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MAA250-Ethics and Financial ServicesMAA250Assessment 1Page2of7Requirements continued:There are three assignment questions. All three questions must be answered in yourreport.The article by John Kehoeetal(2018) belowhas been adoptedforthe questions of this assignment.Thisresearch task broadly aligns to Topics 1 and2;however,detailed research is required bystudents to gain specific insight into the Royal Commission andthe interim findings.You mustrefer totheRoyalCommission’sInterim report(dated 28 September 2018) to respond tothe questions of this assignment. The websites to access Volume 1 and Volume 2 of the RoyalCommission’sInterim reportare provided below. Also providedbelowis the website to access theASX Corporate Council Corporate Governance principles and recommendations, whichrelates tothis assessment’ssecond question.In addition to the Interim report and the ASX corporate governance principles, a minimum ofeight(8)different references must be used and cited (including related newspaper and media articles) toapply and justify ethical principles in response to the followingassignment questions.Article:Thearticle(below)appearedin the Australian FinancialReview (1 October 2018)afterthereleaseof theRoyal Commission’s interim report on Friday 28 September 2018:“The royal commission’s interim report on Friday lashed the banks, insurers, wealthmanagers, financial planners, mortgage brokers and superannuation providers fora culture of greed that it concluded was the result of remuneration misincentivesand a failure to follow and enforce rules” (p.1).“Mr Frydenberg [Treasurer] toldThe Australian Financial Reviewin an interviewyesterday that the interim report madeclear the financial sector must significantlylift its standards and start putting people before profits, and that the regulatorsmust heedthe message about better enforcement of existing laws” (p.1).(Article by:Kehoe,Eyers,Turner, McInnes&Frost)Assignment questions:1.By applying three or more specific cases used in‘Volume 2 case studies’ of theInterim reportof the Royal Commission, and by applying agency theory, explain how and why “a culture ofgreed … was the result of remuneration misincentives”(Kehoeet al, 2018, p.1).(1,000 words)(50 marks)2.The ASX CorporateCouncilprovides eightcentralcorporate governance principles andrecommendations (2014, 3rdedition)that companieslisted on the Australian SecuritiesExchangemustcomply with.Given thatlistedbanks and financial services’companies mustcomply with the ASX corporate governance principles,why are theresomany examples of poor(unethical)corporate behaviour, ashas beenrevealed by the Royal Commission? Do you thinkMr Frydenberg’s callthat the “financial sector must significantly lift its standards and startputting people before profits”(Kehoeet al, 2018, p.1)canbeachieved?Provide justification foryourresponse.(300 words)(15 mark
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