Lithgow Council’s Economic Development Committee has initiated discussions on the “values” that should guide Council’s decision making as Council considers the strategic positioning of the Lithgow LGA over the next 12 months.
The recent Royal Commission into Banking, Insurance and Financial Services 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.” said Mayor Ray Thompson.
“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 3rd October 2018.” said Mayor Thompson.
“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.” said Cr Ring.
Council’s Economic Development Committee has recommended to 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.