2LT Local News

LITHGOW, Central West, NSW, Australia – The  Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry which has made headlines around the country, and the impact of the revelations that have flowed from it have prompted reviews and re-thinks on ethical standards being applied in other corporate sectors and various branches of government.

Locally, the Lithgow Council’s Economic Development Committee has initiated discussions on the “values” it believes should guide Council’s decision-making as the municipality considers its strategic positioning over the next 12 months.

In a statement published on Friday, the council says the recent Royal Commission has revealed the negative impact on customers, shareholders and the community when corporations fail to abide by the values openly advertised in their annual reports as their guiding ethical principles.

“The ethical values of any organisation need to be applied in practice to promote confidence and stability in governance in both corporate and public sectors and this applies to Lithgow Council as well,” Mayor Ray Thompson said Friday.

“Councillor Steve Ring raised the matter with Council’s administration recently after attending a course on governance in Sydney and the matter has consequently been raised for discussion at the recent Economic Development Committee meeting held on Wednesday (3 October 2018),” said the Lithgow mayor.

“Our guiding values need to be agreed and adhered to as we continue to reassess Lithgow’s position and guide the community towards a better quality of employment, health and lifestyle into the future.” said Cr Ring.

“We want to keep good faith with our community and not repeat the mistakes made in the corporate sector recently identified during the banking Royal Commission,” he added..

Council’s Economic Development Committee has recommended to the council that it review council’s strategic principles and values with a view to increasing population and quality of lifestyle for local residents in the context of the expansion of Western Sydney.

The Royal Commission released its Interim Report a little over a week ago, and has invited submissions prior to its next round of hearings in Melbourne and Sydney in November.