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MGM101H5 (376)
Chapter 6

Chapter 6 Notes.docx

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
Chapter 6 Notes – Ethics and Corporate Social Responsibility Ethics in Management - Ponzi Scheme; investment fraud that involves payment of purported returns to existing investors from funds contributed by new investors Ethics - Ethics; reflection of moral principles or beliefs about what individual views as being right or wrong - Based on perception - Different for everyone - Influenced by upbringing - Think of best interests of stakeholders - Integrity; honesty, reliability, ethics, moral judgement - Board of Directors; governing body of corporation, comprising individuals chosen or elected to oversee management of organization - For boards to create cultural ethical behaviour, directors o Must clearly define and establish boundaries of acceptable behaviour and financial integrity, and create performance standards to evaluate adherence to these parameters o Boundaries must be clearly understood and communicated to all employees in form of policy or code of conduct. Code not limited to financial integrity, should clearly identify boundaries associated with ethical behavior (internal and external), and consequences o Must appoint rep (individual or committee), at board level, responsible for auditing managerial and employee performance and action in critical areas policy/code of conduct. Also review compensation packages and other personnel-related policies to ensure they don’t encourage unethical behavior o Create and support mechanism for reporting ethical concerns within organization (whistleblowing; process through which an individual informs someone in authority of dishonest act or dishonest behaviour of another person) o Must interact with senior management and external agencies monitoring organization’s activities in order to discuss issues that could arise - Code of Conduct; name for statement that describes required responsibilities, actions, and rules of behavior of organization’s employees - Forensic Accounting; integration of accounting, auditing, and investigative skills o Critical to determine potential extent of damage organization may have incurred Corporate Social Responsibility - CSR; is understand
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