Emerging Business Ethics - Assignment Example

Comparing Codes of Conduct College: Name: Students ID: Date: Course Name: Unit Code: Instructor's Name Executive Summary A code of conduct is a declaration of conventional values that guide the behaviour of all members by informing them of what conduct is accepted and what conduct they should keep away from. Stakeholders command specific consideration by every organisation. Stakeholders could be internal (employees) and external (customers, suppliers, and government, among others). GlaxoSmithKline Company as well as CQ University shows concern for both internal and external stakeholders. Both institutions observe emerging business ethics, more so honesty and integrity. Both GlaxoSmithKline Company and CQ University report on mandatory requirements regarding each entity as well as voluntary disclosures such as professionalism Corporate governance is at the heart of how organisations are run and controlled. Ethics forms a vital part of corporate governance. For each organisation, the Code of Conduct is a central document that guides behaviour and members actions. There are other supporting documents to ensure decisions arrived at by the board of directors, as individuals, are right. Transparency regards information and more specifically full disclosure of the information. GlaxoSmithKline Company pledges to be open concerning what they do, how they do it as well as the difficulties they encounter. CQ University promotes transparency by requiring its members to make sure that University resources are not washed out, abused, or used indecently or excessively. Table of Contents Executive Summary 1 Introduction 3 Part 1 4 Stakeholder Groups 4 Emerging Business Ethics 5 Part 2 6 Compulsory Requirements 6 Voluntary Disclosure 7 Part 3 7 Corporate Governance 7 Transparency 8 Conclusion 10 References 10 Introduction In the present day, behaviour of individuals in whichever organisation is of paramount importance. A code of conduct is a declaration of conventional values that guide the behaviour of all members by informing them of what conduct is accepted and what conduct they should keep away from. Below is a comparison of the codes of conduct of CQ University and the GlaxoSmithKline Company. The first part identifies and discusses the stakeholder groups involved in both of these documents. Also, the emerging business ethics issues addressed by these two documents are identified and discussed in this section. Secondly, the paper identifies and discusses the aspects of these two documents that respond to compulsory requirements as well as those aspects that embody voluntary practices, along with the supporting evidence. The last part shall examine how these two documents consider the corporate governance as well as transparency at these two institutions. Part 1 Stakeholder Groups Internal stakeholders: These are the employees. GlaxoSmithKline Company provides work for more than 97,000 individuals located in over 100 countries, with each individual at work to meet up the healthcare tests as well as requirements distinctive to their quarter. For CQ University, the employees include the academic and professional staff along with the council members, executive officers as well as other individuals engaged in varying modes (part-time, full-time, continuing, contract, annualised hours or term employment) by the University. Other internal stakeholders in the University include people who get in touch with CQ University students such as contractors; those making use of University wealth or amenities; attachment staff; as well as volunteers along with representatives acting as University agents. External stakeholders: These are the customers, suppliers, and the government. GlaxoSmithKline Company pays particular interest to the patients who are their customers. The Company too involves suppliers along with business associates (vendors and third parties) on whom GlaxoSmithKline Company rests high values and hope for ethical behaviour. Governments are also external stakeholders who have been considered particularly by GlaxoSmithKline Company. CQ University pays particular attention to students who are their customers. Emerging Business Ethics Making an ethical decision is not easy as an observable ethical situation must be considered. An ethical issue is a difficulty, circumstances, or occasion requiring a personal, group, or organizational decision as to whether it is right or wrong. However, individuals, groups, or organizations face ethical dilemmas requiring them to pick an option in the midst of numerous immoral activities. In this dilemma honesty, fairness and integrity stand out as the emerging ethical considerations each and every one organisation ought to consider. CQ University has listed all the above ethical issues in its code of conduct. They are recognised under (1) intellectual honesty and; (2) integrity and impartiality (fairness). Other emerging ethical issues recognised by CQ University include; harassment actions, sexual harassment, conflict of interest, misuse of university resources, corporate social responsibility, discrimination and workplace bullying. GlaxoSmithKline Company recognises the emerging ethical issues under (1) integrity and; (2) transparency (under which the Company commits to openness (honesty) and transparency). GlaxoSmithKline Company does not list fairness in its code of conduct. Other emerging ethical issues recognised by GlaxoSmithKline Company under integrity are conflict of interest, fraud and corruption. Part 2 Compulsory Requirements Mandatory requirements are those ethical issues if breached by members are punishable by the organisation. GlaxoSmithKline Company mandatory requirements include; Avoiding conflict of interest which includes accepting or offering business-related entertainment or exchange of gifts. Protecting the Company’s information as well as assets Observing competition rules Disclosure of debarment or other ineligibility restrictions Following internal regulations regarding accounting, financial and procurement Maintaining books and records Protect the Company’s reputation Exhibit high standards of personal as well as professional conduct Observe equality and inclusiveness Manage Company donations appropriately Always put the patient first Ensure accuracy of product information, among others. CQ University’s mandatory requirements include; Respect others Observe dignity at the workplace Respect academic freedom Disclose benefits and gifts offered Observe corporate social responsibility Ensure efficient use of University resources Voluntary Disclosure Voluntary disclosures are the requirements that are actionable by a court of law. Breach of these codes possibly will lead to a lawsuit. Voluntary disclosures are universal and for CQ University and GlaxoSmithKline Company include; Avoid financial misconduct (corruption) Detect and prevent fraud Observe workplace standards Act with professionalism Avoid discrimination, harassment, sexual harassment and bullying Protect whistleblowers Observe accountability and transparency Avoid conflict of interest Part 3 Corporate Governance Corporate governance is at the heart of how organisations are run and controlled. A board of directors is tasked with making decisions regarding an organisation. However, each time such a situation arises; individual members have to decide whether it is the right thing to do. Therefore, ethics forms a vital part of corporate governance. Ethics is broad. Particular elements of ethics linked to corporate governance are transparency, accountability (responsibility), risk management, regulatory requirements, trust and integrity. GlaxoSmithKline Company realizes the significance of corporate governance and ethics in running its global operations. The Company has formed various bodies to help in ensuring ethical values are help. There is a Global Ethics and Compliance team tasked with offering lapses and leadership to guarantee conformity to appropriate laws, regulations, as well as company policies. GlaxoSmithKline has a dynamic structure of internal management controls to spot Company risks, concerns as well as occurrences with suitable remedial measures taken. This is facilitated by the Risk Management and Compliance Policy. GlaxoSmithKline believes in Values-Based Decision Making in all of its operations that hold up execution of the Company’s business strategy. GlaxoSmithKline commits to being trusted by internal as well as external stakeholders by delivering on its promises as employees and as a Company. CQ University’s Code of Conduct is a proposed fundamental guide and point of reference for University members. It supports the University’s everyday decision making along with actions at work. The Code of Conduct in particular applies to University members as well as the University as a corporate entity. University members are expected to express by their words and conduct total loyalty to the Code and steadiness in following the Code. This ensures that a tradition of ethical behaviour is upheld in the University. CQ University also ensures the University members in general observe each and every one University Code, regulation, plus policy along with state and federal law. Transparency Transparency regards information and more specifically full disclosure of the information. For an individual, it is about being honest regarding ones deeds. For an organisation, it is about being open and discernible regarding the actions it takes plus whether such behaviour is in line with its principles. GlaxoSmithKline Company perceives transparency as vital to rallying the Company’s worldwide challenges. The Company pledges to be open regarding what it does, techniques employed as well as the difficulties it faces. Transparency has an effect on the manner in which GlaxoSmithKline conducts its operations, its occupation with external stakeholders along with their relations with each other. To achieve the desired level of transparency GlaxoSmithKline Company has laid down a number of approaches. First, the Company presumes that others are able to observe their activities. Second, the Company makes sure that whatever is communicated orally or written is fair, and not deceptive or partial. Third, GlaxoSmithKline seeks to supply well-timed, appropriate, and correct information. Fourth, GlaxoSmithKline seeks to be confident and take ownership. Lastly, the Company pledges to shoot up essential information without delay. This will be achieved if their employees and business associates; Become custodians of GlaxoSmithKline’s reputation by ensuring communications with external addressees are coordinated from beginning to end by official channels and chosen spokespersons. Stick on to political bequest limitations Guarantee ethical government relations Have knowledge of international dealing boundaries Are well-organized in managing company information CQ University’s transparency is closely attached to the institution’s resources and facilities. This is particularly because University members are supplied with an assortment of resources and facilities to facilitate the provision of education, doing research as well as for clerical services for the University. The University members are required to make sure that University resources are not washed out, badly treated, or used inappropriately or excessively. In this regard, University members are mandated to; Truthfully account for the utilization of University resources Warrant safety of University resources Limit private exploitation of University resources Ask for authorization prior to admitting external tasks Evade wastage Conclusion Codes of conduct guide and direct the behaviour of individuals as well as organisations by ensuring they do the right thing. CQ University and the GlaxoSmithKline Company observed stakeholder interests in preparing their codes of conduct. Both mandatory and voluntary disclosures were considered. Also the issues of corporate governance and transparency in ethics were observed. References CQ University Australia, 2012, Code of Conduct GlaxoSmithKline, 2012, The GSK Code of Conduct Read More