CFO-Asia presentation for Nov16, 2006

Aug 16, 20160 likes120 views

This document discusses corporate governance, ethics, and their importance for finance leaders in Asia. It covers the need for an effective governance framework to avoid accountability failures that result from weaknesses in governance and lack of ethics. These can lead to lost investments, confidence, jobs, and harm economies. The document recommends companies establish a code of ethics, train employees, protect whistleblowers, and foster an ethical culture to benefit staff motivation, reputation, and business performance. Strong governance and ethics positively correlate with being a good corporate citizen.

11/27/2006 Copyright ? K.Sriram 1
Governance, Ethics & Asia’s Finance Leaders
Need for an effective Corporate Governance
framework
Governance challenges faced by Asia’s Finance
Leaders
How Asia’s Finance Leaders can foster & promote
good ethical practice within their organizations
Benefits of having a strong company culture on
Governance & Ethics
Correlation between good Governance & Ethics
Take aways on Ethics
This presentation deals with…

11/27/2006 Copyright ? K.Sriram 2
Governance, Ethics & Asia’s Finance Leaders
Accountability failures (many were the result of significant
structural weakness in corporate governance & accountability models
combined with a lack of personal ethics & integrity)
Loss of billions ($$$) of invested capital
Loss of Investor confidence
Impact on livelihood for many employees
Impact on work ethics & culture
Impact on public confidence & trust
Impact on local & national economies
Need for a Corporate Governance Framework
Harvey Pitt answers...
Q) How has the world
changed since Enron
collapsed?
A) Discipline within
companies has gotten a lot
better. People have spent
more time getting their
systems under control and
making sure they have good
internal controls. And we've
all gotten smarter ?

11/27/2006 Copyright ? K.Sriram 3
Governance, Ethics & Asia’s Finance Leaders
Shareholder value maximization in an era of hyper-
competition
Managing / Mitigating risks for shareholders
Ethical conduct (transparency) & compliance
Improve corporate financial reporting & internal controls
Hiring the right person with right skills & values
Creating / demanding accountability from ‘one and all’
Ethical decision making
Strengthening audit committees
Be an effective advisor to the Board of Directors
Challenges faced by Asia’s Finance Leaders

11/27/2006 Copyright ? K.Sriram 4
Governance, Ethics & Asia’s Finance Leaders
Trust to be the ‘bedrock’ on which an ethical structure
(framework) could be built
Company-wide ‘Code of Ethics / Conduct’
Leaders demonstrating ethical behavior – ‘The Boss should
be more Catholic than the Pope!’
Regular training of junior & senior officers on ethical
behavior and conduct
Established whistle-blowing policy & protection for whistle-
blowers
Ethics committee - Review, Monitor & Implement policies
Review of ethical behavior during recruitment and
performance appraisals
Fostering & promoting ethical practice

11/27/2006 Copyright ? K.Sriram 6
Governance, Ethics & Asia’s Finance Leaders
Positive correlation between governance & ethics
Good corporate citizenship status
Correlation between good governance & ethics
Companies that demonstrate ethical leadership & superior governance:

11/27/2006 Copyright ? K.Sriram 7
Governance, Ethics & Asia’s Finance Leaders
Ethical behavior to be a requirement, not an option
Ethics, a must in all daily interactions with internal, external &
connected stakeholders
Communicate the desired ethical behavior in an ethics Code of
Conduct
Preserve ethics to let everyone know ethics is here to stay
Preserve an ethical culture that perpetuates ethics
Promote ethics and their long-lasting benefits
Promote ethics from the top – Remember…Bottleneck is always
at the top of the bottle!
Promote a company culture where ethics is for everybody
Never forget to reward ethical behavior
Take aways on ‘Ethics’…

11/27/2006 Copyright ? K.Sriram 8
Governance, Ethics & Asia’s Finance Leaders
Questions?
Thank You ?

11/27/2006 Copyright ? K.Sriram 9
Event Photos (1 of 3)

11/27/2006 Copyright ? K.Sriram 10
Event Photos (2 of 3)

11/27/2006 Copyright ? K.Sriram 11
Event Photos (3 of 3)

The document summarizes a round table conference on corporate governance practices in family managed companies. It discusses the role of entrepreneurs in starting family businesses and how as businesses grow, professionals are needed to manage complexity. It emphasizes balancing family interests with professional business requirements. The document outlines Excel's founding family members and values of trust, social responsibility and balancing family/business interests they established. It promotes treating all stakeholders, including family members as employees, with equality and respect.

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Stakeholder relationships and social responsibility are important areas for businesses. A stakeholder framework helps identify internal and external stakeholders and monitor their needs. Primary stakeholders like employees and customers are essential to a firm's survival, while secondary stakeholders like media are not. Social responsibility involves maximizing positive impacts and minimizing negative impacts on stakeholders. It is associated with increased profits and loyalty. Corporate governance provides accountability, oversight, and control over decisions. Boards of directors are responsible for success and ethics. Implementing stakeholder perspectives requires assessing culture, identifying groups and issues, and gaining feedback.

Ferrell 8e ch01jreid15

The document discusses the importance of business ethics and outlines a timeline of increasing focus on ethics from the 1960s to today. It notes that studying business ethics is important for businesses to identify ethical issues, maintain stakeholder trust, and contribute to employee commitment, investor loyalty, customer satisfaction, and ultimately profits. Unethical behavior is on the rise globally and regulations like Sarbanes-Oxley have aimed to establish stronger ethical standards and oversight within organizations.

549cgpresbilublog

The document discusses corporate governance, defining it as the culture of managing a corporate entity through accountability, transparency, disclosure and social responsibility. It notes how corporate governance involves adopting best practices to benefit all stakeholders. Several elements of corporate governance are listed, including disclosure, transparency, accountability and social responsibility. The document also outlines codes and committees established in different countries after corporate scandals to improve governance standards and compliance.

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This document discusses several concepts related to business ethics including: codes of conduct, which provide behavioral guidelines for an organization; the importance of top management demonstrating ethical behavior; whistleblowing policies that require employees to report ethical violations; corporate social responsibility, which refers to actions an organization takes beyond legal requirements to protect living things and the environment; and stakeholders an organization has responsibilities to like employees, customers, and shareholders.

stakeholder theory.Jagruti Godambe

This document discusses stakeholder theory and the responsibilities of corporations towards their various stakeholders. It defines stakeholder theory as a framework that addresses moral and ethical values in business management. A corporation has responsibilities towards both internal stakeholders like shareholders, employees, and management as well as external stakeholders like customers, suppliers, creditors, competitors, society, and the government. The document provides examples of specific responsibilities towards each stakeholder group and concludes that an ethical organization recognizes its duties towards all stakeholders.

Stakeholder Theory, Ethics 209Ravi Soni

There are various stakeholders in an organization including inside stakeholders like managers and employees, and outside stakeholders like customers, suppliers, and the local community. Managers must balance satisfying the goals of all stakeholders to ensure organizational effectiveness. However, the goals of managers and shareholders may conflict, creating an agency problem. Managers can use incentives and governance mechanisms to align their interests with shareholders and solve the agency problem. Organizations also face ethical dilemmas when stakeholder interests conflict, so they must establish ethical codes and cultures through leadership, policies, and structures.

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This document discusses organizational culture and internal stakeholders. It begins by outlining how value-based stakeholder management assessments can help implement ethics training programs more effectively. It then defines organizational culture as shared values and meanings held in common and transmitted through leadership, heroes, rituals, and communication. Strong corporate cultures have widely shared philosophies that value people, have symbolic heroes, and celebrate caring rituals. The document also discusses observing culture, leading strategy and structure, and balancing competing internal stakeholder values to ensure integrity and market effectiveness.

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This document discusses business ethics and social responsibility in strategy. It begins with a quote from Milton Friedman that the sole social responsibility of business is to increase profits. The document then outlines the chapter, which will cover strategy and ethics, social responsibility, and the linkage between strategy, ethics and social responsibility. It introduces the concepts of business ethics and three categories of management morality: moral, immoral, and amoral. The document also discusses drivers of unethical behavior, approaches to managing ethics, and ethics in a global context.

MGMT 374 Week 2 PowerpointMichael Hill

The document discusses stakeholder relationships, social responsibility, and corporate governance. It defines stakeholders as those who have a claim in some aspect of a company, such as customers, investors, employees, suppliers, and communities. It also discusses primary and secondary stakeholders, the stakeholder interaction model, social responsibility, corporate citizenship, reputation, corporate governance, boards of directors, and executive compensation.

Institutionalization ethicsInternational advisers

This document discusses the importance of institutionalizing ethics within organizations. It defines institutionalizing ethics as formally integrating ethics into daily business practices, policies, decision-making, and culture at all levels of the organization. It recommends three key ways to institutionalize ethics: establishing a code of ethics, appointing an ethics committee, and including ethics training in management development programs. Institutionalizing ethics helps counter unethical behavior and creates an environment where ethical decisions are fostered.

Stakeholder Theorytimgay

Stakeholder theory proposes that a corporation should consider the interests of all stakeholders, not just shareholders. The key stakeholders are shareholders/owners, employees, suppliers, customers, and the community. Traditionally, corporations were managed solely in the interests of shareholders, but stakeholder theory argues that corporations should consider the stakes and expectations of all stakeholder groups. This helps ensure the long-term viability of the corporation by managing relationships to benefit all stakeholders.

Corporate governanceAhmad Siddiqui

Corporate governance involves the processes, customs, policies and laws by which companies are directed, administered and controlled. It establishes the relationships between stakeholders such as shareholders, customers, management and regulators. Good corporate governance strengthens the economy through principles like equitable treatment of shareholders, oversight of risk, and transparency. It uses mechanisms like board monitoring, internal controls, and balanced power to reduce inefficiencies from issues like moral hazard.

Cg and communityMerin12345

Corporate governance involves the rules and processes by which companies are directed and controlled. It provides the framework for companies to achieve their objectives and serves stakeholders including employees, customers, suppliers, and the environment. While most research has focused on shareholders and managers, employees also play an important role in corporate governance. Protecting employee interests through mechanisms like unions, board representation, profit-sharing, and equity-sharing helps companies access human capital which is now more important than financial capital alone. Guidelines for employee representation include voluntary participation, extending benefits to all employees, transparency, predetermined formulas, and avoiding unreasonable risks for employees.

Corporate Social Responsibility & Total Quality ManagementSherif Zaki Tehemar

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This document discusses stakeholders and business ethics. It identifies key stakeholders as stockholders, managers, employees, suppliers, distributors, customers, local communities, and governments. It notes tensions between profits and higher wages, production and pollution, and supplier benefits versus consumer prices. The document also discusses business impacts on the environment like waste, energy use, pollution, and externalities - both positive impacts like new infrastructure and negative impacts like pollution.

Reflections on GovernanceDavid Doughty

This document discusses corporate governance and defines it as facilitating effective, entrepreneurial, and prudent management to deliver long-term success for a company. It outlines key principles such as companies being separate legal entities that are responsible for their own debts, and having owners called shareholders. The document also discusses different types of companies and the key tasks of boards in establishing vision, mission, values, and strategy. It covers principles from the UK Corporate Governance Code regarding board composition and director duties from the Companies Act 2006 to promote company success.

'How Women Directors Can Contribute to Excellence in Corporate Governance'Dolly Dhamodiwala

The document discusses corporate governance and the role of women on company boards. It defines corporate governance and outlines its key pillars. It discusses how gender diversity, particularly having women on boards, leads to better company performance and decision making. It provides perspectives on how women directors can positively impact board dynamics, governance, and stakeholder relationships through qualities like inclusion, social awareness, and risk aversion. Statistics on women directors globally and in India are also presented. The document advocates expanding the pipeline of women directors through various measures.

Why We Need to Develop Corporate Sustainability? Pensri Suteerasarn, The List...ESD UNU-IAS

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Corporations are increasingly viewed as moral agents responsible for their conduct. An effective ethics program can help companies encourage ethical behavior and avoid legal issues. Key elements of an ethics program include a written code of conduct, ethics training, monitoring, and continuous improvement. While necessary, compliance alone is not sufficient - programs should promote ethical values and culture.

Corporate Governance with a Case Study of Royal Bank of Canadasimplyidontcare

This document discusses corporate governance and provides an example case study of the Royal Bank of Canada. It defines corporate governance as the mechanisms and processes by which corporations are controlled and directed. It describes the role of boards of directors in overseeing management and shareholders' interests. It also discusses financial reporting responsibilities and the role of audit committees in providing oversight. The case study then provides details on the Royal Bank of Canada's governance structure, including its independent board composition and oversight committees.

Social responcibilities and ethicsAashray For Everyone

What is Social Responsibility Contrast the classical and socioeconomic views of social responsibility. Discuss the role that stakeholders play in the four stages of social responsibility. List and explain the arguments for and against social responsibility. Differentiate between social obligation, social responsiveness, and social responsibility. Social Responsibility and Economic Performance Explain what research studies have shown about the relationship between an organization’s social involvement and its economic performance.

Introduction to business environmentUSTM, Meghalaya

This document provides an introduction to business environment. It defines business as a commerce, occupation, and organization. It explains that business enterprises exist within an environment and are influenced by internal and external factors. The external environment includes the market, economic, social, technological, political, and legal dimensions that businesses must consider. Understanding the business environment is important for identifying opportunities and threats and informing strategic decisions.

Femton_Stiftelse_StewardshipMaxim Shvidkiy

This document discusses the concept of stewardship in business. It suggests that stewardship theory posits that managers will act as responsible stewards, prioritizing the interests of shareholders over their own self-interest, based on accountability and long-term responsibility. This leads companies to balance benefitting current and future generations. The document outlines how stewardship culture involves transparent information exchange between shareholders and boards regarding long-term goals and performance. It also links stewardship culture to higher levels of corporate entrepreneurship and better strategic flexibility, innovativeness, and performance for family firms. Finally, the document lists fundamental values of stewardship as responsible care, harmony of interests, good judgment, fairness, and mutual confidence.

MGMT 374 Week 11 Lecture PresentationMichael Hill

The document discusses developing an effective corporate ethics program. It emphasizes that corporations are increasingly viewed as moral agents responsible for their conduct. An ethics program helps ensure employees understand the organization's values and comply with policies. The key aspects of an effective program include establishing a written code of conduct, appointing an ethics officer, providing formal ethics training, and auditing and monitoring to enforce standards. Continuous improvement is also important to achieve ethical objectives using available resources.

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CFO-Asia presentation for Nov16, 2006

1. 11/27/2006 Copyright ? K.Sriram 1 Governance, Ethics & Asia’s Finance Leaders Need for an effective Corporate Governance framework Governance challenges faced by Asia’s Finance Leaders How Asia’s Finance Leaders can foster & promote good ethical practice within their organizations Benefits of having a strong company culture on Governance & Ethics Correlation between good Governance & Ethics Take aways on Ethics This presentation deals with…

2. 11/27/2006 Copyright ? K.Sriram 2 Governance, Ethics & Asia’s Finance Leaders Accountability failures (many were the result of significant structural weakness in corporate governance & accountability models combined with a lack of personal ethics & integrity) Loss of billions ($$$) of invested capital Loss of Investor confidence Impact on livelihood for many employees Impact on work ethics & culture Impact on public confidence & trust Impact on local & national economies Need for a Corporate Governance Framework Harvey Pitt answers... Q) How has the world changed since Enron collapsed? A) Discipline within companies has gotten a lot better. People have spent more time getting their systems under control and making sure they have good internal controls. And we've all gotten smarter ?

3. 11/27/2006 Copyright ? K.Sriram 3 Governance, Ethics & Asia’s Finance Leaders Shareholder value maximization in an era of hyper- competition Managing / Mitigating risks for shareholders Ethical conduct (transparency) & compliance Improve corporate financial reporting & internal controls Hiring the right person with right skills & values Creating / demanding accountability from ‘one and all’ Ethical decision making Strengthening audit committees Be an effective advisor to the Board of Directors Challenges faced by Asia’s Finance Leaders

4. 11/27/2006 Copyright ? K.Sriram 4 Governance, Ethics & Asia’s Finance Leaders Trust to be the ‘bedrock’ on which an ethical structure (framework) could be built Company-wide ‘Code of Ethics / Conduct’ Leaders demonstrating ethical behavior – ‘The Boss should be more Catholic than the Pope!’ Regular training of junior & senior officers on ethical behavior and conduct Established whistle-blowing policy & protection for whistleblowers Ethics committee - Review, Monitor & Implement policies Review of ethical behavior during recruitment and performance appraisals Fostering & promoting ethical practice

5. 11/27/2006 Copyright ? K.Sriram 5 Governance, Ethics & Asia’s Finance Leaders Feel-good factor & Trust amongst employees & other connected stakeholders Staff motivation & morale – Increased efficiency Preferred employer status – Caring company Regulatory compliance Overall reputation & brand-building – Good Corporate Citizen status Maintain excellent reputation with banks, financial institutions & investment community - About one in every ten dollars of assets under management in the U.S. - an estimated $2.3 trillion out of $24 trillion - is being invested in companies that rate highly on some measure of social responsibility - FORTUNE Magazine Competitive edge – Impact on business performance Benefits of a strong ethical culture

6. 11/27/2006 Copyright ? K.Sriram 6 Governance, Ethics & Asia’s Finance Leaders Positive correlation between governance & ethics Good corporate citizenship status Correlation between good governance & ethics Companies that demonstrate ethical leadership & superior governance:

7. 11/27/2006 Copyright ? K.Sriram 7 Governance, Ethics & Asia’s Finance Leaders Ethical behavior to be a requirement, not an option Ethics, a must in all daily interactions with internal, external & connected stakeholders Communicate the desired ethical behavior in an ethics Code of Conduct Preserve ethics to let everyone know ethics is here to stay Preserve an ethical culture that perpetuates ethics Promote ethics and their long-lasting benefits Promote ethics from the top – Remember…Bottleneck is always at the top of the bottle! Promote a company culture where ethics is for everybody Never forget to reward ethical behavior Take aways on ‘Ethics’…

8. 11/27/2006 Copyright ? K.Sriram 8 Governance, Ethics & Asia’s Finance Leaders Questions? Thank You ?

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CFO-Asia presentation for Nov16, 2006

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CFO-Asia presentation for Nov16, 2006