Business Ethics

Business Ethics Stakeholding Accountability Ownership Changing Environment Politics & Governance Agency

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object]

Core Notions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Distortion and Rectification ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What is/are ethics? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Agency Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],I’ll get someone to sort that out for me

Responsibility ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stakeholding ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Who do I need to worry about when I do this project?

Truth and Illusion ,[object Object],[object Object],[object Object],[object Object],Mechanisms to expose false appearances Gap between appearance and reality Mechanisms to enable false appearances Stakeholders who benefit from illusion Stakeholders who benefit from truth other whistle-blowing audit special purpose vehicles excessive complexity Failure modes of these mechanisms incompetence corruption negligence moral hazard Regulation and system fixes to prevent failure other

Costs and Benefits of Regulation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Transaction Cost Regulation Cost Regulated Risk Cost Distribution ? Risk Distribution + + + +

[object Object],[object Object],[object Object],[object Object],[object Object],Effort and Reward Customer Director Worker Shareholder Effort Fortune Technology Genius Change

Stakeholder Ethics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Health Warning Transparency is not all it appears to be!

Ownership ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Politics and Structure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],A politician depends on my vote A businessman would like my support

Ethical Standards (what makes a good company?) ,[object Object],[object Object],[object Object],[object Object],Company Ethical Investment Corporate Governance Social Accountability Investors in People Business Excellence ???

Ethical Investment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Company Investment Funds Investors

[object Object],[object Object],[object Object],Ethical Network - Example Ethical Property Company Ethical Landlord Corporate Watch Triodos Bank Ethex Ethical Stock Exchange Café Direct Fair Trade TraidCraft Fair Trade Oxfam

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Corporate Governance Standards These appear to be solutions. But what is the problem of corporate governance?

The Challenge of Corporate Governance ,[object Object],[object Object],[object Object],To make progress with good governance you have to understand the system you are trying to improve, not merely meddle in it. That is the subject of this course. The underlying seduction in the corporate governance proposition is that we share enough common values that society can agree on "good" governance. In practice only dramatic failures provide the basis for change, and this basis is known to be poor.

Director Incentives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Responsibility and accountability ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Audit committees ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Distributed Corporate Governance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Abuse ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Who might object to these forms of behaviour, and on what ethical grounds? Can these forms of behaviour ever be justified?

Moral Hazard ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],My chance to profit from this will come around

Distorted Incentive ,[object Object],[object Object]

Collusion ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Is this situation what it appears to be?

Ethics and Systems Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Ethics and the Economic Cycle ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Discovery of Bezzle Tolerance of Bezzle Bezzle + + Economic Climate + Ability to Conceal Bezzle – + – +

Responsibility and Liability ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],Responsibility for harm ,[object Object],[object Object],[object Object],[object Object],[object Object]

Stakeholder risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],How can I know enough to plan? What are the loss scenarios I may get into?

Trust and culture ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: Francis Fukuyama, Trust

Discussion Questions ,[object Object],[object Object],[object Object]

References ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

We taught this course at City University, London, between 2002 and 2005 ,[object Object],[object Object],[object Object],Aidan Ward Antelope Projects Richard Veryard Veryard Projects BLOG WIKI SLIDES

Business Ethics

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Business Ethics