Nobody downloaded yet

Corporate governance of Westpac Banking Corporation AUSTRALIA - Essay Example

Comments (0) Cite this document
Corporate governance has become the buzz word and has accomplished in drawing a good deal of public interest because of its visible significance of corporations and society with respect to economic health…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.9% of users find it useful
Corporate governance of Westpac Banking Corporation AUSTRALIA
Read TextPreview

Extract of sample
"Corporate governance of Westpac Banking Corporation AUSTRALIA"

Download file to see previous pages Corporate governance has become the buzz word and has accomplished in drawing a good deal of public interest because of its visible significance of corporations and society with respect to economic healthCorporate governance is a complex concept as it deals with many different economic happenings Looking at a broader perspective corporate governance can be regarded as a set of procedures, customs, guidelines, rules and regulations affecting the way a corporation is planned, directed, governed or controlled. It also includes the relationships among the stakeholders and the aims for which the corporation is managed. The main stakeholders involved are the shareholders, management and the board of directors. Along with employees, suppliers, customers, banks the environment and the community as a whole.
As mentioned earlier corporate governance is a complicated and multi-dimensional subject. Corporate governance deals with issues of accountability and fiduciary duty, making sure all the guidelines and mechanisms are implemented for the safe guard of shareholders. Another focal point is to achieve optimize economic through corporate governance to emphasize on shareholders welfare.Westpac Banking Corporation was founded in Sydney, Australia, in 1817 as the Bank of New South Wales and merged with the Commercial Bank of Australia and changed its name to Westpac in 1982. Today, it is a leading provider of banking and financial services in Australia, New Zealand, and eight Pacific island nations. It is Australia's oldest bank and offers general banking services to retail, commercial, and institutional customers and provides investment management and insurance. Westpac has strived to reach the position today it has by focusing on such issues only establishing a strong relationship with the stakeholders.

"Corporate governance is a field in economics that investigates how to secure/motivate efficient management of corporations by the use of incentive mechanisms, such as contracts, organizational designs and legislation. This is often limited to the question of improving financial performance, for example, how the corporate owners can secure/motivate that the corporate managers will deliver a competitive rate of return." [www.encycogov.com, Mathiesen [2002].]

Companies are scored based on specific issues such as board composition, management remuneration, accounting treatment and transparency. [https://www.shareanalysis.com/asp/glossary.asp]. Westpac has always focused upon promoting corporate justice, precision and self-actualization. The corporate governance structure followed at Westpac specifies the proper allocation of rights and responsibilities of the board, managers, shareholders and other stakeholders and properly defines the rules and procedures for corporate decision making. Increased competition, stringent regulatory standards, and continuous change in customer wants and demands have put pressure on global banking companies like Westpac to develop creative and cost-effective business strategies.

Some of the examples of how corporate governance is implemented at Westpac are as follows: (http://www.westpac.com.au/internet/publish.nsf/Content/WISEWP+Protection)

SSL connection
Internet Banking system uses a technology called Secure Sockets Layer (SSL). This creates a secure connection between the customer and the Westpac. This is a highly beneficial technology developed by Netscape, Microsoft and RSA Inc that is supported by most browsers.

Westpac has employed precise security mechanisms to guarantee that the client's information and accounts are secured. The latest encryption technologies have been used to protect the data when being sent over the internet. Westpac Internet Banking uses certificates which generate security "keys" to verify the connectivity with Westpac banking. Every stakeholder has an account with all the details. As information sent between the browser and the Bank is encrypted, it makes it ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Corporate governance of Westpac Banking Corporation AUSTRALIA Essay”, n.d.)
Corporate governance of Westpac Banking Corporation AUSTRALIA Essay. Retrieved from https://studentshare.org/finance-accounting/1530100-corporate-governance-of-westpac-banking-corporation-australia
(Corporate Governance of Westpac Banking Corporation AUSTRALIA Essay)
Corporate Governance of Westpac Banking Corporation AUSTRALIA Essay. https://studentshare.org/finance-accounting/1530100-corporate-governance-of-westpac-banking-corporation-australia.
“Corporate Governance of Westpac Banking Corporation AUSTRALIA Essay”, n.d. https://studentshare.org/finance-accounting/1530100-corporate-governance-of-westpac-banking-corporation-australia.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Ethical practices in Business
Exemplification Essay on Ethical practices in Business In an organization, ethical practices ensure that the wider perspectives and implications pertaining to operations are considered and proper action is taken in order to contribute to a sustainable society.
1 Pages(250 words)Essay
The Financial and Banking System Of Australia
The continent is a self governing country that is a part of the commonwealth federation. It is currently bounded by the Timor sea, Arafura sea, Torres strait, Coral sea, Tasman sea, Bass strait along with the Indian ocean (Verdier, p.11). It is the smallest continent found on the globe and the sixth largest country in the world.
17 Pages(4250 words)Essay
Financial Policies of Westpac Banking Corporation
It has operations in other continents as well and has operations in New York, London, Singapore and Hong Kong.  With the retained cash earnings being risen by 13% the amount of liquidity in the company increased. That was the reason why the company had taken this policy. 
4 Pages(1000 words)Essay
Corporate governance for westpac
This document explores on environmental analysis as a critical tool for rational planning. Significantly, the document highlights that environmental analysis provides conceptual as well as practical understanding. Consequently, the document emphasizes that environmental analysis play a critical role to manager’s decision making.
4 Pages(1000 words)Assignment
Corporate governance in Islamic banking
The primary objective of the corporate governance guidelines is to adopt an effective and high standard practices that aids in governing institutions. In addition, they ensure that
5 Pages(1250 words)Assignment
Westpac Banking Corporation

The author says that today, Westpac is a well-established organization that employs more than 27,000 employees in its domestic as well as international operations. Westpac concentrates its activities in Australia, New Zealand, and the Pacific. Westpac is ranked in the top 10 listed companies.

10 Pages(2500 words)Essay
Service organization analysis services marketing plan on a service company
The characteristics have been mentioned in detail in the paper. To put it briefly, services marketing is more people oriented and hence interactions between the customer and the staff is much more in this instance. ANZ Bank of Australia is the organization selected for the study.
8 Pages(2000 words)Essay
The bank has been growing in terms of profitability as the net income for the year 2011 reached to $7,316 million from $6,190 million and $3,170 million in the
3 Pages(750 words)Essay
Corporate Governance
More importantly, the chapter dwells on the procedures and methodologies that will be involved in working on the paper. 21 Corporate governance in general has become the new crucible in which corporations are tested and declared worthy of the trust of
5 Pages(1250 words)Essay
Corporate Governance
9). The committee reviews board suitable candidates for appointment to the Board and reviews general matters of corporate governance. b) Are at least 70% of the board members independent directors? Yes, all the non executive directors are independent members which make up
9 Pages(2250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Corporate governance of Westpac Banking Corporation AUSTRALIA for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us