ACFI2080 Corporate Finance

Answer to question 1

Reconciliation action plan (RAP) is a statement of reconciliation that seeks to ensure equality in health, education and justice. RAP program involves the contribution that will drive overall organisational contribution to reconciliation both internally and in the communities where the firm operates (Reconciliation Australia 2021). RAP intends to improve business and support First Australians.  RAP enhances financial wellbeing of First Australians as well as celebrate Australia’s heritage.

AMP LTD

Reconciliation has always been the priority towards AMP’s corporate social responsibility (Corporate.amp.com.au 2021). RAP committee consists of members from key business units particularly responsible for the implementation of AMP’s vision for reconciliation.

Target

AMP Ltd focuses on the Reconciliation action plan development to work collaboratively with Australia’s first people that will promote financial wellbeing and implement initiatives that will aim to improve cultural understanding and create various opportunities for Aboriginal and Torres Strait Islander communities.

Current condition

Reconciliation action plan of AMP RAP committee have enhanced the delivery of RAP and will provide benefits of reaching higher reconciliation within the firm as well as the stakeholders.

QBE LTD

QBE always believes that genuine changes happens working towards sharing collaborative working mentality that will have positive impact on the overall sustainability of the firm. With the implementation of Reconciliation Action plan, QBE believes that they will enhance the overall sustainability.

Target

QBE aims to seek display corporate leadership to enhance the communication with the First Nation people and in addition of aligning Reconciliation Action Plan, the business also shares their concern and commitment towards gender equality, inclusion, diversity and sustainability (Australia 2021).

Current condition

QBE has developed reconciliation action plans to forge strong relation with Aboriginal and Torres Straight Islander communities and businesses. QBE intends to bring example of creating opportunities that will aim to provide First Natons people to have equal rights and unbiased unemployment opportunities and achieve ambitions. From the heart of QBE’s foundations, supports and nurturing has been the key priority of the business. QBE values Australian first people so that they can be respected, valued and addressed by the society.

References

Australia, 2021. QBE AU Insurance | Car, Home, Personal and Business Insurance. [online] Australia. Available at: <https://www.qbe.com/au>

Corporate.amp.com.au, 2021. Reports. [online] Corporate.amp.com.au. Available at: <https://corporate.amp.com.au/shareholder-centre/results-reporting/reports>

Reconciliation Australia, 2021. Reconciliation Action Plans | Reconciliation Australia. [online] Reconciliation Australia. Available at: <https://www.reconciliation.org.au/reconciliation-action-plans/>

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