Business Ethics Stories Make Headlines in Europe and U.S.
Nov 5th, 2007 • Posted in: NewsVARIOUS DATELINES
Business stories hinging on ethics issues made headlines last week:
- Siemens, the German engineering and technology conglomerate that has been shaken by charges that it took millions of dollars in bribes, has established a new program under which whistleblowers will receive leniency. The Agence France-Presse reports that Siemens sent a letter to staff saying, “The company will impose no heavy sanctions, such as firing or demand of compensation, against staff who, before January 31, 2008, completely and honestly inform of violations or irregularities in accounts.” But the company reserved the right to impose lighter sanctions, such as ethics training, warnings, or job changes.
- The United Kingdom has become a less-attractive destination for business as a result of growing doubts about its corporate ethics, according to a new study. London’s Daily Telegraph reports that the World Economic Forum’s Global Competitive Index, which measures the attractiveness of national business climates based on the perceptions of top executives, ranked Britain ninth. While the United Kingdom did well in such measures as economic stability, market size, innovation, and education, Forum senior economist Jennifer Blanke told the Telegraph that Britain’s ranking for corporate ethics plunged during the latest survey period due to a series of highly publicized scandals. “The message from chief executives and top managers within UK is that on this one question of business’s ethical behavior, there’s something amiss,” she said. The United States finished first in the survey, Canada came in 13th, and Australia placed 19th. At the bottom of the list, finishing in places 129 through 131, respectively, were Zimbabwe, Burundi, and Chad.
- The fallout from the collapse of the subprime lending market claimed the job of Merrill Lynch CEO Stan O’Neal, who resigned under pressure last week after his firm reported the biggest loss in its history, reports Forbes. Subprime mortgages and financial vehicles related to them have been at the center of financial and ethics controversies since late summer, when housing prices fell and interest rates rose, creating a series of defaults among borrowers, many of whom had been granted mortgages despite shaky credit records.
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