As we said at the beginning, we offer the codex not as a minimum code but as a reference that companies can use to assess their current code or to craft a new one. Companies also seem less reluctant to use their influence to shape the practices of their suppliers and partners than to embrace general public advocacy. The appropriate use of monetary funds was previous described under the fiduciary principle. It represents our attempt to gain a comprehensive, but simplified, picture of the conduct expected of today’s corporations. Abstract If our hypothesis is correct, companies will ultimately be judged—and their very license to operate may in some cases depend—on their responsiveness to this emerging global consensus. By emphasizing the common threads running through these codes and connecting them to enduring themes in ethical and legal thought, we do not mean to deny important differences in how the precepts are understood and applied around the world. Like any tool, a code of conduct can be used well or poorly—or left on the shelf to be admired or to rust. For U.S. legal and regulatory requirements on code content, we reviewed the Sarbanes-Oxley Act, along with the SEC’s implementing regulations and the NYSE and Nasdaq corporate governance rules. Capitalism at Risk: How Business Can Lead. Viewed together, the source codes contain provisions relating to the six traditional corporate stakeholders: customers, employees, investors, competitors, suppliers/partners, and the public. It implies a readiness to engage with other parties that may be affected by a company’s activities or may have a justifiable claim (even if not an entitlement) to attention. It can also serve as a reference point for decision making, enabling companies to operate with fewer layers of supervision and to respond quickly and cohesively in times of crisis. And under the Sarbanes-Oxley Act, public issuers of securities must disclose whether they have adopted a code for their senior executives (and if not, why not). Pfizer has shown the need for their employees to protect the company’s, to operate ethically in a global marketplace, corporations like Exxon Mobil need to define the conduct that they expect from their officers, executives, managers and employees. Today business ethics are equally important, also anything that is of value to another such as time. Although rarely expressed explicitly, principles answer the question, “Why do we accept these standards as guidelines for our conduct?”. Citizenship Principal 4 Differences may well reflect disparate underlying assumptions about democracy and due process. I therefore believe developing nations are better off without large mining companies operating within them. Of course, a code can also help a company manage risk by reducing the likelihood of damaging misconduct. To cope with uncertainty, most societies have developed ethical norms around keeping promises, fulfilling contracts, and even carrying out one’s stated intentions—especially if meant to induce reliance by others. A code of ethics can no more ensure ethical conduct than a code of laws can ensure legal conduct. First, they are meant for companies in general, not for a single company or a specific sector, such as apparel or extractive industries, for which specialized codes have recently been developed. Moreover, the multisector codes include general precepts on financial disclosure, accounting, audits, and financial reporting. In this article, we present our findings in the form of a “codex,” a reference source on code content. And to protect against cultural blind spots, we compared the codes of nine companies from five emerging markets: Brazil, China, India, Nigeria, and Russia. Date due: | In Workshop Week 11 (beginning 6 May) | Some may adopt a minimalist approach, avoiding violations of the principles and standards articulated here. Complex schemes of cooperation would not be possible without these ways of forming binding commitments, as they allow different parties to coordinate their activities into an unknown future. At its core is the body of standards around which we found wide agreement. As of 2004, both the New York Stock Exchange and the Nasdaq require listed companies to adopt and disclose a code of conduct. At its core is the body of standards around which we found wide agreement. Those that do occur are often specific applications of the general provisions. We refer to these five sources as “codes” even though only the first four appear in a traditional code format. The legal case for a code is further bolstered by various requirements and enforcement policies in specific areas of the law. Workshop tutor: | Ken Grundy | Under the UN Global Compact, companies are even charged with providing health, education, and housing for employees in certain circumstances. Student number: | 17333971 | This group includes not only regulatory requirements and items that appeared with some consistency across the various codes but also ones that occurred with high frequency in either business sector ormultisector codes. Not surprisingly, the business sector codes place more emphasis on responsibilities to investors. But the specific requirements of economic trusteeship—insofar as it involves the creation of economic value—receive little attention. As part of the legal structure of a business organization, each officer and director of a company. We also found that differences among the codes are in many cases complementary rather than conflicting, although the codes do differ on some crucial points that are not easily reconciled. In the daily business of a Wal-Mart associated they, Introduction: 2 The concept of fairness has been central to ethical thought throughout the ages. Assignment Cover Sheet Not all differences among the codes track the divide between business and nonbusiness perspectives, and some follow no obvious pattern. This codex is meant to be used as a benchmark by those wishing to create their own world-class code. The eight ethical principles are fiduciary, property, reliability, transparency, dignity. Fourth, they are multinational in origin.
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