COMM331 Individual Reflection PDF

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COMM331 Integrative Business Capstone Individual Reflective...

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Session: 2,2021 Subject: Integrative Business Capstone (COMM331) Name: Yeow Carmen Tutorial Group: C2

(UOW ID: 6958618)

Identify two Principle of the UN Global Compact. You are then required to reflect on how the principles might apply to your future work life. The accounting service industry is the industry that I intend to pursue as a profession in my future life. A large number of businesses operate in today’s society have been involved in corruption, violation of corporate regulations, or human rights breaches. The first principle that will be applied in this issue is Principle 10, AntiCorruption. This principle is mainly talk about the corporation should take steps to combat corruption in all of its manifestations such as the cases of bribery, extortion, and blackmail among the corporation and their clients (Gibbons 2021). However, such actions can be described as an individual offering or receiving something valuable in order to influence the behaviour of someone to treat or provide a better serve for other’s selfinterest. The relevant cases that can be applied is 1MDB corruption. The purposes of established 1MDB are spearhead the long-term economic growth of Malaysia through the formation of global alliances and the encouragement of Foreign Direct Investment (FDI) (Petersen 2020). According to financial records that have been disclosed, 1MDB was a central hub that carry out fraudulent activity from the beginning (Petersen 2020). Malaysia’s 1MDB scandal was a worldwide network of corrupt practices and bribery in which millions of dollars were obtained nominally for public infrastructural development but somehow ended up receiving by an individual as their self-interest (Petersen 2020). The ethical theory that will be applied is utilitarianism. This theory states that the optimum course of action in any given scenario is the one that would perform an action to the best in order to achieve the best results while considering the interests of all parties involved (Knight 2021). In other words, every individual should perform the best in order to achieve the best interest of the majority. However, 1MDB failed to adhere to the United Nations Global Compact Principle and did not operate in the benefit of their company, resulting in their image or reputation being tarnished as a result of the corruption scandal. As a result, Principle 10 should be included in every company and also my future work industry in order to avoid any illegal activities such as corruption. The second Principle that will be applied in this issue is Principle 1. Principle 1 states that the companies should promote and respect the preservation of international human rights standards, according to the United Nations (Gibbons 2021). For example, the Enron scandal includes misleading authorities by using off-the-books accounting procedures and combining fictitious stock holdings in order to conceal its activities (Nigam 2021). Special purpose entities were used by the corporation to conceal its hazardous assets and large sums of debt from investors and creditors, as well as from the public (Nigam 2021). The ethical theory that can be used is Kantianism. When it comes to respecting others, there are some requirements that must be met regardless of what others think (Knight 2021). For example, the requirement is to respect others’ confidentiality or respect other’s freedom or rights to make their own life decisions. Enron failed to perform this act. Therefore, the company might provide an encouragement as a reward to their employees who did not violating any United Nations Global Compact Principle. Article 23(2) states that every individual has the rights to get the same amount of money for doing the same amount of labour.

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Reference list Gibbons, B 2021, COMM331 ‘Anti-Corruption’, lecture notes, accessed 30/5/2021, eLearning@UoW.

Gibbons, B 2021, COMM331 ‘Labour Standards’, lecture notes, accessed 30/5/2021, eLearning@UoW Knight, K 2021, Human Right, lecture, COMM331 Integrative Business Capstone, University of Wollongong, delivered 5 May. Nigam, R 2021, ‘Enron Scandal’, WallStreetMojo, accessed 29/10/2021, https://www.wallstreetmojo.com/enron-scandal/ Petersen, H, E 2020, ‘1MDB scandal explained: a tale of Malaysia’s missing billions’, The Guardian, 28 Jul, accessed 29/10/2021, < https://www.theguardian.com/world/2018/oct/25/1mdb-scandal-explained-a-tale-ofmalaysias-missing-billions>...