In the October issue of CIMA's newsletter Ethical Lens we highlight a recent briefing note from Clifford Chance on organisations that have decided not to do business in certain high risk areas or industries due to corruption.
Douglas Flint, FCMA, Group Finance Director at HSBC, spoke at the Institute of Business Ethics' summer event about the future of banking. He provided fascinating insight into the many dilemmas around responsible banking, and the sometimes unrealistic expectations of customers on the banking system (summary to follow on the IBE website).
In the end, is the customer always right? And what is the role of the finance professional - whether a banker or accountant?
“Bad things will happen to good businesses”, the speaker said. The organisations present at the recent UN Global Compact UK network event each spoke about their own challenges and approaches to human rights.
Whilst there's been a lot of talk about Rebekah Brooks since the outcomes of the News Corp trial were reported on, another very interesting angle is the talk of possible corporate charges for News Corp.
Examiners have noted that there are times when students struggle with applying analysis to the ethical aspects of exams. With exams around the corner this is the right time to ensure your ethics skills are up to date.
Countdown has begun to the next CIMA examination diet. How prepared are you in regard to the Code of Ethics and applying ethical thinking? Being familar with the Code and how you apply it is an integral part of both studying and practicing as a management accountant. Through the syllabus questions will arise on how you apply your understanding of the Code as well as your understanding of financial regulations and the law.
I recently took some time to read a new McKinsey report – ‘Education to Employment: Getting Europe’s youth into work’. If you, like me, are in your 20s and live in Europe you may just recognise yourself somewhere in the statistics.
Challenging times lie ahead. My grandfather and his generation had a decent pension, and I am well aware that there won’t be much left for me when it’s my time to retire. We are living longer than ever before, and our natural resources (if they were ever ‘ours’) are scarce. It’s important that we learn from the mistakes of past generations and realise that resources are not endless, and that however old we become we are not invincible.
A Canadian friend recently posted on Facebook about the imminent closure of the Heinz factory in his local town ('the tomato capital of Canada') following a review of the company’s supply chain. The factory currently employs 740 staff as well as 500 seasonal workers, and reportedly buys around 45% of all tomatoes grown in Ontario. Needless to say, the news was not popular with the local community, and rumblings of ketchup boycotts were rife.
With the May exams looming, are you clear on how to apply an ethical framework to the questions posed? Ethical issues are threaded throughout all stages of CIMA exams (below) and you will need to be able to show you would analyse the situation appropriately and respond.
Being guided through the CIMA code of ethics is key and there are a number of resources available to help you think through how to do the right thing.
I recently was at an United Nations Global Compact meeting
with a focus on supply chain issues. Reflecting the growing importance of supply chain gobally the event was standing room only. One of the participants, involved in procurement for a high value global brand, sought to ascertain the credentials of the factories they were using in China Each of the 20 factories had been fully audited. The system showed that.
Will you be able to evidence integrity in your exams? Fact or Fiction is a new report compiling discussions from four markets in Europe, Asia and Africa outlining the skills needed to be a successful business partner. As finance partners more frequently with different functional units it is important to re-affirm independence and objectivity.
With P3 resit papers around the corner how comfortable are you with your ethical performance. Are you going for gold or are you likely to be in the dark side of the grey zone, feeling shame alongside those from recent corporate scandals for not acting in the public interest.
There are lots of resources to help you do the right thing in your exams, and the right thing professionally.
Tony has definitely upset the rotten-apple cart now. Is the Miralux ship sinking and are the ones leaving the ship really the ‘proverbial rats’?
Find out in the last episode of the series ...
This week’s news headlines are full of Olympics glory. It is a relief to have front pages celebrating the achievements of the world’s finest athletes, instead of unpicking the latest scandal arising from corporate misdemeanours.
If we really put the 50 top managers behaviour under the microscope what would we see? Cameron is sticking to his hard line approach, but who is willing to 'cast the first stone?'
Tony’s past the talking stage. It’s time for tough action. And Cameron seems determined as he gets caught up in a new investigation. So why is Talulah unhappy when she gets what she wants? Who is fiddling their expenses now?