they are at work under theCorporation Act Law, this allows to ensure the safety of property which they received through corporate body, this act also generally used for the protection of the public interest it allows them to take an action against their company if they find any issue in their safety(Julia, Baum, Fisher, & London, 2019).
Another act regarding to this issue is passed by the government of Australiawhich is, Commonwealth Work Health & Safety Act 2011. In Bangladesh factory of the company, it seems that there were no necessary resources and also lack of training due to which a big incident occurred and the damage took place at a large scale. Moreover, the condition of the current place in Australia is also not good. The big incidents are not reported and the manager covers them with the help of her nurse cousin. The employees can take serious legal action among the company and its reputation will be completely damaged(Tony, 2016).
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This act is specific for the companies and they have to do that follow these acts, otherwise they have to face penalties, this will make them to obey the rules and regulations in manner to keep their employee and organizations on point without any major loss. (Caron & Clarke, 2018). If company violate the rules and regulation, they have to pay heavy fine, which may be an amount till 1,000 $. Penalties can cost loss of reputation of company in the market, also they may face issues financially in case of back to back cases on them, violation of rules, no matter in sense of disrespecting a person or not fulfilling their needs can cause many issues for the company.
Following are some recommendations which can be helpful for the company to keep their organization's law on point and create the healthy environment in their workplace which is safe for the employee as well as better for the company.
Responsibilities of Director:
Being the CEO of a company, which has been listed in the stock exchange it is necessary for John and Alan that they take good care of all the responsibilities. They have the power to mold the things in a positive way, so they should play their role in applying laws in the organization.
Another recommendation for the CEO is, he should not blindly trust the manager in all matters and he should not underestimate the employees who are reporting them the issues directly. For instance, an employee talked about an issue with John but instead of being the responsible person starting the investigation he simply ignored the whole scenario. To avoid this thing a meeting can be conducted as brunch with CEO in which the employees of low ranks can discuss their issues. It will help him to understand the issues which is creating fuss in his organization.
Moreover, the audit should be must on a monthly basis so the CEO is aware of the current situation in the company instead of just relying on the workers. CEO should also be aware of the financial condition of the company because,during group presentation and investors meeting, he could keep the position strong. Additionally, having a clear idea of financial health the CEO is in a much better position to make the right decision.
Record Keeping of Organization
According to the corporation act 1989, it is necessary for the listed organizations to keep the full record of their information. This Act guides the procedure and policies of the organization regarding record keeping. ABC company should also implement the law in their work setting so there is a proper way in which the records are kept. They can help in gaining the necessary information during the time of need.
It could be said that there are lots of wrong practices which are taking place in the ABC company. Being a listed company in the stock exchange, these wrong practices can increase the chances of legal action or trouble for the company. Thereare specific laws and regulation which are related to the workplace and the employers should ensure that they are being followed in the organization. Company have to follow the corporation law to end up their issues, theemployees should be given the best environment in which they can use their skills at its fullest and contribute to the overall success of the organization.
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