Ethics

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Ethics

Resolving Dilemmas

Avenues to report breach of code of ethics/conduct

Code of conduct/ethics to guide employees out of dilemmas

Whistleblowing

Implementation

However, malicious allegations may result in disciplinary action, unless in good faith

Victimisation of WB will face disciplinary action

Confidentiality - State that identiy will be protected

Psychological Welfare - who can he talk to if he feels he has suffered a detriment

Follow up

Develop procedures for investigatng compalints

Include that WBer, if involved in fraud, does not lessen guilt but will be considered

Update WBer, Board, AC the progress

Reveal who will be informed to proceed with follow up

Investigation should start after report has been made (documented)

Qualifying Discloure

Serious improper conduct

Unlawful

Wrong Financial Reporting

Only serious concerns having large potential impact

WBee

External

External/outsourced internal auditor

Company appointed outside lawyer

Company Appointed WBer Service provider

Ethics Hotline

Internal

AC/ AC Chairman

Should be one of the persons to disclose to

Should be kept informed of complaints and investigation

Designated ethics officer

Company Secretary/Legal Counsel

HR of Internal Audit

HR head

CEO/CFO

Line Manager

Less independent

WBer

Member of Public

Customers

Vendors

Contract workers

Anonymity

Should give assurance in the policy that confidentiality matters

Should allow this eventhough it will be harder to investigate

Building a Culture of Trust and Openness

Code of governance

Arrangement for independent investigation and appropriate follow up action

Arrangement for staff to raise concnerns on possible improperties in confidence

Law

Rewards

Treatment to complaints

Treat anonymous complaints

Establish rules for complaint treatment

Mandatory whistleblowing

All attorneys are mandatory whistleblowers

Protection

UK Public interest Disclosure Act

Disclosures that are auto-protected

Health and Safety matters

About Serious Failures

Disclosure are protected if reported to

Minister

Legal Adviser

Prescribed person

employer via internal procedure

Only qualifying disclosures

Deliberate cover up for the above

Damage to environment

Danger to health/safety

Miscarriage of justice

Breach of legal Obligation

Criminal Offence

SOX

Prohibit retaliation on WBer, fine/imprisonment

Against prejudicial treatment of WBer

Improve Ethics

Investors

Do not be overly obsessed with Short-term performance

Regulators

E.g.

Code of conduct made publicly available

NYSE - Code of buisness conduct and ethics to be disclosed, if waived, must be disclosed

SOX - comply or explain on code of ethics of the company applying to Sr financial officers

Taking Legal Action and Set the tone

Companies

Imposing a minimal standard on

Suppliers

Business partners

Employees

Individuals

Must take responsibility for doing the right thing

Tone at the top

Exec done wrong did not face sanctions

Makes it hard to raise ethical and governance standard

Reasons

Exec is the key person in handling a certain thing

Legal sanctions is limited (Asia)

Hard to prove

Tone effectiveness

Enforce

Monitor

Implement

Comprehensive Code

Controlling SH, chairman or CEO is always involved in major scandal

Wrong tone - governance mechanism will fail

Sets the value of the company

Implementing the Code

Enforcement

Publicise

Board endorsement and circulation

Specify disciplinary actions

Make part of duty to whistleblow

Make code part of employment contract

Contact person if in doubt

Training

Give checklist, prescribed steps, questions to ask oneself before making decision

Style

User-friendly

Positive tone - What should be done, not what should not be done

Plain personal Language

Coverage

Include duty to act honestly, fairly and integrity

Common Legal/ethical issue from the organisation

Specific examples

All levels of employees and Directors