EXECUTIVE SUMMARYThis paper provides a critical analysis into three corporations namely Qantas Airway Limited, Woolworths Limited and Fosters Group Limited with the purpose of recommending long-term investment into a company. Fosters seems to experience a downtime in its financial performance after the demerger of beer and wine units along with being taken over by SABMiller a British company. Qantass financial result over last year is also negative due to its international expand while Woolworths shows a considerable gain. However, over the next several years, Qantas will surely handle its international operation while the prospect of Fosters financial performance is not clear. Although it is evidence that all three above companies comply with all principles of good corporate governance, Quantas seems to stand out. It has 11 independent directors out of 12 members compared to 9 out of 12 for Woolworths and 6 out of 7 for Foster. In addition to coordinate with external auditor, Qantas undertook an internal performance review, which included a series of interviews with Directors and a Board discussion. Thus, Qantas has the most effective control system to govern the companys performance and protect stockholderss rights. Concerning about environment protection credentials, Qantas meets all of these criterias including Top management with a commitment to sustainability, Line manager involvement, Codes of environmental conduct, Cross-functional teams to solve environmental problems, Rewards and Incentives for environmental acheivement whereas Woolworths and Foster havent created any specipic rewards for good enviromental performance which may strongly inspire their employees to actively involve in corporates strategy toward protecting environment. Last but not least, while contextual issues are inevitable for every single company, Qantas has the strongest probability to handle them due to its position of the strongest privately owned airport monopolies in the world, the role it plays in supporting Australias skill base in airline industry and its benefits from strong growth of Australian dolar. Finally, based on several academic research, non-financial criterias (corporate governance performance, environemtal merit, contextual factors) are used as a hurdle requirement in reaching the final decision. From all the previous analysis, Qantas is highly recommended to be the invested company.

Table of ContentsINTRODUCTION2FINANCIAL PERFORMANCE AND PROSPECT2CORPORATE GOVERNANCE PERFORMANCE4ENVIRONMENTAL PROTECTION CREDENTIALS6CONTEXTUAL FACTORS8RECOMMENDATION10CONCLUSION11REFERENCES12Appendix A15Appendix B16

INTRODUCTIONEthical investment is becoming a phenomenon where investors choose to invest in companies which are demonstrated to have consistently not only high business performance but also responsible behaviors toward its stakeholders. The purpose of this report is to recommend a single company in which to invest $500,000 by undertaking research into the prospects of three companies namely Qantas Airway Limited, Woolworths Limited and Fosters Group Limited. The report examines financial and corporate government performance, environmental protection credentials and contextual issues of three mentioned companies. It also covers critical analysis of some academic research to explain why non-financial indicators are applied as a hurdle requirement in reaching final decisions. The report includes five main topics namely Financial performance and prospects, Corporate governance performance, Emvironmental protection credentials, Contextual factors and Recommendation. The data used in this report are secondary data taken from annual report and information from official pages of three companies, online articles and websites along with several academic papers obtained from online journal pages.FINANCIAL PERFORMANCE AND PROSPECT2011-2012 is a challenge period of transformation for Qantas. Appendix A shows that the company announced a net loss for the year to June of A$244m ($251m). Qantas has a healthy record in Australias domestic marketthe problems lie in its international division, where losses reached A$450m (Gulliver 2012). Mr Joyce cites three causes for his airlines international problems: record high fuel costs; warfare with some unions, which prompted him to ground Qantass worldwide fleet last October (at a cost of A$194m); and the global economic downturn (Gulliver 2012). However, Qantas was successful in implementing its strategic objectives including Leading domestic market position, jestar growth in Asia with successful launch of Jestar Japan and Qantas International Transformation on track (Qantas Annual Report 2012, p. 18). A fall in beginning period of expanding international is evitable for any corporations. With long-term international strategic plan, Qantas will surely have a bright future for its international division while stilling holding leader domestic position.In contrast to Qantas, Woolworths had a strong gain within last year despite lots of crisis such as high infaltion, flood in Queensland. Woolworths, the country's biggest supermarket chain, said total sales for its fourth quarter rose 5.1 per cent to $12.9 billion even as food price deflation crunched revenue (Woolworths annual report 2011, p.10). Woolworths shares ended the day up 27 cents to $27.89, compared with a drop of about 1.7% for the overall market including Coles (Pascoe 2012). For the full year, sales rose 4.7% to $56.7 billion, with food and liquor sales rising 3.8% to $37.5 billion (Pascoe 2012). Coles and Woolworths - which together control 80% of Australia's grocery sector, are two most competitive competitors. So far in 2012, though, Woolworths shares are up about 12% compared with 9% for Wesfarmers and 2% for the ASX200 (Pascoe 2012). In the future, Woolworths still have to remain their position of keeping low price to gain market share and profit.Similar to Qantas, Fosters reported a 7.5% decline in first half net profit to $335.7 million and a 7.7% decline in earnings per share to 17.4 cents. Net sales revenue declined 6.6% to $2,150.3 million and EBITS delnined 5.7% to $537.7 million (Fosters Annual Report 2011, p.2). Fosters Group faced two serious issues over the last two years. Firstly, Foster annouced in May 2011 that it seperates wine and beer business, subject to a detailed evaluation of the issues, costs and benefits to Fosters shareholders and ongoing assessment of prevailing economic and capital market conditions (BBC 2011). Fosters expects to recognise a non-cash impairment charge of $1,100-1,300 million (pre-tax) to the carrying value of its wine assets in the 2010 financial year (BBC 2011). The main purpose of this seperation was for benefits of its shareholders. However, in financial results a month after that, Fosters said earnings from beer were down, and net profit in that period fell 12.3 percent, to 312.1 million Australian dollars (Nicholson 2011). Shortly after this demerger, Fosters Group was acquried by SABMiller- a British company in December 2011 (Chris 2011). Foster's chief executive John Pollaers was optimist that the takeover has its benefits in the long run for all Australian beers as it provides an opportunity for Foster's to enter the international market as it gets to be placed side by side with other global brands (Esther 2011). In contrast, the fact shows that Fosters beer sales fell of 6% compared to 2010 (Esther 2011). These two issues put stokeholders of Fosters in danger since their financial prospect is not sustainable.CORPORATE GOVERNANCE PERFORMANCECorporate Boards at Qantas have 12 members in which 11 members are Independent Non-executive Directors elected by its shareholders. Qantas appoints an indepentdent chairman of the board (Leigh Clifford) whose has separate duties compared to the CEO- Alan Joyce (Qantas Annual report 2012, p.28). The new Directors are nominated by the Boards and its Nominations Committee. With four Members, this Committee is chaired by the chairman of the board. It is responsible for selecting new directors while look to ensure that an approriate balance of skills, experience, expertise and diversity is maintained. The Board hold seven formal meetings a year without management present. Additional meetings are held as required. The Board also meets with the CEO to consider matters of strategic importance. The Board undertakes an annual review of its performance and its Committes. During 2011/2012, the Board undertook an internal performance review, which included a series of interviews with Directors and a Board discussion (Qantas Annual report 2012, p.30). Both the top executives and directors at Qantas are paid based on how well the company does. For expample, 2011/2012 has been an extremely challenging year for Qantas due to the impact of industrial action, their significant transformation agenda, fuel prices and the unstable European economy. Therefore, there was no increase on fees paid to Non-Executive Directors and the CEO as well (Qantas Annual report 2012, p.42). Similar to Qantas, Corporate Boards at Woolworths have 12 members. However, only 9 out of them are Independent Non-executive Directors (Woolworths Annual Report 2011, p.42). Besides, Woolworths also seperates duties of the chief executive Michael Gerad Lurscombe and indepentdent chairman of the board (James Alexander Strong). The Board of Directors are divided into three Committees namely Nomination Committee; Audit, Risk Management and Compliance Committee and People Policy Committee in which The Non-Executive Directors are apointed to at least one of them (Woolworths Annual Report 2011, p.69). Each Committee have comprehensive Charters defining their roles and responsibilities. The New Directors are elected by shareholders. The Nomination Committee assists the Board to adopt a policy that it is composed of a majority of independent. The Committees held regular meeting with external auditors, Business Review and Compliance with at least twice a year without any management present (Woolworths Annual Report 2011, p.73). The performance evaluation of the CEO was undertaken by the Chairman while the performance evaluation of key executives was undertaken by the CEO with the People Policy Committees oversight of their objectives and performance assessments (Woolworths Annual Report 2011, p.71). Remunations for Non-executive Directors are also based on how well the company does. With only 7 members, Corporate Boards at Foster have 6 Independent Non-executive Directors (Foster Annual Report 2011, p.20-21). Similar to the first two groups, Foster also seperates duties of the chief executive John C. Pollaers and indepentdent chairman of the board (David A. Crawford). The Board has established three standing Committees including Audit and Risk Committee, Human Resources Committee and Succession Committee. Compared to Quantas and Woolworths, Forster have no particular Committee who is responsible for selecting new directors and responsible to ensure that an approriate balance of skills, experience, expertise and diversity of Directors is maintained. The New Directors is merely selected by shareholders. The Non-Executive Directors meet regularly without the presence of management during the course of regular Board meetings and occasions during the year outside of the regular Board meetings (Foster Annual Report 2011, p.22). The Board periodically engages external consultants to conduct review of its effectiveness, its Committees and individual Directors. This evaluation is part of the processes of Remuneration which align director compensation with corporate performance. According to Lawrence and Weber (2008, p.326), there are five core principles of good corporate governance. These included the following: Select outside directors to fill most positions, Hold open elections for members of the board, Appoint an independent lead director and hold regular meetings without the CEO present, Align director compensation with corporate performance, Evaluate the boards own performance on a regular basis. Although it is evidence that all there above companies comply with all principles, Quantas seems to stand out. It has 11 independent directors out of 12 members compared to 9 of Woolworths and 6 of Foster. In addition to coordinate with external auditor, Qantas undertook an internal performance review, which included a series of interviews with Directors and a Board discussion. Thus, Qantass Board is the most effective in governing and protecting the right of its stakeholders.

ENVIRONMENTAL PROTECTION CREDENTIALSIn 2008, the Qantas Foundation was established as a charitable trust with a vision of bring together Australia's spirit of sharing' by making a positive impact at a grassroots level where our beneficiaries live and work. As the "Official Foundation Partner" of the Clean Up Australia event in 2011, the Qantas Foundation will be sponsoring the campaign with a $50,000 donation (Clean Up Australia 2011). Beside having top managements commitment to sustainability, Qantas supports and participates in the ZooX Ambassadors Program which was created by the Great Barrier Reef Foundation to educate employees about the link between coral reefs, climate change and sustainability in business (Energetics 2009). Qantas also created the internal eXcel environment Awards which are given to employees who demonstrated proactive leadership to implement environmental projects throughout the business (Suzanne 2012). Qantas proactively control their business activities in all the three major areas of environmental protection: air, land and water. Launched in 2007, the Qantas Group Carbon Offset Program was ranked 4th globally in an International Air Transport Association (Climate Friendly 2012). This Program involves customers in reducing the impact of carbon emissions on the environment by giving them the choice of flying carbon neutral. Moreover, in developing more sustainable Aviation Fuel, Qantas formed partnership with a number of leading renewable energy companies including Solena, Solazymme (Celcias 2011). In addition, their appraoch to aircraft noise management is consistent with four elements of International Civil Aviation Organization. They are looking at water efficiency improvements in all areas of their operations by measuring their water consumption and investigating methods to reduce consumption of potable water. Specifically, Qantas' Adelaide-based catering centre received a 2008 Achievement Award by Adelaide Airport Authority to recognise the water savings they achieved (Qantas 2012). Concerning about land polution, Qantas always strive to reduce their waste-to-pandfill. A highlighting example is their partnerchip with Colsed Loop Recycling, an industry leader in environmentally sustainable packaging and recycling solution. As a result, their onboard paper cups are now made form 35% recycled paper (Closedloop 2012). Likewise, developing a sustainability Strategy 2007-2015 Doing the right thing, Woolworths sets out a range of targets and commitments in order to reduce the impacts of carbon emissions form facilities, transport, water use packaging, waste and sourcing products (ICMR 2008). Compared to Qantas, Woolworths is also active in protecting all the major areas of environment. According to ICMR (2008), Woolworths' retail operations accounted for around 0.66 percent of Australia's total greenhouse emissions . In 2006, Woolworths' greenhouse emissions were approximately 3.7 million tons of CO2-e , out of which approximately 2.6 million tons were due to electricity consumption through refrigeration, lighting, and air conditioning. However, in their Corporate Responsibility Report (2011, p.25), they achieved 10.9% reduction of carbon emissions and 137,979 MWh of electricity saved as a result of energy efficient technology. Their targets if redusing water use by 200 million litres a year by 2010 was also achieved along with the installation of large scale rainwater harvesting project at Melbourne National Distribution Centre. Regarding to land protection, Woolworths have recruited a Sustainable Packaging Specialist to reviews on their packaging while implementing projects to reduce the weight of glass used in bottles. Their waste to landfill from Supermarkets reduced by 0.7% whilst recycling volumes increased by 2.7% (Woolworths Corporate Responsibility Report 2011, p.31). In addition to partnering with lots of environmental organizations, Woolworths created an agricultural sponsorship event which demonstrated on sustainability and environmental issues for young Australians (Ryan 2012). Nevertheless, although there are high commitment to sustainability among mangement, Woolworths has not created a strong invovlvement among employees since they have no special cross-funtional teams or rewards for environment protection. Instead, they focused on training and rewarding for safety and health of employees (Woolworths Corporate Responsibility Report 2011, p.46-48). Similarly, Foster is also active in protecting all the major areas of environment. For example, they implemented 20 projects delivering over 130,000 GJ of energy saved, embedded energy and water efficiency into Australian beer and wine businesses, upgraded the environmental component of the global Health, Safety and Environmental Management (Foster Sustainability Report 2010, p.16). Moreover, they trained over 90 contract grape growers in EntWine (South Australian Wine Industry 2010). In line with their Global Environment Policy launched in 2009, they continually look to eliminate wastes from their operations. They are commited to reducing wastes across all of their value chain though partnering with their supplier and industry bodies. Specifically, in 2010, they established their first global waste baseline,, comprising over 30 different waste streams. As a result, over 90% of these wastes are either re-used or recycled, with 94% being an organic nature (Foster Sustainability Report 2010, p.22-23). While incorporating Ethical Procurement Code into their supply practices, they introduce new Food safety &hygienetraining program for their employees (Foster Sustainability Report 2010, p.24). In 2011, Foster developed business unit specific sustainability analysis. However, similar to Woolworths, they has no particular award for environment protection. Lawrence and Weber (2008, p.267) found out that many proactive green companies share are the following: Top management with a commitment to sustainability, Line manager involvement, Codes of environmental conduct, Cross-functional teams to solve environmental problems, Rewards and Incentives for environemtal acheivement. From these above analysis, Quantas meets all of these criterias while Woolworths and Foster havent created any specipic rewards for good enviromental performance which strongly inspire their employees to actively involve in their strategy toward protecting environment. CONTEXTUAL FACTORSRecently, Qantas face many serious problems when expanding its business globally. Qantas reduce costs of international business by decreasing the wages and conditions of their workers via casualisation and outsourcing. This issues come to political levels since the role Qantas plays in supporting Australias skill base in airline industry is indisputable and any reduction in that skill base will have a detrimental impact on the Australian economy (Qantas Engineer Aliance 2012). If Qantas continues to seek reducing costs by outsourcing, it will not only hurt Australian workers but also cause long term damage to the economy and the industry. Besides, an economic pressures among airline industry is a considerable growth in oil price. However, one of the strengths of Qantas International is that it has the greatest costless protection of any airline in the world, including key competitors. The reason is simple: as the price of oil goes up so does the Aussie dollar (Webber 2011). Any costs that Qantas finances in US dollars fuel costs, purchasing or leasing aircraft, spare parts and charges at foreign ports fall as the Australian dollar strengthens. Furthermore, the high value of Australias currency has made it cheaper than ever for Australians to travel overseas. In respone to inflation across a range of utilites and living costs since mid-2010, Woolworths brought downward pressure on prices in both Supermarkets and BIG W to benefit consumers (Leigh 2012). To protect individuals and society form the harm caused by excessive alcohol consumption, Woolworths banned cheap wines, worked with local community to adjust the liquor range and eliminate problem products such as cask wine (Martin 2011). However, Woolworths are irresponsible in ensuring road safety when offering petrol vouchers for people who double their alcohol purchases (Blackburn 2012). Woolworths are criticized to squeeze Australian suppliers as a result of the price wars with Coles (Hawthrone 2012). This problem come to potical issue when the Heinz food company had shut a factory in Victoria and restructured two others due to negotiation with Woolworths (Carr 2012). They have been nocticed by federal government since their supermarkets are increasingly using their home brands, which are increasingly eroding brand loyalty and are forcing suppliers to operate on wafer-thin margins. Woolworths CSR policy hurt poor suppliers in developing countries since it try to keep competitive prices by lowering price paid for importing (Worth Growth 2011). Astom (2008) shows a fact that Woolworths outsourced toilet papers from cheaper, questionable sources form oversea which puts 10,000 hectares of pine and gum tree plantations in danger. The Woolworths plan is to move to RSPO (Roundtable on Sustainable Palm Oil) certified sustainable palm oil by 2015 for all private label products and to ensure labelling of palm oil and derivatives in all such products. However, Palm oil is also one of the big environmental issues since up to 300 football fields of forest are cleared every hour to produce palm oil in Malaysia and Indonesia, where rainforests are being destroyed to convert land from forest to oil palm plantation (Gettler 2010). Taking Fosters losses last year, Foster blamed for the floods in Queensland which reduced consumer demand due to exceptional weather conditions. Moreover, Fosters CEO state that economic pressure such as strong Australian dollar continues to be a negative factor on the competitiveness of Australian wine in the export market, which is contrasted to the situation of Qantas (Nicholson 2011). After the seperation into beer and wine unit, Treasury Wine States will have an independent capital structure from Fosters beer and both units are set to be listed on the ASX. Shareholders will recceive one share of Treasury Wine Estates for every three they hold in Fosters (Nicholson 2011). Therefore, shareholders of Fosters will be impacted by the behaviors of both beer and wine units. All in all, it is clear that every single company have their own issues. Among there companies, Qantas have more advantages in future to balance their contextual factors. Firstly, in Australia, Qantas International is exposed to the strongest privately owned airport monopolies in the world. The market power they possess is enormous, and mostly manifests itself in the transfer of risk away from the airports and towards the airlines (Webber 2011). Secondly, the role Qantas plays in supporting Australias skill base in airline industry is indisputable and any reduction in that skill base will have a detrimental impact on the Australian economy. This position give Qantas huge opportunities of lobbying government. Thirdly, while many companies including Woolworths suffered from the strong growth of Australian dollar , Qantas benefits from this growth as explained above. RECOMMENDATIONWhich criterials (financial or non-financial) should investors choose to assess when making decision of which company to invest is a big question nowadays. Lewis (1998) found out that people are increasing putting their money where their morals are. Spiller (2000) supports this oppinion by stating that it is possible for business and investors to achieve a triple bottom line of environmental, social and financial performace. Glac (2008) advices managers that they can be more confident by engaging in CSR since they are in fact serving the interests of their shareholders. Moreover, corporations could change the perceptions of investment decisions form focusing on financial to non-financial indicators by increasing in non-financial reports rather than finanical reports (Glac 2008). On the other hand, Hofmann, Meier-Pesti and Krichler (2007) explains why there is a strong gorwing number of investors who seek out ethical investment. The reason is that moral behaviors are a key indicators of sustainable companies. Knoepfel (2001) added that investors are attracted to this new investment stlye beacause it promises to create long-term shareholder value by embracing opportunities and managing risks coming from ongoing economic, environmental and social developments. Sustainable companies focuses on future challenges and is capable of capturing qualitative non-financial information for criterial such as corporate governance structures, shareholder relations , corporate social responsibility. Cummings (2000) affirmed that although there will be lack of distinct advantage in the short to medium term for investors who apply ethical investment, superior financial returns are about to occur over a longer-term. Based on these above findings, as an analysist of Ethical Investment, non-financial criterias (corporate governance performance, environemtal merit, contextual factors) are used as a hurdle requirement in reaching my final decision while financial figures are still taken into consideration. Woolworths is the only corporation which had a strong succeed in their finacial results over last year despite many crises. Meanwhile, Qantas experienced a loss largely due to its international business. However, with long-term international strategic plan, Qantas will surely have a bright future for its international division while stilling holding leader domestic position. For Foster, the financial results in next several years are still in the question since it has to struggle after huge changes, especially the demerger and taking over by SABMillers. Concerning about corporate govermance performance and environmental protection credentials, Qantas stands out as explained above. In addition, it has the strongest probability to handle its contextual factors due to its position of the strongest privately owned airport monopolies in the world, the role it plays in supporting Australias skill base in airline industry and its benefits from strong growth of Australian dolar. Since non-financial criterias plays the key role in determining final choice, Qantas is surely the destination for investment which demonstrated to have consistently high business performance, good corporate government and environmentally practices. CONCLUSIONBased mainly on non-financial merit, the final result comes to Qantas due to its stand out corporate govermance performance and environmental protection credentials compared to Woolworths and Fosters. Besides, its strongest probability to handle contextuals factors draw a sustainable future for long-term investment.

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Appendix A

Adapted from Qantas Annual Report 2012, p. 18

Appendix BStatement of Acknowledgement of Original Work I declare that all material in this assessment is my own work except where there is clear acknowledgement and reference to the work of others and it does not include work submitted previously by other students in any other context. I have read the Policy on Cheating in Examinations and Related Forms of Assessment. I have also read the University's Plagiarism Policy.Signed: Date:1