In the past few years, many countries have faced number of corporate scandals like Enron, Arthur Andersen, Tyco International, Adelphia, Worldcom, Global Crossing, Martha Stewart Living Omni-media and HealthSouth etc., resulting in the liquidation of their corporate assets, the demise of once-powerful corporate brands and extensive litigation. Thus, questions of corporate ethics have taken center stage in boardroom discussions to tackle such issues.
Discuss the ethical principles emerged as a result of managerial discussions to address corporate scandals.
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#MGT610 GDB 1 IDEA SOL SPRING 2021
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. The scandals have called attention to the prevalence of serious forms of ethical misbehavior in business. A consumer study by the reputation institute and Harris interactive, released in February 2004,shows that public trusts in business declined precipitously for three consecutive years.in the fall of 2003,only 21 percent of respondents surveyed said that they would trust companies to do the right thing in the event of a product or service problem, compared with 29 percent in 2001. In June 2004,the business Roundtable institute for Corporate Ethics announced the key findings of its initial research project, Mapping the Terrain. The study surveyed US CEOs and indicated that top corporate Ethics issues were: regaining public trusts;
. Effective management in the context of investor expectations.
. Ensuring the integrity of financial repordin.
. Fairness of executive compensation.
. Ethical role modeling of senior management. Some 81 percent of CEOs confirmed that companies are focusing more heavily on corporate Ethics. Specific changes most cited include, enhanced internal reporting and communications 33 percent, Ethics hotlines 17 percent, improved compliance procedures 12 percent and greater board oversight 10 percent. Consistent with these beliefs, many companies have put in place internal ethics programs designed to infuse their corporate cultures with a deeper.
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