By Yinka Kolawole
EXPERTS and professionals have posited that ethical vaues of corporate organizations will ultimately determine their success in the long run.
This assertion was made during a business meeting of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Lagos State Chapter.
Speaking on the theme of the day, ‘Upholding ethical board practice and achieving corporate objectives in a recessed economy’, Mrs Funmi Ekundayo, Managing Director, STL Trustees, said that the ethical value of a corporate organization, both in private and public sectors, is the determining factor of its ultimate success. According to her, the ethical behaviours and practices within the boardroom have never been more important in setting the tone from the top in enhancing the general adherence to the values by employees.
She stated: “Given the recession scourge in today’s business environment, stakeholders have high expectations that companies should be run in accordance with good corporate governance practices even while making profit. Corporate objective could be approached in a myopic manner, where it is all about profit and nothing more, while the enlightened approach is making profit alongside trust and sustainability.
Organisation must be built on trust despite the harsh economy; it is an ethical dilemma of ethics against profit.” In his remark, Mr. Omogbemi Adelagun, Group Counsel and Company Secretary, AOS Orwell, noted that a global study from the Ethics Resource Centre (ERC), revealed that strategic thinking can rise and ethical misconduct can decline during hard times.