How you should not accept that embracing ethics would limit your options, your opportunities and your very ability to be successful in business in terms of People, Purpose and Profit- a presentation by Dr Len Konar
Summarised by Carol Butcher
The state of ethics in business isn’t rock solid. You expected more when you cast your vote. We’re sick of dishonesty and unethical practices. What is the moral posture we should be adopting?
An unethical dilemma can be defined as an undesirable or unpleasant choice relating to a moral principle or practice.
It takes 20 years to build a reputation, 5 minutes to lose it (Warren Buffett).
The first three principles of King IV embrace ethics.
Being ethical is about trust, sustainability. You need to take the high road. Globally, entities that are doing so are more profitable.
There are only two important points when it comes to ethics: firstly, the standard to follow, and secondly, the will to follow it.
The golden rule is:
- I want to be liked
- I want to be appreciated
- I want to be trusted
- I want to be respected
- I want to be understood.
I don’t want others to take advantage of me.
I exhort you to build these six rules.
Ethical leadership is contained in integrity. Look for responsibility from leadership and accountability. If things go wrong you resign. David Cameron resigned.
You need to look at fairness, then transparency. The truth will out in due course.
The importance of ethics and ethical leadership needs your focus.
According to King IV, organisations are an integral part of society. We need sustainability, we need integrated thinking. You need to have a stakeholder inclusive approach. You need to embrace the six capitals. We also need to consider this in our business. You also need to look at corporate citizenship. You need to understand interdependence – the relationship between an organisation and its stakeholders.
Listen to conference presentation