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Tyco: Looting Executive Style - Case Study Example

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Tyco: Looting Executive Style Name: Instructor: Task: Date: Tyco: Looting Executive Style Ethics case: Tyco: Looting Executive Style Tyco: Looting Executive Style is a case of unethical conduct among executives in business. This was the case of Dennis Kozlowski, the Chief Executive officer of Tyco International Ltd…
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Tyco: Looting Executive Style
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Download file to see previous pages He used company money to attend lavish parties and book flights during off-duty activities. Kozlowski changed cars, with every latest model in the market. He enjoyed being in multiple bungalows with high fittings and state of the art collection of artistic works. The first insight launched over Kozlowski’s case came up because of his love for art. This was in the year 2002, January (Brooks & Dunn, 2009). State officials from New York became curious and inquisitive. They questioned the sales tax on a number of multi-million artistic woks of paintings belonging to Kozlowski. An investigation into the issues revealed that Kozlowski evaded the payment of the sales tax levied on the paintings. He, therefore, faced charges in a New York court. The case, for Kozlowski, was an unfortunate occurrence since he would serve in the New York system prison if convicted (Brooks & Dunn, 2009). This would be contrary to the federal prison system since the New York prison system was harsh to bear. In the federal prison system, white-collar criminals had exceptional facilities assigned to them. These include the Club Feds allocated to other white-collar criminals like Martha Stewart. The two, Kozlowski and Swartz, faced an imprisonment of thirty years. Good governance and accountability is a significant concern in the management of a number of businesses and organizations. A significant portion of employees have self-interest as their priority consideration. Business ethics is an invaluable need for executive and professionals. However, ethics in businesses governance is a secondary consideration in many occasions. Leaders and top management officials engage in the use affiliated transactions to undertake robbery of organizations' recourses (Thomas, Herrmann, & Inoue, 2004). Misunderstanding of objectives as well as fiduciary duties is a leading challenge to sound governance and accountability in businesses. Personnel may have a poor understanding of the objectives of the business. This may occur because of deficiency in of proper guidance or set mechanisms of reporting. Establishment of ethics program, therefore, is a key step to ensuring effective management of businesses and organizations. Effective implementation of ethic program is fundamental to the development of the global economy (Ferrell, 2012). Groot 2009, states that companies should encourage the reporting of conducts deemed unethical in management. This would ensure proactive promotion of ethical behavior in management. According to Viens and Singer 2008, publicly funded organizations should have organizational ethics. Every issue in the management needs an accompanying ethical strategy. Organizations need build up spirituality at workplaces and relate spirituality and ethics. Executives and professionals need to follow given guidance mechanisms in the management of resources of the business. These are in the form of ethical cultures and set code of conduct. This includes ethical culture among the culture of the organization (Painter-Morland & Bos, 2011). Codes of conduct should state the selected values. There are selected rules to follow when honoring such values. Set principles are effective in ensuring executives and professionals manage companies and corporations’ resources effectively (Shaw, 2010). However, for optimal result, there should be the application of both principals and rules. Board of Directors and different committees ...Download file to see next pagesRead More
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