Your assessment In light of the recent media exposure of wage theft by some large corporations (such as Woolworths Group, Coles, 7-Eleven, and more), it appears that in some businesses, there is a structural and cultural problem which is leading to staff being underpaid. This is in contrast to the public statements made by many of these large businesses (especially those that are listed on the Australian Stock Exchange), declaring that they value their employees. For example, in their 2019 CSR report, Woolworths wrote the following: Our team members are key to the success of our business, including our ability to build retailers of the future by attracting, retaining, and motivating team members with diverse skills, capabilities, and backgrounds. To achieve a Customer 1st, Team 1st mindset, team members need to feel empowered to drive change at a pace consistent with our culture to continue to learn and develop. - Woolworths CSR report p.34, 2019 There is an apparent inconsistency between the images which companies present in their CSR reporting and their actual business practices. From time to time, corporate behavior does not match stakeholder expectations. These include responsible companies acting irresponsibly and previously notorious companies attempting to redeem their reputation by doing good deeds. Requirements Whilst many are quick to denounce corporate misbehavior, one should seek to understand their possible reasons for engaging in questionable conduct. Requirement 1: Examine the annual reports of Woolworths over the last seven years (2013 to 2019). Assuming that they underpaid staff by a total of $315 million and assuming that these underpayments were evenly spread over the seven-year period from 2013 to 2019, calculate an adjusted gross profit and adjusted net profit figure for each of those seven years based on the correct payment of their staff. Present the reported profit figures side by side with the adjusted profit figures in order to allow for easy comparison.

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