What’s ethics? « Ethics is a set of rules or standards governing the conduct of a person, a community or the members of a profession » It encompasses:

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Presentation transcript:

What’s ethics? « Ethics is a set of rules or standards governing the conduct of a person, a community or the members of a profession » It encompasses: values, beliefs, principles, a code of conduct, the dos and the don’ts, the rights and the wrongs… Your behaviour may said to be : Ethical = morally acceptable/ unethical

Business ethics The study of appropriate business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.

Examples of misbehaviours 1-financial misconduct: Creative accounting (Enron, Worldcom) Insider trading (Lagardère and EADS / A380) Excessive compensations (bailout / public money Embezzlement 2-Human resource management discrimination (gender, age, origin) Union / strike busting Privacy violation: electronic monitoring

3-Production -Dangerous or defective products (alcohol, tobacco, weapons, GMO…) -Child labour -Environmentally inefficient processes 4-Knowledge and skills -Patent infringement -Business intelligence (espionage) -Employee raiding

Financial scandals: ENRON American Energy company based in Texas. Its CEO, Jeffery Skilling, hid millions of debts (creative accounting). In May 2000, Enron stock price was $90 In November 2000, it nosedived down to $1 11 billion loss  bankruptcy Total loss $ 63.4 billion

Jean Marie Messier? Former CEO of Vivendi Universal Sentenced to 3 years in prison and € in fine. Charged with: insider trading (délit d’initié) Excessive compensation € 20.5 million (he was forced to Manipulation of financial data Publication of false financial statements (Vivendi had €35 billion oh hidden debts)

Paying of bonuses to executives of bankrupt corporations Public outcry over supersized pay, especially at big banks. AIG, which is now 80 percent owned by American taxpayers, doled out $165 million in executive bonuses. Merrill Lynch authorized $3.6 billion in bonuses after receiving $10 billion from the government, $209 million of which went to 10 bankers alone. bailout recipients shouldn't give out bonuses regulators have been going after bonuses more aggressively

“It's not unethical to pay people money you are contractually obligated to pay them. Even if doing so makes you, or other people, want to pull your hair out. It's the right thing to do. Not always because the person getting the money deserves it, in some abstract sense, but because you promised.” —Chris MacDonald

Transparency International Corruption is widespread Low wages Insufficient promotion Inequalities Impunity Disrespect /infringement of the law