Australian Energy Company Limited

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Table of Contents

Introduction
Background
Detailed analysis of the codes of conduct
Recommendations
Conclusion
References

Introduction

Organizations code of conduct is a set of guidelines that ensure professional management of the organization (Brooks & Dunn, 2009). The codes of conduct are normally being drafted so that managers and other stakeholders might continue to play their ethical roles. Codes of conducts normally spell out the values enhancing ethical behaviors that are anticipated from the organization workforce.

Basically the company codes generally specify how the laws and the company rules should be obeyed, how conflicting interests ought to be resolved, how confidential information should be preserved as well as how the corporation is supposed to deal with issues pertaining to justified dealings and market oppositions (Brooks & Dunn, 2009). For codes of conducts to achieve their objectives, corporate managers must create an environment that promotes ethical behavior.

This report provides a comparative analysis of the company and professional codes of ethics. The comparative analysis provides a framework for understanding the contents, use and legality of the two codes and most importantly their implications on the current business situation.

In the examination, the Australian Energy Company Limited code of conduct will be compared and contrasted to that of the professional code of conduct. Besides, their features and contents will also be analyzed. The recommendations based on the analysis will then be provided before the conclusion summarizing key findings of the analysis is offered.

Background

Australian Energy Company Limited is an infant company that was formed and incorporated in the fiscal 2004 with a major purpose of converting or developing energy resources within the Latrobe valley region in South Eastern Australia. The company core business is to convert coal into usable energy such as electricity, gas and chemicals specifically the fertilizers such as urea.

The company is committed to zero emission electricity production through the utilization of low cost simplistic production strategy. As indicated, the company is unlisted public corporation in Australia with only 300 employees. The central goings-on are the production, practical and monetary expansion of gasification expertise relevant to ignite energy for the manufacture of fusion gas which sequentially could be transformed into urine fertilizers.

The company has well maintained policies and practices that are designed to identify and manage significant business risks including financial risks, operational risks insurance and management risks. The company has put in place systems that ensure proper implementation of these policies and practices. These systems are also constantly being reviewed so as to ensure that the implementation processes are conducted as previously planned.

In addition, the corporation has put in place measures that are intended to protect the interest and assets of the company. These take account of the inner organization measures and courses of actions. Appreciably, the firm’s administration is dedicated to instituting and preserving practices that will bring and maintain confidence in the company integrity.

Each applicable guiding principle of the corporation is intended for just and decent connections with consumers, sellers as well as various other stockholders. Every part of the interrelated party businesses is cautiously supervised, made known and variances in interests are aptly taken care of.

Detailed analysis of the codes of conduct

Before analyzing the code it is essential to develop a framework in which the analysis will be based. The framework should contain some of the most important consideration when establishing the code of conduct. The framework will also be the foundation in which the arguments will be based. The content and considerations of a good code of conduct will form the basis in which the two codes will be compared and contrasted.

As mentioned above, the Australian Energy Company Limited is committed to establish practices that will foster ethical conduct. Besides, the company code of conduct has put much attention on the core competencies and core business process of the company.

However, the company has emphasized on the activities especially on the part of employees that will enhance the attainment of the business ethical standards. On the other hand the professional code of conduct also did not specify the need to attain the core business process but was elaborate enough on the part of professional conduct (ACS, 2012).

A good code of conduct increases the company real value. Coming up and maintaining a good code of conduct is a broad based process that take into consideration the company values, mission, vision and objectives (Brooks & Dunn, 2009).

Most importantly, the strategies geared towards attaining the core business. Focusing on the core business and competencies, the company can come up with a new code or improve on the existing one to attain the benefits that are associated with good codes of conducts.

Though they tend to differ from one company to another, a good code of conduct functions both as the company chief communication of compliance and ethics principal communication as well as as the chief statement concerning how the firm conducts business (Kaptein, 1998).

The codes normally make obvious the company standards and the expected standards set out by other stakeholders. Most essential amongst these values is how to identify, avert and moderate the hazards allied to moral values and conformity principles.

Both the Australian Energy Company Limited code of conduct and the professional code have acted as good communication tools for ethical compliance and the conduct of the employees. The two codes of conduct have clearly specified the compliant procedures, non compliant penalties as well as the relationships formed within the organization between the employees and the organization. However, the professional code of conduct is more detailed as compared to the company code of conduct (ACS, 2012).

Generally, a good code of conduct should ensure the company success. Codes are not merely to communicate legal rules but rather help the company prevent the regulatory and legal violations (Kaptein, 1998). Moreover, good codes should promote increased workers reliability and maintenance. In addition, fine codes make certain that the corporation build up a strong affiliation with each and every stockholder particularly the workforce.

It also ensures that trust is built between the company and the stockholders. Besides, good code ensures that the company builds reputation and integrity through commitment to the company goals, objectives and mission.

Against this backdrop, both the Australian Energy Company Limited code of conduct and the professional code of conduct have put in place measures that the organizations can use to prevent regulatory and legal violations. The two codes of conduct are clear on the compliance to the existing laws governing the organization. The codes have also ensured good employees relationship and retention.

However, the company code of conduct has ensured a stronger stakeholder relationship as compared to the professional code of conduct. Moreover, the two codes have achieved major objective of building a good company reputation through compliance to the existing laws and regulation as well as ensuring that the organizations objectives are met.

Recommendations

In as much as the Australian Energy Company Limited code of conduct has achieved some of the essential objectives of the code of conduct, it still needs a lot of improvements. First, the company code of conduct should be re-established to articulate the leadership expectations. The code should be clear and transparent on what the leaders expect so as to prevent employees working on guises. Secondly, the code should address the leaders commitment to the conditions set on the code.

Third, the code of conduct should provide a clear direction as well as clarity regarding the leader’s expectations on their daily work. Fourth, is to make employees have confidence in the tool itself. That is the employees’ should be comfortable with the rules and conditions set in the code. Finally, the code ought to make employees serve the interest of the company. That is to say, the code should enable employees to strive to achieve the company mission.

Conclusion

Codes of conducts in general explain in simple terms the values of justified deeds which are expected from the corporation workforce. Often, the objectives of the code include the specification of how the laws and regulations of the company should be complied with, how the disagreement should be resolved, how the private information should be conserved and how the company should deal with issues concerning fair dealings and competitions.

Good code of conduct should be capable of increasing the corporation real significance and spell out the business principles as well as the probable values set out by other stakeholders. In addition, a good code of conduct should help the company develop a strong affiliation with all the stakeholders specifically with the employees. Finally company builds a good code of conduct to help it build a reputation and integrity through commitment to the company goals, objectives and mission.

References

ACS 2012, ACS Code of Professional Conduct, Australian Computer Society. Web.

Brooks, LJ & Dunn P 2009, Business and professional ethics for directors, executives & accountants, Cengage Learning, Farmington Hills, MI.

Kaptein, SP 1998, Ethics management: auditing and developing the ethical content of organizations, Springer, New York, NY.

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