The new millennium has been marked by a succession of corporate scandals caused by astonishing ethical lapses. What started with Enron has turned out to be a global phenomenon with enormous repercussions.
In response many companies have expanded their governance codes and compliance functions which has exacerbated the problem by encouraging a risk management culture rather than an ethics culture. Too many boards have delegated the task of ethics to ethics officers, who in turn have relied on consultants to define the company¹s values. Ethics has become something that “other people” do in the company.
In a series of articles in Business Life and a new book, All You Need To Know About Ethics and Finance, FT columnist, John Plender (right) and Avinash Persaud, chairman of Intelligence Capital Limited, examine the issues and pressures faced by all in business and finance.
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