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It should be noted that the recommendations is mainly focuses on the reports which is not
reviewed by the auditors, this is considered as highly important and critical as the investor and
other stakeholders looks at the various reports which are publishes by the legal entity for taking
informed decision making pertaining to investments, supply of information and materials etc.
The management need to take complete ownership while publishing the data and informations
which are not audited, for example many organisation present in detail the corporate
sustainability report which provides more information on the management ability to care for
the environment and society, these reports are not fully audited. Hence, it is the responsibility
of the management to take steps in owning the responsibility on the authenticity of the report
and provide the needed information to all the stakeholders.
Recommendations for the company as per case study
The company which is considered for the analysis Myer Holdings Limited, this section
considers in analysing the recommendations which the management need to implement in
fulfilling the recommendations as specified by the corporate governance council.
As per the 4G – Key to disclosures of the company report it is noted that company does not
currently have any policies pertaining to the whistle blower policies hence the management
need to implement these aspects in the organisational policies and procedures. The company
need to focus in clearly identifying the key concerns which may tend to report under the policy,
the management need to specify on how much and what reports which needs to be made which
will include the senior executives of the company and board.
The management need to focus on the overall confidentiality of the whistleblower policy and
provide safeguarding of the employees, the individuals needs to be protect from various issues
which is related to the retaliation or victimisation of the individuals who are covered under this
policy. The management need to consider in offering utmost protection to the individuals and
needs to offer the required assistance at all times. The company should provide a clear outline
on the overall process which needs to follow up and investigate the reports which is made under
this policy. The company should also involve in providing a comprehensive training of the
employees related to the policy as prescribed by the corporate governance policy and also
involve in protecting the different rights and obligations. The management can also offer the
required training to the managers which will enable them to protect their employees at all times
and also involve in offering the required knowledge to their subordinates at all times. Also, the
company need to state the policy which needs to be reviewed on a periodical basis, enable to
check whether such policies are operating in a more efficient manner and need to understand
if it requires any further changes to the policy.
(Myer, 2018)
The Board is committed to optimizing performance, generating sufficient capital and economic
growth and supporting the growth and success of Myer and Myer brands. To achieve these
goals, the Board ensures that Myer can effectively manage and protect shareholders' interests
and that Myer, senior executives, employees and employees work in the right corporate
management environment. As a result, the Board of Directors has adopted guidelines and
practices for corporate governance to promote Myer's leadership and behavior. The Myer Code
of Conduct says Myer expects leaders and employees to behave and act more than once. The
code requires special knowledge and compliance with laws and regulations that govern Myer's
activities, such as occupational health and safety, fair trade, confidentiality and employment
practices. (ASX, 2019)
Myer strives to maintain the highest standards for ethical behavior in conducting business and
managing customers, shareholders, governments, employees, suppliers and society. As for the
management of others, the company must: perform its tasks professionally, act fairly and
objectively, and always protect Myer's reputation and performance. A gift, host, or brand that
affects or affects your behavior or makes decisions as a member of the Myer Group, which
may be a crime, can be considered a secret commission. The documents constituting these
documents constitute a direct violation of this Code and its working conditions are followed
by an immediate disciplinary procedure. A free or fun gift can be considered a bribe. Read and
learn about the Myer Awards and the rules available at Myer Intranet. This provides more
detailed information on receiving gifts, advice, hospitality and / or entertainment. Myer is
committed to providing a safe and healthy work environment for team members, whether they
are at work or at work. (Myer, 2018). All relevant national laws and policies (including health
and safety laws) must be fully respected. Everyone has a duty to help with this. Misuse of
controlled substances or alcohol, as well as the sale, production, distribution, possession, use
or consumption of illegal drugs at work or business events is unacceptable. Myer
communicates and implements its health and safety policy and procedures in accordance with
applicable laws and regulations. Team members work efficiently and safely.
References
Alexander, D. Britton, A., et al., (2017) International financial reporting and analysis. 7th ed.
London: Cengage. ISBN 978-1-473-72545-4
ASX Corporate Governance. (2019). Corporate Governance Principles and Recommendations
4th Edition. Retrieved from: https://www.asx.com.au/documents/regulation/cgc-principles-
and-recommendations-fourth-edn.pdf
Bekaert, G. J., & Hodrick, R.J., (2016), International Financial Management, 2nd Ed., Pearson,
London. ISBN-10: 129202139X (also available as e-book)
Corporate governance (2018). Corporate governance of Myer. Retrieved from:
https://www.asx.com.au/asxpdf/20181025/pdf/43zlm1n86nl6th.pdf
Myer. (2018). Code of Conduct. Retrieved from: http://investor.myer.com.au/Corporate-
Governance/?page=Corporate-Governance-Statement---Policies
Ward, A. M. (2014) Finance: theory and practice. 3rd ed. Dublin: Chartered Accountants
Ireland. ISBN 978-1-908199-48-5