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November, 2006

 

Mutually Assured Exaggeration Wired Magazine, November, 2006 By Clive Thompson
	A supplier for my company just sent me a 4-gig thumb drive as a seasonal thank-you gift. The same model is going for $120 on eBay. Is it OK if I put it up for auction? I doubt it. If you sell the thing, "it's as if a supplier had just given you $120 cash in a brown paper bag," says R. Edward Freeman, a business ethics professor at the University of Virginia's Darden School. And that probably wouldn't pass the smell test, particularly since most companies have policies preventing employees from accepting gifts worth more than about $20.
Breaking the Short-Term Cycle: “Short-Termism,” Its Threats, and What Can Be Done to Reform It   EthicsWorld, November, 2006
	Beginning in September 2005, the CFA Centre for Financial Market Integrity and the Business Roundtable Institute for Corporate Ethics co-sponsored a “Symposium Series on Short-Termism.” The purpose of these symposia was to address the issue of “short-termism”— corporate and investment decision-making based on short-term earnings expectations versus long-term value creation for all stakeholders — from a unique cross - group perspective.
Studies call for firms to drop focus on quarterly EPS; Longer-term view more likely to match analysts' forecasts   Investment News, November 6, 2006 By Aaron Siegel
	A July paper titled "Breaking the Short-Term Cycle: Discussion and Recommendations on How Corporate Leaders, Asset Managers, Investors and Analysts Can Refocus on Long-Term Value'' was released by the CFA Centre for Financial Market Integrity and the Business Roundtable Institute for Corporate Ethics, both in Charlottesville, Va. The report calls for changes in earnings guidance practices and the development of long-term compensation structures for executives. It also calls for a shift in the corporate focus to long-term-value creation, improvement of communications and transparency of a company's strategy, and promotion of broad education of all market participants on the benefits of long-term thinking and the costs of short-term thinking.
Special Report - Finance: Hedge funds and private equity - Trading down corporate responsibility   Ethical Corporation, November 14, 2006 By Ben Schiller
	The past year has seen a slew of studies warning of the dangers of short-term attitudes, with many blaming hedge funds, at least partly, for the extreme pressures on executives. In the US, business groups such as the Conference Board, and Business Roundtable [Institute for Corporate Ethics], and CFA Centre for Financial Market Integrity have all recently published reports saying that an obsession with short-term earnings is hurting companies’ ability to create long-term value and hindering efforts to strengthen corporate governance. The Roundtable study recommended ending quarterly “earnings guidance” – an idea seconded by consultants McKinsey and by companies such as Pfizer and Cable & Wireless.
HP Lessons Learned: Be a Good Board Member  CIO.com, November 1, 2006 By Lauren Capotosto
	You may not need an ethicist to explain the implications of pretexting. But as the Hewlett-Packard scandal shows, being a board member today requires more than gut instinct. Stand out for good reason, with this advice from ethics experts and CIOs who serve on boards. DO dust off your Descartes texts. “You can have all the ethics in the world without having a firm grasp of what to do in a complex situation,” says Tom Donaldson, business ethics professor at The University of Pennsylvania’s Wharton School. Consider a business ethics course.

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