A review of classical ethical approaches by Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics at Santa Clara University. The five ways to reason ethically are the greatest good; rights and duties; fairness; virtue; and the common good. A practical way to apply ethical principles to business decision making.
Material Type: Lecture
Preventing fraud through encouraging finance professionals to express concerns to superiors. Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics, interviews David Price, audit partner with Ernst & Young
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Myron Steele, chief justice of the Delaware Supreme Court, and Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics, discuss issues facing corporate boards in the next 20 years: fiduciary duty, shareholder empowerment, say on pay, proxy access, dual authority, and limited liability corporations.
Material Type: Lecture
Retired Agilent Technologies General Counsel Nordlund talks with Center Director Kirk Hanson.
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Why do we value corporate governance? Executive Director of The Markkula Center for Applied Ethics Kirk O. Hanson interviews John Noble, vice chancellor, Delaware Court of Chancery. Definitions of "value" are discussed, as well as standards of behavior for boards. Other questions for consideration include: Are there limits on what actions shareholders can take? What about corporate conduct and charters? How are decisions made and challenges met? What are the moral, legal, and ethical implications of corporate governance? Studies suggest good corporate governance adds value, but not conclusively. It's more likely that bad corporate governance subtracts value. In the end, good corporate governance means that your board is meeting its fiduciary responsibilities, making informed judgments, and putting needs of company stockholders first.
Material Type: Lecture
How "aggressive accounting" led to fraud at HealthSouth. Marrkula Center for Applied Ethics Executive Director Kirk Hanson talks to Aaron Beam, former CFO, HealthSouth
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What will keep boards of directors out of trouble? Hank Shea, distinguished fellow at the University of St. Thomas School of Law and visiting professor at University of Arizona School of Law, talks with Markkula Ethics Center Executive Director Kirk O. Hanson about corporate governance. Shea recommends that boards: Go out in the field and talk to mid-level employees Be sure that written policies are more than just the bare minimum of compliance but also identify values and aspirations. Set the tone for dealing with dissent, both whistle blowers and those who simply disagree.
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When a company must downsize, management faces tough decisions. Nearbuy Systems CEO Byran Wargo and CFO Kevin Beals talk about the painful choices they faced, including the need to let go of the CEO's own mother. They are interviewed by Meghan Skarzynski, a Hackworth Fellow at the Markkula Center for Applied Ethics.
Material Type: Lecture
Simon Lorne, vice chairman and chief legal officer for Millennium Management, talks about the role of internal auditors in the ethical culture of an organization. In conversation with Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics at Santa Clara University, Lorne describes the programs he put in practice at Millennium, a hedge fund manager. They discuss rules-based vs. principled approaches to codes of conduct, the importance of communicating the company's values, rewarding compliance and punishing lapses.
Material Type: Lecture
Conducting credible corporate investigations: Kirk Hanson talks with Craig Martin, Partner, Morrison & Foerster and Catherine Madrid, Partner, Ernst & Young.
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Sam Glasscock, vice chancellor of the Court of Chancery in Delaware, talks with Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics, about compensation for corporate executives and corporate boards, board independence, and fiduciary duty.
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Jim O'Toole, Senior Fellow at The Markkula Center for Applied Ethics, discusses financial fraud with David Jolley, Managing Partner for Markets, Ernst & Young. How is it that "good people" do "bad things?" Three criteria are typically in play, according to Jolley: pressure, opportunity, and incentive. For those who work in the financial and securities industries, there is significant pressure to meet expectations. If companies fall short of expectations, the consequences can be devastating for a stock. What can CFO's do on practical terms to promote an ethical environment? The CFO sets the tone: do the right thing, be smart, and manage the numbers by managing the underlying business. Similarly, the CEO sets the tone as well, and consequently there needs to be the right balance between CFO and CEO. Even with Sarbanes-Oxley and learning from past business ethics pitfalls, the onus is still on the organization to maintain high ethical standards.
Material Type: Lecture
Challenges for the U.S. economy over the next decade include education, retirement, and lack of growth according to former chief accountant for the SEC Lynn Turner. Turner is interviewed by Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics.
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Henry "Hank" Shea, professor of law at St. Thomas University and former federal prosecutor, talks with Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics, about whistleblowing. Under Dodd-Frank, whistleblowers are eligible for potentially large cash bounties. Shea argues that this provision can serve as a wake-up call for companies to ask, "Are we doing everything possible to have our people come to us first?" Organizations, Shea says, should welcome the type of person who asks, "Why are we doing it this way? Is this the fairest way to serve our customers?"
Material Type: Lecture
Steve Brown, former Missouri state legislator, talks with Jim O'Toole, senior fellow in government ethics, Markkula Center for Applied Ethics. Steve tells a cautionary tale, pleading guilty for conspiracy to obstruct justice by inadvertently violating campaign rules, and getting involved in the subsequent cover up. Steve offers valuable insights into his behavior and that of his colleague, including why he ignored red flags along the way, worsening his predicament. "Bad medicine early would have been better then the cover up that ensued," Steve says. He offers three valuable tips for young people entering business, politics, or law, including the old adage: "trust your instincts."
Material Type: Lecture
Stewarding customer information and providing consumers with meaningful choice are business responsibilities. Kirk Hanson, executive director of the Markkula Center for Applied Ethics, interviews Scott Taylor, chief privacy officer, Hewlett-Packard, on privacy.
Material Type: Lecture
Hank Shea, former federal prosecutor and Senior Distinguished Fellow, University of St. Thomas School of Law is interviewed by Kirk O. Hanson, Executive Director, Markkula Center for Applied Ethics at Santa Clara University, about why white collar crime occurs. What business and law students and businesspeople can do to prepare themselves not to become the next white collar criminal. Shea comments on the effect of the economic crisis on white collar crime, whether such crime is worse today than 50 years ago, and whether there is a moment of temptation that can be avoided.
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If members of corporate boards are multitasking when important issues come before them, are they fulfilling their fiduciary duties? Daniel Siciliano of the Rock Center on Corporate Governance at Stanford University talks with Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics. Siciliano reviews the work of Clifford Nass, who studied multitasking at Stanford and determined that switching back and forth between tasks and technologies always degrades attention. Rock talks about the implications for members of corporate boards.
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Internal Audit, as an extension of a board Audit Committee, can help set the ethical tone of the organization. Kirk O. Hanson, executive director of the Markkula Center for Applied Ethics, interviews Mark Orton, vice president for internal audit, Agilent
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Jim O'Toole, senior fellow in business ethics, Markkula Center for Applied Ethics, interviews Betsy Rafael, director, Autodesk Inc. How can boards assess whether they are behaving ethically? Continuing to ask questions and maintaining an open dialogue with all stakeholders, and careful hiring and assessment of the CEO, are just a few tips to start with. The Board should provide oversight and governance over the CEO, but this doesn't mean not to ask questions. At the end of the day, it's about the need to "expect" vs. "inspect." Rafael discusses key red flags to look for if ethical behavior is in question. Finally, she reminds us: "It's easy to be ethical when the stakes are low, but harder when the stakes are high."
Material Type: Lecture
