Discuss what is meant by each element of the statement with respect to creating an ethical organizational environment

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http://archive.fortune.com/magazines/fortune/fortu… (Links to an external site.)Links to an external site.

In the accounting fraud at the cable company Adelphia, top management had established a “cash management” system that enabled the founder of Adelphia and former CEO and Chair of the Board of Directors, John Rigas, to dip into the fund for personal expenses whenever he wanted. The final approval for such expenditures rested with Timothy Rigas, the son of John Rigas, and Adelphia’s CEO during the final years that fraud had occurred. What is wrong with the founder of a company, its former CEO and board chair, utilizing corporate assets for personal reasons? Can you think of any circumstances where it would be permissible? That is, what would have to happen for this to be acceptable?

Question 2

According to Business Roundtable, “Effective corporate governance requires a clear understanding of the respective roles of the board, management and shareholders, their relationships with each other, and their relationships with others that have an interest in the corporation and its well-being. The relationships of the board and management with shareholders should be characterized by transparency and appropriate engagement; their relationships with employees should be characterized by fairness; their relationships with the communities in which they operate should be characterized by good citizenship; and their relationships with government should be characterized by a commitment to compliance”. Discuss what is meant by each element of the statement with respect to creating an ethical organizational environment.

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