The merge of Suncor, Petro-Canada resulted Suncor Corporation, Suncor article of organization indicates that the company resulted from an amalgamation, under section 185 of the Canada Business Corporations Act. The minimum number of directors are 8 and the maximum are 15. Suncor energy Inc is licensed to issue unlimited number of preferred shares in series designated as Senior and junior, also it authorized to issue unlimited number of common shares, This means that there is no limit as to how many common shares can be issued. (By doing so the corporation can issue shares as many times as it wishes without amending the articles of incorporation 3.1 Ethical business conduct. WHAT IS BUSINESS ETHICS? Ethics is a philosophical term derived …show more content…
from the Greek word “ethos,” meaning character or custom. This definition is relevant to effective leadership in organizations in that it indicate an organization code express moral integrity and consistent values in service to the public. Ethics is the discipline that deals with what is good and bad and with moral duty and obligation. Ethi-cs can also be regarded as a set of moral principles or values. Business ethics is concerned with good and bad or right and wrong behaviour and practices within a business context. WHY ETHICS MATTERS IN BUSINESS? To organizations and employees, acting ethically and legally means saving billions of dollars each year in theft, lawsuits, and settlements. Integrity flow throughout a corporation shapes influences and maintains the values, tone, climate, or culture of the corporation communications among all its members; and the commitment and realism of everyone in the corporation. Suncor business conduct. Suncor commits itself to a philosophy in a formal pronouncement of a Code of Ethics or Standards of Conduct.
Suncor's business leaders and managers, workers in general they represent all act according to high ethical and moral standards. The most significant commitments of Suncor are integrity and ethical issues, and Suncor considers them the foundation for business conduct. The code demands firm compliance with legal requirements and design standards for the ethical conduct of Suncor’s business, allowing Suncor to keep the confidence of its customers, colleagues, shareholders, vendors and the governments and communities where Suncor does business …show more content…
globally. Business conduct policy statement of Suncor indicates the company commitment to legal and ethical business practices, Suncor is meeting commitment by Suncor’s Standards of Business Conduct Code which contains a number of detailed policy guidance and standards (PG&S) and a code compliance program. As a part of the code, every Director, officer, employee and contractor is required to take an online training course annually to review the code and certify if they have reviewed a summary of the code, understands the requirements of the code and have complied with the code. Topics addressed in the code: • Competition. • Conflict of interest and confidentiality. • Trading in shares and securities. • Improper payments. • Fair dealing in trade relations. • Harassment. • Accounting, reporting and business control. • Protection and proper use of corporate assets and opportunities. The board of Suncor supervises over the code, internal auditors audit the compliance program annually, and the vice president of enterprise risk and audit, who has a direct reporting relationship with the audit committee, reports on compliance to that committee. Suncor encourage employees to elevate ethical concerns without fear of retaliation, in addition to that Suncor founded an integrity hotline to provide a means for its employees and contractors to report issues of worries. Corruption tying sustainable economic activity, It block the development of fair market structures and deform competition. Suncor's position on bribery and corruption is clear on the prevention of improper payments, which includes: • Funds and facilities aren’t to be used for any illegal or improper purposes. • Deny Bribery or any payment to a person to do an illegal act, or to effect to a person performing public duties, are prohibited, as is the diversion of assets for personal benefit. • Staff members are required to obey with all applicable laws concerning improper payments to foreign officials or other third parties.
In addition to above restrictions Suncor implemented appropriate practices, standards and procedures with respect to the disclosure of material information, one of these regulations is about Persons who have knowledge of undisclosed material information relating to public companies are prohibited from trading in shares and other securities under several securities and criminal laws. Suncor will response with the requirements of Securities Laws respecting disclosure of material information, and All Suncor Personnel will comply with the requirements of applicable law relating to trading in shares and other securities. Any reference of conduct include violations of Securities Laws, will be instantly and totally investigated. Suncor Personnel who trade or inform in contravention of Suncor’s prohibitions in trading securities are subject to criminal, civil and statutory penalties including fines, and subject to disciplinary action, which may include immediate dismissal. 3.2 Social
responsibility In earlier times managers in most cases had only to concern themselves with the economic results of their decisions. Today managers must also consider and weigh the legal, ethical, moral, and social impact and repercussions of each of their decisions. The strategy of Suncor trust that those affected by Suncor’s business has rights to know about its activities. Suncor looks up stakeholders’ input and feedback on its activities and decisions, and encourage stakeholders to define how they wish to be consulted, also it engages on issues of national interest with stakeholders. Suncor’s president is a member of Canada’s Ecofiscal Commission which aims to shape policy to encourage economic activities that support mutual benefits such as job creation, investment and innovation, also Suncor provided feedback through Alberta’s Climate Change Advisory Panel in support of the Climate Leadership Plan. Suncor’s stakeholders are the individuals and groups who would be affected by its operations or who could, through their actions, affect our business. For Examples: • Governments and regulators. • Aboriginal communities. • Non-government organizations and environmental groups. • Landowners and community residents. • business groups • customers and suppliers • employees All Suncor employees and contractors participate in activities under Suncor operational control are taking charge for applying these policies. Managers are also responsible for enhance Suncor beliefs and principles underlying these policies in joint ventures not operated by Suncor. Suncor that truly cares about business and corporate social responsibility that's the reason makes it proactive rather than reactive in linking strategic action and ethics. Suncor’s Stakeholder Relations and Canadian Aboriginal Relations policies outline Suncor commitment to developing and keeping positive, significate relationships with Suncor’s stakeholders and to working closely with Canada’s Aboriginal Peoples and communities to build and preserve effective, long-term and mutually beneficial relationships. Suncor knows that earning the trust and support of Aboriginal Peoples and communities is foundational to its business. The social goal is an intent representation to do things differently – to adopt a new path that concentrate on strengthening relationships with Aboriginal Peoples. For Suncor, that path is about working together and making more opportunities for greater involvement in the energy industry, so that the social and economic benefits from Canada’s resources are shared more fully. Suncor’s managerial values form the ethical quality of a corporation's strategy. Its Managers have strong ethical views take pains to see that their company observe firm codes of ethics in all aspects of Suncor business. They expressly forbid such practices as accepting or giving kickbacks, badmouthing rivals' products, and buying political influence with political contributions. Suncor has an ethical duty to its stakeholders. Stakeholders affect the company and are affected by it, with certain expectations as to what the organization should do and how it should do it, also Suncor has duty to shareholders so the company’s executives have a moral duty to pursue profitable management of the owners' investment. 4. Conclusion Suncor has strong Planning, Organizing, Directing, and Controlling Social Responsibility. It has a committees evaluate and prepare legal interpretations, practices, and codes of moral and ethical conduct to be adhered to by company employees, also there is a clearly defined firm written policy against any illegal acts , in addition to that the president and all management levels firmly support direct adherence to legal, moral, and ethical standards. All company personnel are required periodically to read, agree to, and sign a code of legal, moral, and ethical practices, and Suncor keens to take immediate remedial action against violation of legal, moral, and ethical standards. Monitoring, feedback, and evaluation are required on results achieved. Suncor is working Hard to build and keep the relation with local communities and stakeholder for useful consider their issues and apprehensions about the influence of proposed development and operations on the land and resources, including that they working together to reduce the potential environmental and social effects , and guarantee the local communities are benefiting from development . The strategy of Suncor is informing those effected by company’s activities and share information in transparent engagement process and have to be involved in issues and opportunities impacting them. Stockholders input & feedback on Suncor’s activities and decisions are highly required and support them to define how they wish to be consulted. For example Suncor regularly engage in community advisory meeting with aboriginal communities and multi-stockholders forum with groups including Ceres and Boreal leadership council. R
While the widely exposed and discussed trials of WorldCom's and Tyco's top executives were all over the media, one of the most interesting cases of securities fraud was happening without any public acknowledgement.
By proactively addressing ethical issues with a code of conduct, Raiders Inc. can set the standard regarding how they want employees to behave. Employee can be trained on the company code of ethics so they understand how their company expects them to respond. They can also train them on the biases of decision making, to make sure they are aware of the pitfalls that exist. (Robbins & Coulter, 2012)
Jeffery Archer is accused of insider trading with the shares of Anglia TV. Jeffery bought shares for the “inside information” of the companies dealing account, the day after the last board meeting but before the bid was announced. He should have known that even if he found out insider information from his wife the law makes it clear that he cannot deal or trade with that stock. It would be considered unfair to the rest of the shareholders, because other shareholders would not have the same information like Jeffery. As we know the buying and selling of shares must be based on public information
The ethical code of an organization illustrates the importance of being honest, acting with integrity, and showing fairness in decision making (Bethel, 2015). Ultimately, “laws regulating business conduct are passed because some stakeholders believe they cannot be trusted to do what is right” (Ferrell, Fraedrich, & Ferrell, 2015, p. 95). In the last couple of years, culture has become the initiator for compliance, which means from the top down there has to be a commitment to act in a way that represents the company’s core values (Verschoor, 2015).
What is NAEYC Code of Ethical Conduction and Statement of Commitment, well to understand what it does and how it works, you may need to get a little background information. For starts, the Code of Ethics was created for professions sense of identity. The primary focus was to have a day to day relationship with children and their families. They then created Ideals and Principles, they were given each a job for the code to work, Ideals was to reflect and Principles was to have a guide and something that can assist to get a resolving a dilemma.
I will be analyzing EMCOR Group’s code of ethics. Their code of ethics is not lacking in corporate social responsibility. They clearly define what is expected in their code of ethics when dealing with customers, suppliers, competitors and employees. For example, they clearly define that when dealing with these parties employees must deal in a fair manner. EMCOR group (2013) states “EMCOR companies should not take an unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice”.
Ethics or rather morals entail mechanisms that defend, systematize as well as recommend conceptions of right or wrong. Many organizations develop ethical codes to ensure employees and employers understand the difference in doing good or bad. In that respect, ethics are an essential aspect of successfully running of any organization or government. Ethics ensure employee’s productivity levels are up to the required standards. It also assists them to know their rights and responsibilities. Additionally, employers, as well as any persons in management, are guided by them to ensure they provide transparent leadership. Ethics also defines how customers should be handled. Ethical codes govern the relationship between customers and an
Shell, Richard G. "When Is It Legal To Trade on Inside Information." MIT Sloan Management Review Fall 2001: 89-90.
1. Legal, ethical and professional principle frameworks underpin all fields of nursing, and it is a requirement for all Registered Nurses to be competent and knowledgeable, act with integrity and maintain professional standards set out by Nursing and Midwifery Council (NMC, 2015). Working with multidisciplinary teams within our profession, it is important to acknowledge and recognise the way in which all the professionals are guided by law and their independent regulatory bodies. The needs of the individual patient is to be considered by doctors and nurses alike, who share professional values and are set out in the respective codes of practice, The Code (NMC, 2015) and GMC (2013).
The SEC is charged with enforcing four main laws. To prevent fraud, the SEC is supposed to enforce the Securities Act of 1933, which requires mandatory public disclosure of pertinent information to investors, also known as the “Blue Sky Laws”. The second one under preventing fraud is the Securities Exchange Act of 1934, which governs securities already issued. Then there are two more that would apply to Madoff.
The Pinellas County Student Code of Conduct is presented to all students and families to help make sure everyone stays safe and understands the expectations that are required while working and learning in the school system. But, conflicts do occur for some students that may make it hard for them to follow these rules. For students with a different background, culture, religion, physical or mental ability their beliefs may interfere with the rules stated in the Student Code of Conduct, which can be sometimes challenging for the students. How do we help make this small percentage of students feel comfortable while helping them follow the rules of the school system?
Sunbeam committed the following two fraud schemes while Al Dunlap was the company’s Chief Executive Officer (CEO): (1) Improper Timing of Revenue Recognition via Bill Hold Sales, Consignment Sales, and Other Contingency Sales and (2) Overstating Earnings via Improper Use of Restructuring Reserves. A series of detection methods were utilized in each fraud scheme to determine the indicators that proved that Sunbeam was involved in manipulating its financial data. The most utilized method for detecting Sunbeam’s fraud was Financial Statement Analysis. Utilization of Annual Reports and Disclosures were utilized just as much as Corporate Research and Media while Business Plan Analysis was ranked as being the fourth most used. Finally; leadership
Insider trading has been a commonly discussed topic since Martha Stewart was accused, tried, convicted, and served a prison term for her involvement with the Inclon trading scandal. However, the definition of the term “insider trading” is not necessarily always connected with illegal activity. As a matter of fact, in some jurisdictions, “insider trading” is no crime. Traditionally, it has been an expected, and perfectly acceptable prerequisite for certain sorts of employment. ”(Insider Trading).
Additionally, Samsung has established an Ethical Management (Anti-Corruption) System which allows “… employees and other stakeholders to confidentially and anonymously report violations of (their) ethical standards” (People 31). It has successfully aided in resolving over 1,820 cases in the past three years (People 28-33). This system is a risk-free way for any stakeholder to bring up issues they may see in the company. This also provides feedback to the managers and helps to prevent ethical dilemmas from occurring in the
When it comes to business, ethical conduct and transparency, “an environment of openness in which all participants in a conversation or organization activity receive access to the information needed” (Baak, 2012), are the standards at the helm of what determines and drives the success and sustainability of a company. Chairman and CEO of Aflac Insurance Dan Amos, has learned the necessities of exercising ethical principles and has gained national recognition for his ethical business practices amongst his employees and the millions of customers that are a part of the successful company. Aflacs employee satisfaction business principles have contributed to Aflac being named as Forbes 100 Best Companies to Work for in America (Grillo, 2010).