Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below is the attachment regarding to my assignment question. Title : Corporate governance and the Australian Wheat Board (AWB) 'oil for wheat' scandal The Australian
Below is the attachment regarding to my assignment question.
Title : Corporate governance and the Australian Wheat Board (AWB) 'oil for wheat' scandal The Australian Wheat Board Limited (AWB) was at the centre of a major 'oil for wheat' scandal that was publicly exposed via The Volcker Report (2005) and The Cole Report (2005). This case not only triggered criminal actions against directors, but drew attention to the role of corporate culture in the unethical behaviour of directors and senior management. The ASX Corporate Governance Principles and Recommendation (2013) (ASX Principles) are designed to provide best practice guidance for listed companies and to increase the transparency of corporate governance practices for investors and other corporate stakeholders. Fallon and Cooper (2015, p74) note that despite the ASX Principles, the AWB board and management failed to pay attention to sound governance practices and, within the context of a corrupt corporate culture, ultimately contributed to what is now commonly referred to as the 'oil for wheat' scandal. Fallon and Cooper (2015, p74) also note that a written code, such as the ASX Principles, is insufficient alone to guarantee ethical behaviour. Required: With reference to the AWB 'oil for wheat' scandal: 1. Identify the principles of the ASX Principles which may have been relevant to the AWB case and discuss how application of these may have hammered management from engaging in inappropriate business practices. (Points given: How ASX prevent illegal things from happening? Company culture. Corruption. Leadership. (Eg, Hitler) Leader use mechanism to improve company culture) *Six mechanisms in issues* 2. Discuss the notion that compliance with a written code (such as the ASX Principles, the Corporations Law or the Code of Ethics for Professional Accountants) is insufficient to guarantee ethical behaviour. (Why principles/code of conduct cannot prevent illegal things from happening?) *Refer to any other cases such as HIH* References: Your essay should refer to at least 8 relevant resources, of which at least 6 must be academic journal articles. Marks will be awarded based on the following criteria: 1. 2. 3. 4. 5. 6. Abstract or synopsis (approximately 200words) Structure and presentation Including evidence of understanding and critical reflection of the issues Style - English expression, fluency, logical development of arguments Research effort Correct referencing protocol (using the Harvard method) This essay should be approximately 2000 words, excluding the abstract (synopsis) and list of references. Essays should be typed using 12 point font, double line spaced with 3 cm margins. Abstract should be typed using 12 point font, double line spaced, 3 cm margins and shown on a separate page prior to the main body of the essayStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started