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Timex wall clock manual. Timex digital watch manual. Timex digital alarm clock manual. Timex digital wall clock manual. Timex digital clock instructions.Some organizations take the view that as long as they are maximizing shareholder wealth and profitability, they are fulfilling their core responsibilities. I’ll stop by to see you in another couple of months.” With that, Ralph left. There have been been urban concerns about the number of acres of city green space devoured by Wal-Mart sprawl. Researchsuggested that many target consumers exhibited the same symptoms as compulsive gamblers. Machiavelli is famous for the idea that, for a leader, it is better to be feared than to be loved. Valerie Loiseleux Keith Reicher CHAPTER 9 Implementing and Auditing Ethics Programs CHAPTER OBJECTIVES To define ethics auditing To examinethe challenges of measuring nonfinancial performance To explore the stages of the ethicsauditing process To understand the strategic role that the ethics audit can play To identify the benefits and limitations of ethics auditing CHAPTER OUTLINE The Ethics Audit Benefits of Ethics Auditing Ethical Crisis Management and Recovery Challenges ofMeasuring Nonfinancial Performance Risks and Requirements in Ethics Auditing The Auditing Process Secure Commitment of Top Managers and Board of Directors Establish a Committee to Oversee the Ethics Audit Define the Scope of the Audit Process Review Organizational Mission, Values, Goals, and Policies and Define Ethical Priorities Collectand Analyze Relevant Information Verify the Results Report the Findings The Strategic Importance of Ethics Auditing AN ETHICAL DILEMMA* Chantal has been with Butterfly Industries for 13 years. jsp?id 2825&yearpub (accessed May 30, 2009). Bullying may create what some may call a hostile environment, but this term is generally associatedwith sexual harassment. In this case, the university believed that there was no duality and the EEOC awarded no monetary damages to the assistant. As a result, I have no alternative but to give you your two weeks’ notice. The bolts manufactured by Midwest Hardware have a 3 percent defect rate, which, although acceptable in the industry, makesthem unsuitable for use in certain types of projects, such as those that may be subject to sudden, severe stress. Why do you think Starbucks has been so concerned with social responsibility in its overall corporate strategy? “Huffing and Puffing in Washington: Can Clinton’s Plan Curb Teen Smoking?” Consumer Reports 60 (1995): 637. Analysis shouldinclude an examination of how other organizations in the industry are performing in the designated subject matter areas. Starr’s success in Shanghai quickly led to expansion across Asia, and to the United States in 1926. Joseph had realized that Alcon was a paternal type of organization, with good benefits and tremendous growth potential. This cancontribute to either ethical or unethical conduct. Strong ethical leaders must stick to their principles and, if necessary, be ready to leave the organization if its corporate governance system is so flawed that it is impossible to make the right choice. Keep in mind that there are no right or wrong solutions to the minicases. The Enron Corporation, whichonce ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. The company is doing this by incorporating liability prevention processes early in the process, even into the planning stages of operations. Decentralized organizationsgive employees extensive decision making autonomy because management empowers the employees. I’m firm on this—so you’re either on board or you’re not. These were investors who took risks, made multiple transactions every month, and looked for short-term, high-yield investments. The increase in technology use seems to be increasing theopportunity to commit whitecollar crime with less risk. Win Swenson, “The Organizational Guidelines’ ‘Carrot and Stick’ Philosophy, and Their Focus on ‘Effective’ Compliance,” in Corporate Crime in America: Strengthening the “Good Citizenship”-Corporation (Washington, DC: U.S. Sentencing Commission, 1995), 17–26. Compare the benefits ofgrowing GMO seeds for crops with the potential negative consequences of using them. Could ingesting this herbicide, even in small amounts, cause detrimental effects on consumers? By the early 2000s, one in six U.S. loans originated with Countrywide. Although Wal-Mart is the largest retail employer in the world, it also has been highly criticized forits low wages and benefits. As part of his research, Kent also observed people in video arcades, where he found that many became hypnotized by a game and would quickly put in quarters when told to do so. They came from nearby in the oil industry, Arab countries and from far away India and China. Describe the process through which Bill mightattempt to resolve his dilemma. Hunt and Scott Vitell, “A General Theory of Marketing Ethics,” Journal of Macromarketing 6 (Spring 1986): 5–16; William A. The U.S. Justice Department began a criminal investigation into Andersen in January of financial 2002, prompting both Andersen’s clients and its employees to jump ship. Monsanto and severalother manufacturers agreed to settle for 180 million. The fifth step is identifying the tools or methods that can be employed to measure the firm’s progress and then collecting and analyzing the relevant information. Donald Acker Brown Mackie College Donna Allen Northwest Nazarene University Suzanne Allen Walsh University Carolyn AsheUniversity of Houston–Downtown Laura Barelman Wayne State College Russell Bedard Eastern Nazarene College April Chatham-Carpenter University of Northern Iowa Leslie Connell University of Central Florida Peggy Cunningham Queen’s University Carla Dando Idaho State University James E. As a result, firms need to understand that certainemployee issues, once country specific, have become global. With this investment, WalMart hopes to encourage mayors to promote jobs in their cities’ green industries and provide veterans with training in green skills. The concept of ethics auditing has emerged from the movement toward auditing and reporting on companies’ broader socialresponsibility initiatives. Overall, Mattel is committed to both business success and ethical standards, and it recognizes that it is part of a continuous improvement process. If the CEO or manager in charge selects committee members who will produce a predetermined outcome, the ethics committee may not help the organization resolve its ethicalissues in the long run. Good leaders are effective at getting followers to their common goals or objectives in the most effective and efficient way. What role does corporate reputation play within organizational performance and social responsibility? By indirectly letting his clients know it was his money he was spending on them, his clients weregrateful for his largess and those who would have grumbled about delays in the delivery of securities purchased were less apt to do so. Manuel Velasquez, Claire Andre, Thomas Shanks, S. Evaluations of performance that are not consistently developed and applied can lead to problems with procedural justice. The Importance of Business Ethics Definitions Reasons for studying business ethics History Benefits of business ethics Stakeholder relationships Stakeholder influences in social responsibility Corporate governance Recognizing an ethical issue Honesty, fairness, and integrity Ethical issues and dilemmas in business: abusive and disruptive behavior, lying, conflictsof interest, bribery, corporate intelligence, discrimination, sexual harassment, environmental issues, fraud, insider trading, intellectual property rights, and privacy Determining an ethical issue in business Mandatory requirements Voluntary requirements Core practices Federal Sentencing Guidelines for Organizations Sarbanes–OxleyAct Ethical issue intensity Individual factors in decision making Organizational factors in decision making Opportunity in decision making Business ethics evaluations and intentions The role of leadership in a corporate culture Leadership styles influence ethical decisions Habits of strong ethical leaders 2. 375 376 37 6 Par Par artt :C Cas ases as es BERNARD L. Common Mistakes in Designing and Implementing an Ethics Program Many business leaders recognize that they need to have an ethics program, but few take the time to answer fundamental questions about the goals of such programs. The two executives were charged with more than thirty counts of misconduct,including grand larceny, enterprise corruption, and falsifying business records. Its numerous reduction efforts, including everything from motion sensors on the lights throughout the building to induction fans that pull in cool winter air to chill the beer, offset New Belgium’s energy needs and are the cornerstone to being environmentally efficient.Metaethical relativists understand that people naturally see situations from their own perspectives and argue that, as a result, there is no objective way of resolving ethical disputes between value systems and individuals. He also cites excessive leveraging and mark-to-market accounting practices as contributing to the meltdown. Notions ofsustainability call for sharply reduced waste and consumption in the world’s wealthiest nations because the earth’s systems will become overwhelmed if more people continue to match consumption rates of wealthier nations. From leading-edge environmental gadgets and high-tech industry advancements to employee-ownership programs and a strongbelief in giving back to the community, New Belgium demonstrates its desire to create a living, learning community. American Girl dolls are sold with books about their lives, which take place during important periods of U.S. history. From 1998 to 2000 alone, Enron’s revenues grew from about 31 billion to more than 100 billion, making it theseventh-largest company of the Fortune 500. Add to this the fact that we now live in a multicultural environment doing business and working with many different cultural groups and the businessperson soon realizes the depth of the ethical and legal issues that may arise. Like so many others, Bank of America suffered massive losses as 2008 came to aclose, with a drop in net income of 95 percent in the fourth quarter. “Obesity Issue Looms Large,” Washington Wire, Wall Street Journal online, March 3, 2006, washwire/2006/03/03/obesity-issue-looms-large/ (accessed August 4, 2009). And finally, the company decisions back to the guiding has formed a “Mission Review” system so any partnerprinciple or principles can comment on a decision or action relative to its consistency with one of the six principles. The American Girl brand includes several book series, accessories, clothing for dolls and girls, and a magazine that ranks in the top ten American children’s magazines. The company Middle East. Report the findings to the auditcommittee and, if approved, to managers and stakeholders. This is in addition to thousands of tons of manufacturing scrap material that is recycled. This was the largest increase in sales for any craft brewer in the nation. It admitted that it knew about the illegal immigrants because it had been cooperating with the federal government for three yearsprior to the raids. The president of a firm may decide to establish an ethics program because it will provide a buffer against legal problems and the firm will be perceived as a responsible contributor to society. Carla asked, “So what else did they say?” Jack turned red and blurted out, “They said maybe in a few more years. Unfortunately, moststakeholders, including the public, regulators, and the mass media, do not always understand the nature of the financial risks taken on by banks and other institutions to generate profits. BP’s installed wind capacity has the potential to supply power to 6 million homes. “New US Consumer Survey Shows High Distrust of Financial ServicesCompanies,” Business Wire, January 20, 2009, http:// findarticles.com/p/articles/mi m0EIN/is 2009 Jan 20/ai n31202849/ (accessed May 27, 2009). During the wave of toy recalls, some analysts suggested that the company’s reputation was battered beyond repair. The arrogant tactics of Jeffrey Skilling and the seeming ignorance of Lay as to whatwas going on in his company further contributed to an unhealthy corporate culture that encouraged cutting corners and falsifying information to inflate earnings. Outside auditors raised concerns about being excluded from conversations on the evaluation of derivatives. While it is illegal in the United States, other countries allow it. Kara Scannell,“Assured of SEC’s Survival, Schapiro Now Fights to Keep Regulatory Teeth,” The Wall Street Journal, June 11, 2009, (accessed June 12, 2009). However, these concepts mean different things to different people depending on the perspective of his or her culture. came under fire when it was discovered that children as young as 10 were producingchildren’s goods for the chain in India. For example, there are only two black chairs/CEOs of Fortune 500 companies: Richard D. In Finland an executive vice president and several employees of Sonera Corporation were arrested as part of an investigation into whether the wireless telecommunications company violated the privacy of its workers bymonitoring their call records, a serious offense in Finland. Simply put, when examining moral philosophies, we must remember that each philosophy states an ideal perspective and that most individuals seem to shift to other moral philosophies in their individual interpretation of and experiencing of ethical dilemmas. “Corporate Information:Corporate Culture,” Google, . Katrina hit New Orleans on August 23 as a category 3 storm, making it the sixth strongest hurricane ever recorded in the Atlantic. The company also posts a Social Responsibility Report on its website, detailing its annual charitable contributions and the community programs in which it has become involved over theyears. “100 Most Influential People in Business Ethics 2008,” December 31, 2008, (accessed June 11, 2009). This is not a desirable scenario and can result in instability. The implication is that Pfizer controls international licensing rights so as to maximize its profits, care costs with little concern for the people who need the medications. The first stepin ethical decision making is to understand the individual factors that influence the process. The outraged public response to this book and other exposés of the industry resulted in the passage of the Pure Food and Drug Act. IMPORTANT TERMS FOR REVIEW compliance orientation values orientation code of ethics code of conduct statement ofvalues ethics officers Chapter 8: Developing an Effective Ethics Program 237 RESOLVING ETHICAL BUSINESS CHALLENGES* Jim, now in his fourth year with Cinco Corporation, was made a plant manager three months ago after completing the company’s management-training program. The investigation was launched after a local newspaperreported that Sonera was tracing employees’ phone calls in order to identify who may have leaked information about the company to the media. Ask the Makers of Fat Tire,” [Fort Collins] Coloradoan, October 8, 2000, pp. “Court Says Businesses Liable for Harassing on the Job,” Commercial Appeal, June 27, 1998, A1. Jeff Aronson, “Dying For Drugs,”British Medical Journal, May 3, 2003, . Associates offered gifts are required to contact their supervisors or the PETCO Hotline for guidance and to ask vendors to refrain from future gift giving. Should pet supply companies like PETCO be held responsible for the conditions at pet breeders and suppliers? “You’ve got charisma, John, and you know yourway around people and financial products,” Dryer explained. The United States spends more than twice as much per person for health care as other industrialized countries, and has fallen to last place among those countries in preventing deaths through effective medical care.39 The fundamental issue driving some businesses into ethical and legaltrouble around the world is whether health care is a right or privilege. 66. This case was prepared by O.C. Ferrell and Jennifer Jackson, based on work by Lisa Kiscaden and Megan Long, the University of New Mexico. Step 3: Identifying Stakeholder Issues Together, steps 1 and 2 lead to the identification of the stakeholders who are both the mostpowerful and legitimate. The Committee shall make recommendations to assist in the formulation and adoption of policies, programs, and practices concerning the matters set forth above including, but not limited to, environmental protection, employee and community health and safety, ethical business conduct, consumer affairs, alcohol and drugabuse, equal opportunity matters, and government relations, and shall monitor the Company’s charitable contributions.20 As you can see in Figure 9–4, Kellogg’s takes a sweeping approach to identify risk areas and audit issues across the value chain incorporating the interests of diverse stakeholders. In the previous month, a group of important D &R clients had thrown a party for a few of their favorite brokers at one of their local haunts. Values statements are conceived by management and are fully developed with input from all stakeholders. Money, security, family, power, wealth, and personal or group gratification are all types of success measures that people use. Carroll and Ann K. Ferrell,and Linda Ferrell, Business and Society: A Strategic Approach to Social Responsibility, 2nd ed. He had begun his career right out of college with a firm in the Southeast called Cala Industrial, which specialized in air compressors. and ability to bring diverse Most boards are not true democracies, with perspectives to strategic discussions. Abstractedfrom “Enhancing Compliance with Sarbanes-Oxley 404,” Quantisoft, . Don Wells, “Global Unions—Challenging Transnational Capital through Cross-Border Campaigns,” edited by Kate Bronfenbrenner, British Journal of Industrial Relations 47, no. How about we discuss this over a ball game?” “Well, OK,” Otis agreed. New Belgium takes pride inreducing waste through recycling and creative reuse strategies. Although we keep emphasizing that managers are positioned to exert pressure and force individuals’ compliance on ethically related issues, we also acknowledge that an individual’s personal ethics and needs will significantly affect his or her ethical decisions. Investigators may pursueRuth Madoff and their two sons in order to recover some of the money owed to bilked investors. html (accessed September 4, 2009); Foust, Dean, and Geri Smith, “‘Killer Coke’ or Innocent Abroad? Boeing had gone through several years of ethics and legal difficulties, including the jailing of the former CFO for illegal job negotiations with Pentagonofficials, indictment of a manager for stealing 25,000 pages of proprietary documents, abuse of attorney–client privilege to cover up internal studies showing pay inequities, and other scandals.43 Unethical behavior is possible in either centralized or decentralized structures when specific corporate cultures permit or encourage workers to deviatefrom accepted standards or ignore corporate legal and ethical responsibilities. THE CODE OF CONDUCT To help deal with BP’s growing reputation for ethical misconduct, BP’s Ethics and Compliance team organized the creation, publication, and distribution of a company code of conduct in 2005. Roger Parloff, “Wall Street: It’s Payback Time,”Fortune, January 19, 2009, 69. About Xerox, In 2002, Nike expanded Reuse-A-Shoe by partnering with the National Recycling Coalition, as well as beginning plans to go international with drop-off stations in Europe and Australia. The important thing to remember about education is that it does not reflect experience. In multinational corporations, adecision must also be made regarding whether to include in the audit only the main office or headquarters region or all facilities around the globe.33 Because employees carry out a business’s operations, including its ethics initiatives, understanding employee issues is vital to a successful audit. Escoto also gave herself at least 75,000 in bonuses.The company hopes to achieve these goals by taking some initiatives in sustainable agriculture. They’re hard workers and don’t complain.” “You’re absolutely right,” said Alan. A Defense of Virtue Ethics in Business,” Business Ethics Quarterly 13, no. “It was an emotional time,” he said. Gresham, “A Contingency Framework for Understanding EthicalDecision Making in Marketing,” Journal of Marketing 49 (2002): 261–274. See also Ethics programs key goals of, 230t overview, 228–230 Transactional leaders, 139–140 Trans-Alaska pipeline system, 433 Transformational leaders, 139 Transparency greater demands for, 45 lack of at AIG, 361–362 Nike, 392 Treasury bill futures contract, 404 Tree ofHope, PETCO, 463 Triple Bottom Line model, 248 Truman, Harry S., 11 Trust defined, 162t importance of, 105–106 restoring, 219, 220t TRUSTe, 84 Truthfulness, defined, 162t Truth in Lending Act (1968), 100t Tuna–Dolphin Ruling, WTO, 292 Tyco International, 440–447 history of, 441 Kozlowski, Dennis empire of, 442–443 fall of, 444–445 overview,107 rise of, 441–442 Index leadership after scandal, 139 rebuilding, 445–446 U UBS (United Bank of Switzerland), 400–401 UCLA (University of California, Los Angeles) Children’s Hospital, 452 UN. Because of the difficult mountainous terrain, the pipeline project took over two years saw enormous growth to complete. The IFRC concluded in thisreport that these situations, as well as sexual violence, can be prevented Case 33:: The Ca The Amer Amer eric ican ic an R Red ed Cro ross ss with an improvement in disaster-preparedness programs. Ethical leaders are role models for the organization’s values. Also included at the end of each chapter is a “Resolving Ethical Business Challenges”section. On the other hand, firms such as financial institutions that receive negative publicity for misconduct destroy trust and tarnish their reputations, which will make it more difficult to retain existing customers or attract new ones.4 Consider the decision made by Bear Stearns, at the time an investment bank, to allow managers to invest clients’money in high-risk, highly leveraged portfolio instruments, which were backed in part by subprime mortgages. In 2009, Wal-Mart announced its intention to contribute 5.7 million in grants to the U.S. Conference of Mayors and Veterans Green Jobs to support the creation of green jobs in the United States. Absolute, Definitive Proof That ResponsibleCompanies Perform Better Financially,” Business Ethics, Winter 2004. AA1000 recognizes these different traditions. Among other common milk additives: a viscous yellow liquid containing fat and a combination of preservatives and antibiotics, known as “fresh-keeping liquid” is “very common” and hard to detect. Investors are like gamblers in thatthey can bet for or against the price (going up or down) and can consequently lose or win large amounts. Some of the farmers using these seeds saw their crop yields increase from a few bags to hundreds. The engineer also added that Gateway lost or destroyed documents that would have helped prove his case. While the government concluded that itcould not get the money back, it did resolve to increase the oversight of new bailout funds. We just need to do more with less. So many employees—with different cultures, languages, time zones, and varied clients—from so many countries, each with its own political realities, made corporate life much more complicated. There have been very few—only about 11 stocks—that have performed better over the last 25 years than Countrywide. After studying the young company, Holt, together with Marketing Director Greg Owsley, drafted a 70-page “manifesto” 477 47 7 478 47 8 Par Partt : C Cas ases es FIGURE 1 New Belgium’s Distribution Territories WASHINGTON OREGON NORTH DAKOTASOUTH DAKOTA IDAHO SOTA MINNE MONTANA WISCONSIN WYOMING IOWA IND NEBRASKA ILL INO CA IS A IAN NEVADA LIF COLORADO NIA OR KANSAS MISSOURI TENNESSEE ARIZONA ARKANSAS NEW MEXICO NORTH CAROLINA SOUTH CAROLINA GEORGIA TEXAS Source: Information obtained from . How can an ethicalcorporate culture with adequate internal controls, including ethics and compliance policies, prevent future disasters in financial companies? William K. KI was the leader in franchised home repair outlets in the United States. International Corporate Responsibility Survey, 2008, KPMG, (accessed June 17, 2009). Killough, “Underreporting andPremature Sign-Off in Public Accounting,” Managerial Auditing Journal 18, no. The second type allows borrowers to pay monthly, but this often means that borrowers opt to pay an amount smaller than that needed to reduce the amount owed on the loan. What elements of social responsibility would you draw from in responding to these stakeholderissues? The ARC, on the other hand, cites its federal charter from the year 1900 as the adoption date for its emblem, and further points out that the image was developed in Switzerland in 1863 by the International Committee of the Red Cross, where the group decided that “volunteer nurses braving battlefields shall wear in all countries, as a uniformdistinctive sign, a white armlet with a red cross.” In total, the ARC has sold first aid kits, preparedness kits, and related products that have generated over 2 million in revenue. Eccles, U.S. Federal Reserve chair from 1934 to 1948, stated that an excessively high level of debt was one of the primary causes of the Great Depression. Title VII applies toemployers with 15 or more employees, including state and local governments. “Baseball’s Antitrust Exemption: Q&A,” ESPN, December 5, 2001, (accessed June 4, 2009). As Joseph was pondering whether to do nothing, bring the matter into the open and state that it was wrong and that such practices were against policy, or talk to Kathryn about thesituation, his cell phone rang. See Auditing, ethics Ethics committees, 202 Ethics officers, 227–228 EthicsPoint, 112 Ethics programs. According to company statistics, the cotton yield of Indian farmers rose by 50 percent, doubling their income in one year. Austria 11. These conclusions may involve descriptive assessments of the findings, such as thecosts and benefits of the company’s ethics program, the strengths and weaknesses of the firm’s policies and practices, feedback from stakeholders, and issues that should be addressed in future audits. The pace of mergers and acquisitions escalated, assisted by Mark Swartz, Tyco’s CFO. “Why not tailor the delivery of the product by country? A1;Fonda, Daren, “Enron: Picking over the Carcass,” Fortune, December 30, 2002–January 6, 2003, p. Leeson had the authority to hire traders and staff and to sell six financial products, but his main business was doing inter-exchange arbitrage or “switching.” Switching is betting on small differences between contracts by buying and selling futuressimultaneously on two different stock exchanges. Truth in Lending Act, 1968 Requires full disclosure of credit terms to purchasers. The board sided with Kozlowski. Reports suggest warehouse deliveries were considered acceptable in some situations, and guidelines were developed for assessing those situations. 2 (1990): 286–316. However, inDecember 2005, Wal-Mart was ordered to pay 172 million to more than 100,000 California employees in a class-action lawsuit claiming that Wal-Mart routinely denied meal breaks. By 2008, the company had accrued over 8 billion in subprime loans with a 7 percent delinquency rate. Ethical Leaders Are Transparent and Actively Involved inOrganizational Decision Making Being transparent fosters openness, freedom to express ideas, and the ability to question conduct, and it encourages stakeholders to learn about and comment on what a firm is doing. Only if firms include ethical concerns in their foundational values and incorporate ethics in their business strategy can socialresponsibility as a value be embedded in daily decision making. Equal Credit Opportunity Act, 1974 Prohibits discrimination in credit on the basis of sex or marital status. Two-thirds of the company needed to be sold in a tough market for sellers, resulting in auctions of dozens of the company’s units around the world. Instead, they must purchase newMonsanto seeds each season. It was later revealed that such bribery was not an isolated event; the company had paid off many officials between 1997 and 2002. Additionally, the company offers free home-improvement clinics to teach customers how to tackle everyday projects like tiling a bathroom. The majority of ethics officers surveyed by theConference Board said that even ethics training could not have 229 230 Part : Implementing Business Ethics in a Global Economy TABLE 86 Key Goals of Successful Ethics-Training Programs 1. Notes 52. Within the twenty-first century, nationality is being redefined by regional economic integration such as the European Union (EU). In other words,securities were bundled into one financial package, and companies such as JP Morgan were essentially paying insurance premiums to the investors who purchased them, who were now on the hook if payments of any of the securities included in the CDSs did not come through. Chapter : Stakeholder Relationships, Social Responsibility, and CorporateGovernance Many CEOs have lost their jobs

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