按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
difference is subtle but it is the key to understanding the requirement for
including business ethics and social responsibility on the business school
curriculum。
Shareholders only rarely own more than a small fraction of any one
business； they have no special reason to identify with the founders’ vision
or code of behaviour and they are preoccupied with relatively simple
outes such as growth in earnings per share。 If they bee unhappy in
that respect they just swap their holding in that business for a similar stake
in another。 In fact； even if such shareholders are satisfied with financial
performance when a sector is out of ‘favour’； say； as retailers may be during
a recession； they may well sell their holding in any event。 The main holders
of large shareholdings in businesses now are fund managers and pension
funds and arguably these have an even greater imperative to focus their
a。。ention on earnings。 True； they exert pressure from time to time but that
is usually when they see too much control moving into the hands of one
director； say when there is an a。。empt to bine the roles of chairman
and chief executive。 Also； when directors are trying to pay themselves
more than they may be worth or are trying to improve their lot in some
other way at the expense of shareholders； a fund manager may step in。
Fund managers are not always honest brokers with regard to looking a。。er
shareholder interest。 For example； during a takeover there is a good chance
that a fund manager will find themselves with holdings in both buyer and
seller。
The board of directors has in effect replaced the ‘owner’ as the custodian
of the moral tone and in se。。ing standards of behaviour towards everyone
the business has dealings with。 They are in some ways encouraged by legal
constraints placed on them to take a narrow view of those responsibilities。
They are required ‘to act in good faith in the interests of the pany’； ‘not
to deceive shareholders and to appoint auditors to oversee the accounting
records’； ‘not to carry on the business of the pany with intent to defraud
creditors or for any fraudulent purpose’； and ‘to have regard for the interests
of employees in general’。 （See Chapter 4 for more on the responsibilities of
directors。）
Directors and managers also have responsibilities to protect their customers
when using their products or services or when visiting pany
premises and to follow rules inhibiting pollution in the operating processes。
But it is only relatively recently that panies have been required
to take a wider view of their responsibilities to other ‘stakeholder’ groups。
Ethics and Social Responsibility 225
Enlightened managers； or those that are particularly astute； depending on
your level of cynicism； have o。。en taken on broader responsibilities； sponsoring
charities； funding social amenities such as play areas or providing
low…cost housing。 These initiatives are o。。en spurred on by enlightened selfinterest；
say to help with recruiting and retaining employees； with ge。。ing
favourable PR； or in the case of low…cost housing； providing amenities is a
usual requirement in ge。。ing planning consent for a property development
or a site for； say； a supermarket。
UNILEVER – EMBEDDING ETHICS
In 1887； William Hesketh Lever； already a highly successful soap manufacturer；
was looking for a new site for his factory to allow him to expand。
The site also needed to be near a river for importing raw materials； and
near a railway line for transporting the finished products。 The 56 acres
of unused marshy land at the site that became Port Sunlight； named
after his soap； was far more than he needed simply for manufacturing
purposes。 Lever had something more all…embracing in mind。 His stated
aims were to create an environment that allowed his workers ‘to
socialize and Christianize business relations and get back to that close
family brotherhood that existed in the good old days of hand labour’。
His intention was to extend his responsibilities beyond making money for
himself and to share that； albeit on his own terms； with everyone who
worked for him。 Between 1899 and 1914 Lever built some 800 houses；
taking an active part himself in the design。 The munity’s population
of 3；500 shared allotments； public buildings； including the Lady Lever Art
Gallery； schools； a concert hall； open air swimming pool； church； and a
temperance hotel。 His cottage hospital； built in 1907； continued until the
introduction of the National Health Service in 1948。 He also introduced
schemes for welfare； education and the entertainment of his workers；
and encouraged recreation and organizations which promoted art；
literature； science or music。
Unilever； as the pany is now known； has carried the Lever values
and vision on into corporate life。 The pany’s behaviour in all affairs
is governed by a set of clear； stated and municated guidelines。
Starting with its core value； ‘As a multi…local multinational we aim to
play our part in addressing global environmental and social concerns
through our own actions； and working in partnership with stakeholders
at local； national and international levels’； the pany has developed
a prehensive set of principles to guide its behaviour in all aspects of
its work。 The guidelines it expects employees to work to include always
working with integrity with ‘the highest standards of corporate behaviour
towards everyone we work with； the munities we touch； and the
environment on which we have an impact’。 The full value statement
can be seen on its website at this link （unilever/ourvalues）。
226 The Thirty…Day MBA
UNDERSTANDING STAKEHOLDERS
So we can see that directors and by extension the managers of an organization
first saw that their primary； o。。en their only； responsibility was to
look a。。er the shareholders’ interests。 Measures were； and still are； taken
to a。。empt to ally their interests； for example linking bonuses to share
price or profits。 For the most part these a。。empts have failed； as the case
of Enron showed； where shareholders were systematically deceived。 Also；
in the whole sub…prime debacle bankers were rewarded for systematically
repackaging toxic loans and spreading them in near…undetectable layers
around the globe； to the eventual detriment of their shareholders and the
taxpaying public at large who had to pick up the bill。 But even where it is
possible to ally directors’ interests with those of shareholders； that leaves a
myriad of other interested parties effectively disenfranchised； except in so
far as they are expressly protected by laws。
The idea that businesses had a responsibility other than to shareholders
was brought to popular a。。ention in Howard R Bowen’s book Social Responsibilities
of the Businessman （1953； New York： Harper and Brothers）； but it
was a decade later before the term ‘stakeholder’ was coined in an internal
memorandum at the Stanford Research Institute in 1963。 Over the next
two decades the term stakeholder was debated and defined until Edward
Freeman； a professor at the Darden School of Busines