Session 2
Session 2
This session has helped me understand about business decision making in an ethical manner. I have understood through the reading that what are the relevant facts and whether I need to understand them or not. Then I need ask myself whether I would be happy of the decision I made public. I need to than analyze whether there is any universal rule which would be applicable in the situation. Where there is any code of conduct or legal rules applicable in the situation should always be analyzed and applied. I than needs to refer to various theories such as the stakeholder theory to analyze whether the action would provide an ethical result or not and if yes and who would be benefited. In needs to analyze what if everyone indulged in the same actions as per the Kant theory. Finally I need analyze the consistence of the action with existing values and principles. For example if I need to select between my personal interest and company interest I will apply all the above questions to solve the ethical dilemma. Here if everyone chooses personal interest over the company interest it would not be beneficial. Moreover it is prohibited by law.
Session 3
The session was related to ethical actions. I was also to know about ethical breakdowns such as bribery and corruption, profit shifting (minimizing tax) and money-laundering, non-disclosure of information or intentional misleading of information, not acting with due diligence, excessive remuneration, creating power imbalances and challenging the rules. I got to know the difference between Greed and giving, governance and culture, good practices examples and code of practices and Whistleblowers. In relation to key consequences of corruption I got to know that not only it is unethical but also illegal. One of the most significant examples I got to known in relation to corruption was that of Haiti. The country is at the bottom of TI’s global corruption index and had a string of natural disaster having high death tools. The proverb “the disaster usually does not kill you – the building does” is totally applicable in the situation. I also got to know that profit shifting from a higher tax jurisdiction to a lower tax jurisdiction is also unethical on the part of the companies. Not acting with due care and diligence is also punishable under the Corporation Act 2001(Cth) which civil pecuniary penalties and management bans.
Session 3
Session 4
The fourth session was in relation to Giving Voice to Values. The session discussed GVV concept, 7 pillars, strategies, course and application of GVV in practice. Through this chapter I was able to understand the meaning of managerial accounting, differences between financial accounting and managerial accounting, current focus of managerial accounting and managerial accountants’ organisational role. In relation to the seven pillars the first pillar states that we should know and appeal to a short list of widely shared values, the second pillar asks to define professional and personal purpose broadly and explicitly before conflicts arise, the third pillar asks us to believing that we have a choice in relation to voicing own values, the fourth pillar provides that we should expect values conflict, the fifth pillar is in relation to Self-knowledge and alignment, the pillar is in relation to preparing a well response by anticipating the typical reasons & rationalizations with respect to well response and the seventh and final pillar asks us to practice. I got to know about the saying of Disney’s Davey Crockett as per which once we are sure that we are we should go ahead. I also got to known about Articulate, align & reframe in terms of GVV Strategies
Session 5
The fifth session was in relation to Sustainability imperative. In this session I got to know about black inks in terms of the benefits of ethical actions, having good sustainability initiatives and enhancing social and environmental performance. I also got to known about ethical investments, economic inequalities and systems. In relation to ethical investments I got to know that I need to analyze the surrounding circumstances, how triple bottom line performance is present and whether the investment is ethical in terms of ethical entities or ethical managers. In relation to the video of the Doughnut I got to know that how the situation may be when the interest of the customers is put after the interest of the shareholders. I got to know the difference between socialism, communism and mixed economy. The market system or the invisible hand is a very imperfect, however the concept provided by Churchill in relation to democracy & substitute capitalism. Capitalism is exploitative and produced inequalities and provides two sources of income. It has also been described as being alienating. However it is selected as an economy because organization who have such polices are hugely profitable.
Session 4
Session 6
The session was in relation Sustainability challenges. I got to know how to get a movement going and how to sell sustainability, pollution, Climate change & energy, health & Food, Biodiversity, and Sustainability mega forces. There are millions of square Kilometres cleared every year in countries like Indonesia. This results in a loss of habitats and species. In addition the burning method of clearance causes significant smoke pollution which subsequently causes green house gases increase which even triggers neighbouring counties like Malaysia and Singapore with smoke. Organizations such as nestle and other big produces by certified palm oil products in reality because of public pressure. The differences can be paid by Europeans and Australians but not the poor counties like India which has the largest market. Thus the question arises that to what degree these poor countries are ask to do the right thing with respect to the environment in the light of their present circumstances. The only solution in this situation can be the emergence of larger middle class in India. Technological advancements can be one of the primary ways in which global sustainability challenges can be addresses such as electric cars and other electronic products used to conserve energy and emit less pollution.
Session 7
This session was also related to sustainability challenges. The primary area which the session covered was in relation to waste, fast fashions, supply chain, and circular economy. There is a war in relation to waste. It has been reported that an average Australian families throughout at least $3,500 worth of food on a weekly basis. In the same way there is food wastage in UK as well. The problems in relation to plastic bags in the Australian supermarkets have not been reduced. There have also been slave labour uses as companies fail to trace materials through the supply chain. I got to known about the circular economy which is an emerging ideal process for reducing waste and make consumption more sustainable and efficient. The principles are based on reduce, reuse and recycle. In relation to reduce addictive technology such as 3D printing where no offcuts are present can be used. In relation to reuse packaging can be reused and in terms of recycle materials such as pep soft drinks can be clothed out. There have been various examples which have depicted a successful use of the circular economy where reduce, reuse and recycle have been applied to make profits and act sustainably
Session 11
This session was in relation to Measurement, reporting and analysis of triple bottom line performance. Here I got to know about the key performance indicators, how to assess the quality of reporting and worked examples of water, waste and power. I got to know that insight is provided by key performance indictors with respect to how our performance is regarding our critical success factors. A caution in relation to KPIs is that whether we should pick the most easy method for the purpose of achieving or measuring or we should be using most relevant and important matters. The question here is also that whether photos and words can be considered as KPIs instead of just numbers such as photos are used by Whittlesea Council for the purpose of measuring street cleaning stories in relation to new migrants’ children socializing and connecting via cooking classes and quality. The quality of reporting can be assessed by the adaptation of a bush quality approach. I also got knowledge about KPI worked examples such as water, power & waste. For instance waters needs to be analyzed as a precious resource, the cost and benefits of using it has to be analyzed and a water use monitoring process is required to be implemented.
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