Required Reading: Follow the Money >
The chairman and chief executive officer of a national financial services firm sent a voice mail message to all employees apologizing for remarks he had made five days earlier at an investment conference. The chairman learned that employees had interpreted his “glib and insensitive response” to a question about cutbacks as contrary to the company’s commitment to its employees. >
Over the past several months there has been a significant amount of discussion about the unethical, and in fact likely illegal, acts by the leaders of several publicly traded entities.
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When Adam Smith developed some of the fundamental ideas in support of a market economy in the 18th century, economists thought about business primarily in terms of competition. Business was thought of as a game of chess: one company wins by defeating its competitors.
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Scorched by Enron, WorldCom and other infamous notables, directors today champion corporate integrity and emphasize the value of sound governance. And their quest has a familiar ring: uphold solid business ethics, be clear on management’s responsibilities and ensure the job is done right.
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Recent events have widened the corporate governance gap between Canada and the United States. Legislators in the U.S. are scrambling to be seen to be acting decisively following the Enron crisis, enacting tough legislation with detailed rules for managers, directors and auditors. >
In January, Deborah Poff introduced us to the nature and history of corporate codes of conduct. In this, the second of a series of articles on ethical leadership, I have been asked to discuss how the theory translates into practice.
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“But you were always a good man of business, Jacob,” faltered Scrooge, who now began to apply this to himself. >
Restoring investor confidence and rebuilding corporate reputations is at the top of the to-do list for Venture 100 executives >
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