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Team Rules: Ethics and Principles of Good Governance - Assignment Example

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This paper "Team Rules: Ethics and Principles of Good Governance" discuss the issue of organizational change and management. It is imperative to note that these virtues shape corporate culture since they act as benchmarks for rational thinking and decision-making process…
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Team Rules: Ethics and Principles of Good Governance
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Download file to see previous pages The action by the Safety and Hazard Investigation Board (CSB) to investigate BP was to audit its safety standards. Hence, this decision was based on the oil fire incidence at BP which killed 15 of its workers and injured 170 others as well. This is due to the fact that the company had ignored this issue for a long time. The report notes that this company was plagued by years-of cost-cutting which in turn increased its vulnerability to this catastrophe in its refinery in Texas. The other actor, in this case, is BP Company itself through its management and workers; in which case its decision was based on the need to improve its image in the oil market according to Portishead, (2005, p. 8).

From the above BP’s case, there is a range of possible consequences based on the report's findings. One such possible consequence is the remarkable improvement in the compliance to safety standards by BP and other companies as well. In so doing, these oil firms would have to embrace the tenets of ethics and governance. In this regard, they shall have to implement fundamental organizational changes to ensure for them to be virtuous. The other actual consequence is the loss of market leadership position by BP to its competitors. According to the CSB report, the company had been noted to be more concerned with profit maximization through cost cutting at the expense of ensuring that its employees were safe. As noted by Carl, BP’s main concerns were in terms of meeting its production targets, budgets and operational goals but not safety. This is best captured by the management’s decision to opt to cut- costs with the main emphasis being on saving of such costs for other uses. To the other companies, this action by CSB would result in them being under both public and government over safety compliance.

One of the key decisions which are culpable in BP’s case can be attributed to its top management in London to ignore audit recommendations conducted in its Texas refineries.  ...Download file to see next pagesRead More
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