Wal-Mart has been under pressure for unfair business practices, unfair treatment of labor, and the destruction...
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Wal-Mart has been under pressure for unfair business practices, unfair treatment of labor, and the destruction of small competition and local economies. As a result, its new retail developments have often been opposed, which results in delays or extra, unnecessary costs. At the same time, leaders of the owning family, the Walton's, have been lauded for their contributions to sustainability and other causes. Wal-Mart had developed anti-bribery codes and training programs in line with corporate social responsibility (CSR) objectives, but this case shows how the lofty intent was actively ignored by senior executives at head office and in Mexico who used bribes and protected bribe payers, subverted investigations, and kept the Board of Directors in the dark. Ultimately a New York Times article revealed the problem, and triggered Wal-Mart's reputational repairs, as well as preparations for defense against charges under the U.S. Foreign Corrupt Practices Act (FCPA). The Waltons and Wal-Mart's credibility suffered significant damage, and allegations of unfair practices, treatment, etc., that the company strove to avoid, were confirmed. Question 2 [15 marks] What is the role of a board of directors from an ethical governance standpoint? (15 marks) Wal-Mart has been under pressure for unfair business practices, unfair treatment of labor, and the destruction of small competition and local economies. As a result, its new retail developments have often been opposed, which results in delays or extra, unnecessary costs. At the same time, leaders of the owning family, the Walton's, have been lauded for their contributions to sustainability and other causes. Wal-Mart had developed anti-bribery codes and training programs in line with corporate social responsibility (CSR) objectives, but this case shows how the lofty intent was actively ignored by senior executives at head office and in Mexico who used bribes and protected bribe payers, subverted investigations, and kept the Board of Directors in the dark. Ultimately a New York Times article revealed the problem, and triggered Wal-Mart's reputational repairs, as well as preparations for defense against charges under the U.S. Foreign Corrupt Practices Act (FCPA). The Waltons and Wal-Mart's credibility suffered significant damage, and allegations of unfair practices, treatment, etc., that the company strove to avoid, were confirmed. Question 2 [15 marks] What is the role of a board of directors from an ethical governance standpoint? (15 marks)
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Ethical governance is a concept related to good governance It requires that public officials adhere ... View the full answer
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
Posted Date:
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