Viewing articles from June, 2015
FIFA Debacle
22 Jun 2015The audacity and the sheer size of the corruption in FIFA staggers us. And as Joe Bennett in the Press recently commented, isn’t this what can occur in business too with major international banks fined for fixing exchange rates or recycling vast sums of drug money.
How can such practices be stopped before they start? Yes, right at the top with the Board. The need to adopt sound codes of practise incorporating sound values and ethics to develop the culture desired in any business is a major risk protection move.
The Board then has a firm ethical basis for making and for protecting its goodwill and reputation. Also, by ensuring new board appointees believe in the organisation’s values and ethics, there will be consistency in their application and, if applied to all executive and staff appointments, the whole organisation will be enhanced and the corruption risk disappears.
A business owner, recently when commencing a new business, decreed that he would only invest in a proposed new venture if all staff were selected on the Livingstone approach of ensuring the applicants values and ethics match those of the proposed company. His comments were “In my previous business we stopped employing the wrong staff once we adopted your methods”. Heart - warming stuff but simple really – only employ people who match your values and ethics and prevent any chance of corruption.
Eric Livingstone
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Tags: Board Member, Board Risks, Boards, Business, Governance, Responsibilities, Risk
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