Started by ozbob, May 12, 2018, 07:10:53 AM
QuotePrinciple 3 Promote ethical and responsible decision-makingRecommendations• Establish and disclose a code of conduct outlining the practices necessary tomaintain confidence in the company's integrity and to guide compliance with legaland other obligations to stakeholders..• Establish and disclose the policy for trading in securities by directors, officers andemployees.• Establish the code of conduct in line with the best practice guide provided inAppendix A.CommentaryGOC boards and senior executives must observe the highest standards of ethical behaviour.The GOC should clarify the standards of ethical behaviour required and monitor and enforceobservance of those standards.GOCs have a number of stakeholders in addition to their shareholders to which they owelegal and other obligations. These include employees, clients and customers and thecommunity as a whole. It is important for GOCs to demonstrate their commitment toappropriate corporate practices that recognise these interests and to corporate socialresponsibility in general.This may be implemented through a code of conduct or appropriate alternative means suchas policy and procedures documents. The code of conduct should deal with ethical mattersas well as legal compliance. The code should reflect the significant public responsibility andhigh standards of conduct that GOCs should have as publicly owned enterprises.The code of conduct could be a separate code for directors and executives or included aspart of the corporate code of conduct.The code should provide guidance as to the practices necessary to maintain confidence inthe GOC's integrity, and the responsibility and accountability of individuals for reporting andinvestigating reports of unethical practices. The code should give clear guidance as to theexpected conduct of directors, senior executives and employees and must giveconsideration to the elements of the best practice guide as per Appendix A. It is alsoconsidered to be good practice for the code to be developed with the participation ofemployees and stakeholders. It should be fully supported and implemented by the boardand senior executives.
Quote2.3 In exercising its functions and powers as set out in this Charter, the Board will at alltimes recognise its overriding responsibility to:(a) maintain and encourage good corporate governance standards;(b) act honestly, fairly and diligently;(c) act in accordance with laws and regulations;(d) avoid or manage conflicts of interest;(e) promote Queensland Rail as a good corporate citizen; and(f) achieve and maintain community respect
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