Are leaders, and the cultures they spawn, an unmanaged risk to the enterprises they steer? Research shows not
only the costs of failure to pay attention to business ethics
costs but the financial benefits of a focus on business ethics. Board reliance on good compliance policies
can only signal intent. The Board’s critical role in building organisational integrity involves four key activities.
Ethics could be said to be very much like the weather, in the sense that everybody talks about it but nobody does much about it! This presentation provides an insight into Ethical leadership and suggests ways in which you can safeguard your organisation’s ethics.
CEO Institute Australia Presentation - Business Ethics & Your Bottom LineDavid Mallard
The linking of ethical behaviour to reputation makes the effective management of reputational risk and ethical business conduct an integral part of what drives company success. Economic performance alone no longer guarantees success and defaulting to what’s legal is not acceptable anymore!
Elizabeth Homes offered the world a miracle technology which would have changed medicine forever in the same beautiful package as many other Silicon Valley giants.
Ethics could be said to be very much like the weather, in the sense that everybody talks about it but nobody does much about it! This presentation provides an insight into Ethical leadership and suggests ways in which you can safeguard your organisation’s ethics.
CEO Institute Australia Presentation - Business Ethics & Your Bottom LineDavid Mallard
The linking of ethical behaviour to reputation makes the effective management of reputational risk and ethical business conduct an integral part of what drives company success. Economic performance alone no longer guarantees success and defaulting to what’s legal is not acceptable anymore!
Elizabeth Homes offered the world a miracle technology which would have changed medicine forever in the same beautiful package as many other Silicon Valley giants.
The paper 'Why business ethics matter to your bottom line' looks at the need for businesses to build institutional integrity into an organisation to support employees in making ethical choices.
Business Ethics - Internal Audit's Opportunity to Influence Organisational Ch...David Mallard
This presentation to the IIA Melbourne speaks to the changing business environment, the strategic reputation risk posed by social media the importance of ethical leadership in creating a highly performing organisation. It also highlights the role Internal Audit can play in influencing positive change, moving Audit along the value curve.
Corporate Excellence Through Corporate Governance Nirc IcsiPavan Kumar Vijay
This presentation deals with Corporate Governance framework and principles of Corporate Governance. It further enumerates how Corporate Governance leads to corporate excellence.
CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERSBibek Prajapati
CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERS
FOR CS PROFESSONAL, CA,CMA, MBA
Stakeholder Concept
• Recognition of Stakeholder Concept In Law
• Stakeholder Engagement
• Stakeholder Analysis
• Types of Stakeholders
• Caux Round Table
• Clarkson Principle of Stakeholder Management
• Governance Paradigm and Stakeholders
• Stakeholders provide resources that are more or less critical to a firm’s long-term success. These resources may be both tangible and intangible. Shareholders, for example, supply capital; suppliers offer material resources or intangible knowledge; employees and managers grant expertise, leadership, and commitment; customers generate revenue and provide infrastructure; and the society builds its positive corporate images.
• A director of a company shall act in good faith in order to promote the objects of the company for the benefit of its members as a whole, and in the best interest of the company, its employees, the community and the environment.
• Stakeholder engagement leads to increased transparency, responsiveness, compliance, organizational learning, quality management, accountability and sustainability. Stakeholder engagement is a central feature of sustainability performance.
• Primary stakeholders are those whose continued association is absolutely necessary for a firm’s survival; these include employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure.
• Secondary stakeholders do not typically engage in transactions with a company and thus are not essential for its survival; these include the media, trade associations, and special interest groups.
• Customers are considered as the king to drive the market and they can sometimes exercise influence by consolidating their bargaining power in order to get lower prices.
• The lenders put a check and balance on the governance practices of an organization to ensure safety of their fund and as a societal responsibility.
• The organization which builds a mutually strong relationship with its vendors improves its overall performance in the marketplace.
• The society provides the desired climate for successful operation of a company business. If society turns against the company, then business lose its faith in the eyes of other stakeholders be it government or customer.
Notes of Module 5 Corporate Governance
Content
Concept of Corporate Governance
Corporate Governance in India
Objective of Corporate Governance
Features of Corporate Governance
Elements of Corporate Governance
Importance of Corporate Governance
Important Issues in Corporate Governance
Corporate Governance and Agency Theory
Reforming Board of Directors
*Birla Committee
*Naresh Candra Committee
*Narayana Murthy Committee
Bibliography
www.google.com
related materials
financial leadershipETHICALC O N D U C TWHAT FINANC.docxvoversbyobersby
financial leadership'
ETHICAL
C O N D U C T
WHAT FINANCIAL EXECUTIVES
Do To LEAD
BY FREDERICK MILITELLO AND MICHAEL SCHWALBERG
T
oday's so-called "crisis" of
accountability or financial
integrity has been met with a
flurry of laws and regulations
designed to restore public confidence
in corporations. Likewise, many
financial institutions and some corpo-
rations seem to be trying to outdo one
another in announcing new policies
demonstrating their commitment to
integrity and ethical behavior.
Yet, a new Executive Report by the
Financial Executives Research Founda-
tion finds that the vast majority of cor-
porations and financial executives
express strong beliefs that ethical
behavior and financial integrity
remain the rule of the day. Rather than
believing that investor confidence can
be restored by external regulation,
they see the importance of "staying
the course" and "walking the walk" as
both the ethical gatekeeper and con-
science of their organizations.
In the study, Integrity-Based Finan-
cial Leadership and Ethical Behavior: A
Professional Response to Meeting the
Challenges and Responsibilities, finan-
cial executives from a wide range of
companies openly share thoughts,
insights and practices that relate to
the "crisis" of financial integrity.
While the findings are vast, and at
times controversial, two ideal por-
traits of ethical behavior emerged; the
"Ethically Intelligent Financial Execu-
tive" (EIFE) and the "Ethically Intelli-
gent Finance Organization" (EIFO).
The Ethically Intelligent
Financial Executive
He or she is aware of the multiple
pressures that may potentially
impinge upon the maintenance of
X, /
one's integrity, and is further aware of
the ubiquitous presence of ethical
dilemmas faced by leaders in daily
business life, and takes the time to
reflect upon these dilemmas.
George Boyadjis, EVP, CFO and
Treasurer of American TeleCare Inc.,
speaks for many in the study when he
observes, "So much of what we do is
driven by the creation of value
through increasing the speed of busi-
ness — shortening time to market,
accelerating growth rates, cutting
cycle times, etc. But, if we as financial
executives are truly focused on value
creation for the enterprise, then we
must also reflect on the ethics and
transparency of transactions and rela-
tionships."
The EIFE is a valued business part-
ner who actively assists the business-
es in planning, development and
T w o IDEAL PORTRAITS OF ETHICAL BEHAVIOR EMERGED FROM A NEW
REPORT BY THE FINANCIAL EXECUTIVES RESEARCH FOUNDATION: THE
"ETHICALLY INTELLIGENT FINANCIAL EXECUTIVE" (EIFE) A N D THE
"ETHICAL INTELLIGENT FirviANCE ORGANIZATION" ( E I F O ) .
www.fei.org January/February 2003 49
Arnold l-ldnish,
Executive Director, Finance and Chief
Accounting Officer, Eli Lilly and Co.
George Boyadjis,
EVP, CFO and Treasurer,
American TeleCare Inc,
Gary L. Ellis,
VP, Corporate Controller and Treasurer,
Medtronic Inc.
implementation of projects and goals,
and as the c ...
The paper 'Why business ethics matter to your bottom line' looks at the need for businesses to build institutional integrity into an organisation to support employees in making ethical choices.
Business Ethics - Internal Audit's Opportunity to Influence Organisational Ch...David Mallard
This presentation to the IIA Melbourne speaks to the changing business environment, the strategic reputation risk posed by social media the importance of ethical leadership in creating a highly performing organisation. It also highlights the role Internal Audit can play in influencing positive change, moving Audit along the value curve.
Corporate Excellence Through Corporate Governance Nirc IcsiPavan Kumar Vijay
This presentation deals with Corporate Governance framework and principles of Corporate Governance. It further enumerates how Corporate Governance leads to corporate excellence.
CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERSBibek Prajapati
CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERS
FOR CS PROFESSONAL, CA,CMA, MBA
Stakeholder Concept
• Recognition of Stakeholder Concept In Law
• Stakeholder Engagement
• Stakeholder Analysis
• Types of Stakeholders
• Caux Round Table
• Clarkson Principle of Stakeholder Management
• Governance Paradigm and Stakeholders
• Stakeholders provide resources that are more or less critical to a firm’s long-term success. These resources may be both tangible and intangible. Shareholders, for example, supply capital; suppliers offer material resources or intangible knowledge; employees and managers grant expertise, leadership, and commitment; customers generate revenue and provide infrastructure; and the society builds its positive corporate images.
• A director of a company shall act in good faith in order to promote the objects of the company for the benefit of its members as a whole, and in the best interest of the company, its employees, the community and the environment.
• Stakeholder engagement leads to increased transparency, responsiveness, compliance, organizational learning, quality management, accountability and sustainability. Stakeholder engagement is a central feature of sustainability performance.
• Primary stakeholders are those whose continued association is absolutely necessary for a firm’s survival; these include employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure.
• Secondary stakeholders do not typically engage in transactions with a company and thus are not essential for its survival; these include the media, trade associations, and special interest groups.
• Customers are considered as the king to drive the market and they can sometimes exercise influence by consolidating their bargaining power in order to get lower prices.
• The lenders put a check and balance on the governance practices of an organization to ensure safety of their fund and as a societal responsibility.
• The organization which builds a mutually strong relationship with its vendors improves its overall performance in the marketplace.
• The society provides the desired climate for successful operation of a company business. If society turns against the company, then business lose its faith in the eyes of other stakeholders be it government or customer.
Notes of Module 5 Corporate Governance
Content
Concept of Corporate Governance
Corporate Governance in India
Objective of Corporate Governance
Features of Corporate Governance
Elements of Corporate Governance
Importance of Corporate Governance
Important Issues in Corporate Governance
Corporate Governance and Agency Theory
Reforming Board of Directors
*Birla Committee
*Naresh Candra Committee
*Narayana Murthy Committee
Bibliography
www.google.com
related materials
financial leadershipETHICALC O N D U C TWHAT FINANC.docxvoversbyobersby
financial leadership'
ETHICAL
C O N D U C T
WHAT FINANCIAL EXECUTIVES
Do To LEAD
BY FREDERICK MILITELLO AND MICHAEL SCHWALBERG
T
oday's so-called "crisis" of
accountability or financial
integrity has been met with a
flurry of laws and regulations
designed to restore public confidence
in corporations. Likewise, many
financial institutions and some corpo-
rations seem to be trying to outdo one
another in announcing new policies
demonstrating their commitment to
integrity and ethical behavior.
Yet, a new Executive Report by the
Financial Executives Research Founda-
tion finds that the vast majority of cor-
porations and financial executives
express strong beliefs that ethical
behavior and financial integrity
remain the rule of the day. Rather than
believing that investor confidence can
be restored by external regulation,
they see the importance of "staying
the course" and "walking the walk" as
both the ethical gatekeeper and con-
science of their organizations.
In the study, Integrity-Based Finan-
cial Leadership and Ethical Behavior: A
Professional Response to Meeting the
Challenges and Responsibilities, finan-
cial executives from a wide range of
companies openly share thoughts,
insights and practices that relate to
the "crisis" of financial integrity.
While the findings are vast, and at
times controversial, two ideal por-
traits of ethical behavior emerged; the
"Ethically Intelligent Financial Execu-
tive" (EIFE) and the "Ethically Intelli-
gent Finance Organization" (EIFO).
The Ethically Intelligent
Financial Executive
He or she is aware of the multiple
pressures that may potentially
impinge upon the maintenance of
X, /
one's integrity, and is further aware of
the ubiquitous presence of ethical
dilemmas faced by leaders in daily
business life, and takes the time to
reflect upon these dilemmas.
George Boyadjis, EVP, CFO and
Treasurer of American TeleCare Inc.,
speaks for many in the study when he
observes, "So much of what we do is
driven by the creation of value
through increasing the speed of busi-
ness — shortening time to market,
accelerating growth rates, cutting
cycle times, etc. But, if we as financial
executives are truly focused on value
creation for the enterprise, then we
must also reflect on the ethics and
transparency of transactions and rela-
tionships."
The EIFE is a valued business part-
ner who actively assists the business-
es in planning, development and
T w o IDEAL PORTRAITS OF ETHICAL BEHAVIOR EMERGED FROM A NEW
REPORT BY THE FINANCIAL EXECUTIVES RESEARCH FOUNDATION: THE
"ETHICALLY INTELLIGENT FINANCIAL EXECUTIVE" (EIFE) A N D THE
"ETHICAL INTELLIGENT FirviANCE ORGANIZATION" ( E I F O ) .
www.fei.org January/February 2003 49
Arnold l-ldnish,
Executive Director, Finance and Chief
Accounting Officer, Eli Lilly and Co.
George Boyadjis,
EVP, CFO and Treasurer,
American TeleCare Inc,
Gary L. Ellis,
VP, Corporate Controller and Treasurer,
Medtronic Inc.
implementation of projects and goals,
and as the c ...
financial leadershipETHICALC O N D U C TWHAT FINANC.docxAKHIL969626
financial leadership'
ETHICAL
C O N D U C T
WHAT FINANCIAL EXECUTIVES
Do To LEAD
BY FREDERICK MILITELLO AND MICHAEL SCHWALBERG
T
oday's so-called "crisis" of
accountability or financial
integrity has been met with a
flurry of laws and regulations
designed to restore public confidence
in corporations. Likewise, many
financial institutions and some corpo-
rations seem to be trying to outdo one
another in announcing new policies
demonstrating their commitment to
integrity and ethical behavior.
Yet, a new Executive Report by the
Financial Executives Research Founda-
tion finds that the vast majority of cor-
porations and financial executives
express strong beliefs that ethical
behavior and financial integrity
remain the rule of the day. Rather than
believing that investor confidence can
be restored by external regulation,
they see the importance of "staying
the course" and "walking the walk" as
both the ethical gatekeeper and con-
science of their organizations.
In the study, Integrity-Based Finan-
cial Leadership and Ethical Behavior: A
Professional Response to Meeting the
Challenges and Responsibilities, finan-
cial executives from a wide range of
companies openly share thoughts,
insights and practices that relate to
the "crisis" of financial integrity.
While the findings are vast, and at
times controversial, two ideal por-
traits of ethical behavior emerged; the
"Ethically Intelligent Financial Execu-
tive" (EIFE) and the "Ethically Intelli-
gent Finance Organization" (EIFO).
The Ethically Intelligent
Financial Executive
He or she is aware of the multiple
pressures that may potentially
impinge upon the maintenance of
X, /
one's integrity, and is further aware of
the ubiquitous presence of ethical
dilemmas faced by leaders in daily
business life, and takes the time to
reflect upon these dilemmas.
George Boyadjis, EVP, CFO and
Treasurer of American TeleCare Inc.,
speaks for many in the study when he
observes, "So much of what we do is
driven by the creation of value
through increasing the speed of busi-
ness — shortening time to market,
accelerating growth rates, cutting
cycle times, etc. But, if we as financial
executives are truly focused on value
creation for the enterprise, then we
must also reflect on the ethics and
transparency of transactions and rela-
tionships."
The EIFE is a valued business part-
ner who actively assists the business-
es in planning, development and
T w o IDEAL PORTRAITS OF ETHICAL BEHAVIOR EMERGED FROM A NEW
REPORT BY THE FINANCIAL EXECUTIVES RESEARCH FOUNDATION: THE
"ETHICALLY INTELLIGENT FINANCIAL EXECUTIVE" (EIFE) A N D THE
"ETHICAL INTELLIGENT FirviANCE ORGANIZATION" ( E I F O ) .
www.fei.org January/February 2003 49
Arnold l-ldnish,
Executive Director, Finance and Chief
Accounting Officer, Eli Lilly and Co.
George Boyadjis,
EVP, CFO and Treasurer,
American TeleCare Inc,
Gary L. Ellis,
VP, Corporate Controller and Treasurer,
Medtronic Inc.
implementation of projects and goals,
and as the c ...
Due to the current instability in the business world, organizations should be able to anticipate changes and have coherent responses at hand to effective manage risks, create value, build good relations, increase profit and improve competitive positioning.
A report titled Exploring Strategic Risk issued in 2013 for Forbes Insights by Deloitte, contains some very important conclusions for the business community. 300 executives from around the world were interviewed for the study, in an attempt to find out their vision of the risk strategy and current changes and analysing how organizations should face these new challenges.
Sometimes it is difficult to link risks to a specific financial impact and not all data are pertinent to the evaluation of emerging risks. That's why companies have to be aware of internal risks and manage them well in order to be able to manage external risks and invest into strategic assets such as human capital, clients and innovation.
This insight explains the case of the financial services as the sector that less trust generates due to its short-sightedness, lack of values and lack of professional education that resulted in corruption and bad practices, which compromised the financial sector.
The report A Crisis of Culture: Valuing Ethics and Knowledge in Financial Services examines the role of integrity and knowledge in restoring culture in the financial services industry. The conclusions appear in the full version of this document.
The financial industry is just one example in the wider panorama. Lack of values is widespread and creates significant risks. Bad practices trigger problems such as loss of profit, loss of reputation and even loss of shareholders, clients and employees.
The crisis, as well as the arrival of new technologies, urges companies to maintain their good practices and emphasize aspects as ethics, leadership, commitment, performance, transparency and sustainability.
The digital revolution and social networks encourage companies to be more transparent: companies meet their promises and obligations, deliver a coherent dialogue and improve the relationship with their stakeholders.
Application of values raises the possibility of good results and profits for companies through improvement of their reputation and business as well as optimization of resources. This certainly creates competitive advantages, establishes a strong cultural connection and improves employees’ motivation.
Before taking any decision, an institution should keep in mind the fact that it needs implicit and explicit public approval. Good business management implies risk management, creating a climate of trust, good will, credibility, social commitment and empathy between stakeholders and the company.
Ethics help building supremacy of organisations - Amit Das, Director-Human Re...Anil Kaushik
Given the speed of innovation and technological disruptions, many companies are finding it difficult to sustain the pressure of change hence number of cases of unethical business practice are coming to light these days.
Why are corporates moving their way towards “ethically instilled workplace”.Ethics, what we already know is the moral philosophy which determines what is right and what is wrong. A prescribed code of conduct establishes the kind of and to what extent the ethics would be practiced in the organization. The need for ethics was felt when the organization faced the moral dilemmas in the workplace. Such dilemmas were complex and everyone bought their school of idea about ethics to the table. Also, the issue of business ethics has increased attention. Corporate research and watchdog groups such as the Ethics Resource Center and the Council on Economic Priorities brings out the number of organization that engage in ethics training.
The question arises why the corporates are now more diverted towards “being ethical”. This is what we founded in our research paper that why companies are moving towards ethical, to exist in long run why it is important to adopt ethical practises with the help of certain examples of companies and what happen to them when adopt ethical and unethical behaviour in their workplace.
Similar to Are CEO's an Unmanaged Risk to the Organisation's they Steer? (20)
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Most men in Western cultures are raised within the confines of an emotional straitjacket and see sharing emotions as a sign of masculine failure.This presentation talks to the changing role of men in the context in which we live, the changing role of relationships and general wellbeing. Australia, as a society, is paying for this straitjacketing today, with more dysfunctional men unable to display real emotions nor support other men to talk about real issues. Society has changed a lot in recent years and many men are confused about their role in society. What it means to be a man and masculinity is no longer simple. There is no doubt that the ‘job description’ for being a man has changed. Men tend to be judged on the job they do, the car they drive and the sporting team they follow, which does nothing to help a man talk about being an individual with hopes, dreams and feelings.
Internal Audit - Leading as the Trusted AdvisorDavid Mallard
This webinar presentation I recently delivered for the IIA Australia talks to the capability challenge for service providers to be perceived as Trusted Advisors by their customers.
It focuses on Internal Audit functions however is broadly relevant for other similar 'technical' service providers e.g. legal, finance, risk, compliance, engineering, technology.
It also outlines development options we offer to address the common capability gaps we find in Internal Audit teams. Feel free to reach out to find out more: david@davidmallard.com
Building a High Performance Team using the Integral FrameworkDavid Mallard
Presentation to the South Pacific & Asia Internal Audit Conference in Melbourne on leveraging the Integral Framework for building a high performance team - (http://www.iia.org.au/sopac/home.aspx)
In our increasingly complex and ambiguous world, how do Risk Management & Assurance practitioners build and deploy the capability necessary to deliver greater value and be perceived as Trusted Advisors?
Technical skills remain absolutely necessary, but are not sufficient on their own. The most effective Risk Management & Assurance team possesses a broad range of non-technical attributes in addition to deep technical expertise.
Cornerstone uniquely tailors consulting and development programs using the Integral Framework. Integral thinking and application (i) is a holistic perspective on organisational life (ii) is one of the most significant frameworks capable of taking into account the rapid rates of change and complexity emerging in the global marketplace (iii) Has increased potential to deliver the requisite outcomes both tangible and intangible. It has significant application for career, leadership and organisational development.
Business Ethics and Corporate Governance - White PaperDavid Mallard
Ethics and Culture in organisations: 53% of C-suite executives think their boards are out of touch in understanding the ethical issues facing their business. Its reasonable to suggest that companies aim to develop an organisational culture that is self-policing and that positively encourages concerns about ethical behaviour to be raised at all levels and in all locations.A White paper written by colleague Dr Attracta Lagan for the ICAA.
Internal Audit & Risk - Building Relationship AcumenDavid Mallard
As chief audit executives find themselves in a highly visible, pressure-packed role, many have come to realize that business and financial acumen are no longer enough. "Relationship acumen"—the ability to establish and maintain strong connections with key stakeholders—is now also a prerequisite for success. Paper by: Korn Ferry and the IIA
This is a paper from PROTIVITI which examines some of the great work we did with the Internal Audit function at Australia Post. A great group of people and great company to work with.
This paper was presented at the national IIA Conference (SOPAC) in Brisbane in March 2013 - it talks to the issue of Internal Audit's role in Auditing business strategy.
The Integral Auditor - Trusted Advisor in a Complex World.pptDavid Mallard
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At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Are CEO's an Unmanaged Risk to the Organisation's they Steer?
1. Trends & special topics
Organisationalculture
hasbeendescribedasthe
lengthenedshadowofthe
personatthetop,sohow
isCEOaccountabilityfor
organisationalcultural
integritymeasured?Could
yourCEO’sleadershipstyle
beanunknownthreattoyour
business?Howconfidentis
yourboardthatyourCEOis
overseeingaregimewhere
anethicalbusinesscultureis
activelynurtured?
Despite the increasing frequency
in which business leaders and their
organisations have been exposed for
behaving badly there seems to be
slow progress in holding executives
accountable for the cultures they
oversee. We have seen recently here in
Australia unethical business practices
exposed in the financial sector where
profits trumped customer interests;
in the resources sector where paying
bribes and facilitation payments
secured business contracts and in
the transport area where marketplace
price fixing was exposed as part of the
success formula of some companies.
These practices were the symptoms
of a lack of institutional integrity with
stated values rather than the acts of
rogue individuals or a few bad apples.
In November 2013, for example, no
less than eight banks were fined by
the European Union for presiding over
organisational cultures that colluded to
form illegal cartels to fix interest rates
over several years, adversely affecting
the economies of both developed and
developing nations.
Bad apples or a bad barrel?
Spectacular high profile CEO failures
such as Enron’s Andrew Fastow, World
Com’s Bernard Ebbers, UK Barclay’s
Bob Diamond, HIH’s Ray Williams or
ABC Learning’s Eddie Groves highlight
how leaders can oversee organisations
characterised by an integrity vacuum
where an absence of an ethics
infrastructure inhibited values being
embedded as cultural norms. Typically
the ethical dimension has had to retro-
fitted after these types of leaders have
exited, usually in a media glare exposing
institutional corruption in the form
of inappropriate financial reporting,
systemic cheating and other forms
of collective practices that cannot be
slated home to a few individuals.
Board reliance on compliance
polices that, at best can only signal
management’s intent, largely ignore
the social reality of organisational life
where policies are trumped every time
by the behaviours being modelled from
the top. We say people listen with their
eyes; they take their cues from how
they see things are done and what gets
air time. If ethics is only talked about
when there is a crisis then the message
that goes out daily is that it’s not that
important, maybe even discretionary.
A focus on compliance regimes is
perhaps even the easy way out. It’s
certainly not making the leap to
recognise the power of organisational
By Dr Attracta Lagan, Principal, Managing Values
Areleaders,andtheculturesthey
spawn,anunmanagedrisktothe
enterprisestheysteer?
• Research shows not
only the costs of
failure to pay attention
to business ethics
costs but the financial
benefits of a focus on
business ethics.
• Board reliance on good
compliance policies
can only signal intent.
• The board’s critical
role in building
organisational integrity
involves four key
activities.
421Governance Directions August 2014
2. Trends & special topics
culture and the actions needed to
manage it if ethical risks are to be
prevented from emerging in the first
place. How much poor leadership
resulting in poor institutional integrity can
cost was brought home to UK investors
with KPMG’s latest research. This
showed that the costs of conduct failings
and remediation from past mis-selling
issues represented approximately 80 per
cent of the cumulative profits of the top
five banks for 2013.
High ethical standards deliver high
business returns
Just as a body of research is building
to show how failure to pay attention
to business ethics costs, so too
field research shows the financial
benefits of a focus on business ethics.
Every year the World Most Ethical
Companies (WME) Index shows that
these companies outperform the S&P
top 500 companies. So, too, research
from the US based Corporate Executive
Board (CEB) highlights how companies
with high integrity capital enjoy
financial benefits such as incurring only
one-eighth the costs of misconduct
than competitors and enjoying 12 per
cent lower labour costs because their
employees invest more discretionary
effort. CEB attributes these two
organisational integrity dynamics as
key factors in delivering shareholder
returns 5.8 per cent higher than the
average company.
The major accountancy firms agree
that failure to manage for integrity is
a risk issue. According to E&Y’s 2011
global survey for example, as many
as 52 per cent of C-suite executives
think their boards are out of touch in
understanding the ethical issues facing
the business, and especially so in
rapid-growth markets.
Ethical cultures are intentional
Our experience working in the business
ethics field has taught us what good
‘tone at the top’ looks like and it’s
largely about institutionalising systems
and processes to promote integrity
rather than any big man theory.
Typically, it’s the implementation
and maintenance of a robust ethics
infrastructure involving ethical
leadership training for executives;
executives signing up to a ‘mandate
letter’ that commits them to managing
in accordance to stated values
and rewards them accordingly and
overseeing annual cultural surveys to
assess how well employees experience
the ethics system as working.
These measurements are externally
benchmarked against industry leaders
to ensure continuous improvement. We
have worked, for example, alongside
Asia’s biggest insurance company, AIA,
and in its operations across 14 countries,
as it embeds an ethical regime which
includes all of the above measurable
initiatives to ensure all managers know
their personal accountability and are
measured against it.
Every year, for example, each country
operation conducts a cultural review
to measure how successful managers
are in embedding the organisation’s
operating principles and new targets
and initiatives are then agreed for the
next 12 months. The interdependent
relationship between institutional
integrity and trust in the brand is
jealously guarded and actively managed.
Global names like GE and Lockheed
Martin have won many accolades for
their ethical infrastructures which
include executives engaging in regular
ethics training to remind them that
financial performance and high
standards of governance are mutually
complementing.
Business ethics is anything but easy
and yet here in Australia it continues
to be managed informally unlike in
America where every publicly listed
company by law has to appoint and
resource a dedicated ethics officer.
An organisational culture context
can corrupt its employees
Edgar Schein’s research1
on
culture and leadership points to the
complexities of managing culture
because so much of it is tacit and
unquestioned. His famous iceberg
model of organisational culture
(Figure 1) reminds us that behaviours
are only the tip of an iceberg and
if they are to be managed then the
hidden motivations, assumptions and
personal world views or perspectives
of employees must also be surfaced
and addressed. Shein’s vast academic
research in this area suggests that
managing or changing culture can
only be achieved through primary
embedding mechanisms (systems and
processes) and secondary reinforcing
mechanisms (rewards and sanctions).
In reality, it is these mechanisms that
set the ethical tone and therefore need
to be carefully managed.
Business ethics is difficult because
typically it revolves around seemingly
competing needs against a backdrop
of complexity and a time frame where
short term imperatives are often
valued over long term sustainability.
How these tensions are managed and
how tradeoffs are made in a way that
is fair and transparent and in line with
stated values is often missing from risk
assessments or board reviews.
Business is arguably the most
powerful institution in most societies.
With increased power comes great
Figure 1: The complexity of organisational culture
Artifacts:
Stories, metaphors,
rituals, heroes &
symbols
Beliefs, values
and attitudes
Basic assumptions
Schein Culture iceberg
422
3. accountability to hone a sophisticated
governance system that will safeguard
the enterprise and its stakeholders.
Increased accountability is being
demanded by a networked world society
where more people can quickly see how
business gets done and take immediate
action where an organisation is found
wanting. This consumer backlash led for
example to the run on the UK’s financial
institutions during the financial crisis of
2007–2010. The GFC’s legacy has been
a simmering resentment against boards
for the compensation practices they
oversaw which, many continue to believe,
encourages the rise to a new generation
of amoral business managers. These
amoral managers focus on the upside
only and typically fail to canvass the
ethical dimension which entails the
potential negative impacts on others or
on the common good.
The field of behavioural ethics suggests
that employee ethical standards are
highly malleable and dynamic. It is the
workplace context (culture) that shapes
how managers and employees behave.
In other words, an organisational
culture has the power to corrupt its
members.
Tone at the top must be monitored,
measured and safeguarded
Setting the ethical tone then means
ensuring the right sort of culture is
being promoted so that employees at
all levels know what’s non-negotiable;
specifically the boundaries that must
not be crossed in pursuit of business
success. It was the absence of such
boundaries that arguably gave us the
GFC and continues to claim the public
reputations as well as the premature
deaths of enterprises today.
Tone at the top means overseeing
a regime that keeps the enterprise
safe and this includes a clear focus
on how the CEO is playing the game.
Behavioural ethics research leaves little
doubt that the organisational culture
trumps personal values every time. So
it matters greatly how a CEO sets the
organisational context for employees.
If we are to learn from the lessons of the
past, boards today need to be regularly
assessing the cultures emerging under
their CEO’s. They need to test ‘the mood
in the middle’ to ensure they are being
appropriately led. The board’s role in
building organisational integrity is vital
if for no other reason than the fact that
board’s have a much longer tenure
than CEO’s these days and therefore
have a greater opportunity to set the
ethical standards and recruit CEO’s who
undertake to safeguard these.
The board’s critical role in building
organisational integrity involves four
key activities:
1 Participating in setting and
safeguarding the collective values
and standards that will underpin
the organisation’s success formula.
This is no easy task as each
organisation operates in a specific
context that has its own unique
ethical challenges. The ethical
challenges facing the resources
sector are quite different from
those facing the service sector.
The board needs to pay particular
attention to the incentives and
other mechanisms that are in place
to enable good intentions to be
transformed into good behaviour.
2 Advocating for a culture of integrity
by ensuring institutional integrity is
measured as a KPI for key executives
This can be achieved through an
executive mandate letter focusing
on cultural accountability.
3 Moving beyond a compliance paper
trail to ensure cultural norms are
being measured.
This requires a review of how
business tensions and possible
tradeoffs are made; how fairness
and transparency are safeguarded
and how stated values are
supported to ensure institutional
integrity
4 Since every dimension of workplace
behaviour has an ethical dimension,
ensuring there is regular training for
executives and employees in ethical
decision making
Through engagement with these four
activities, boards can be reassured that
they have put in place a governance
system that nurtures and promotes
an organisational culture that is self-
policing; one that encourages ‘a speak
up culture’ where risks to the institution’s
integrity are identified at early stages.
These cultures enable ongoing remedial
actions rather than paying a very high
price to retrofit an ethic regime after
adverse media exposure.
Like fraud risk, cultural risks and the
ethical issues they spawn, need to be
anticipated, managed and discussed.
This means a clear focus on quantifying
the risks posed by leadership styles
and the organisational cultures these
give rise to. Beyond this, boards need
to motivate and reward CEOs who are
culture builders and not just bottom
line inflators. If we are to learn from the
corporate collapses of the past we must
recognise that organisational culture
is the game changer and managing
for greater institutional integrity a
prerequisite of sustainable success.
In June this year French banking
giant BNP Paribas pleaded guilty to
wilfully evading US embargoes on
Iran, Sudan and Cuba. BNP agreed
to pay an $8.9 billion fine, one of the
largest in US history, and admitted
that it had taken steps to conceal
the true nature of the banking
transactions it executed in violation
of the embargoes. The BNP case is
notable because the investigation
was substantially aided by
whistleblowers. An internal whistle-
blower alerted authorities that BNP
was violating US embargoes as
early as 2009 while the Statement
of Facts by the Department of
Justice suggested that an internal
whistleblower (along with several
compliance officials, had expressed
concern within BNP about its illegal
conduct, but that these warnings
went unaddressed. The case shows
that boards can be forewarned of
unethical behaviour if they ensure
a sound ethics infrastructure is in
place as this always revolves around
a detailed ladder of escalation on
how employees at every level can
raise issues safely.
Dr Attracta Lagan can be contacted
on 0430488875 or by email at
attracta@values.com.au.
Website www.values.com.au
Note
1 Schein, E.H (1992) Organisational Culture
and Leadership, Jossey- Bass. San Francisco.
423Governance Directions August 2014