Corporate Governance and Ethical Responsibility
Anthony D. Mcilwain
Corporate governance and ethical responsibilities are the key components for executive teams to make proactive decisions within the organizational environment. “The Ethics & Compliance Office has operational responsibility for education, consultation, monitoring and assessment related to the Code of Business Conduct and compliance issues” (Cola, 2013). Unethical behaviors could transpire within a poorly monitored environment that could be detrimental to the reputation and characteristics of the business. Periodically there has to be an audit pinpointing weaknesses ...view middle of the document...
Employees and managers are the intricate parts of the organization that drive the mission statement of the business to meet services goals that are forecasted within a particular fiscal year. Board members are the decision making components of the business to determine fiscal direction that the organization should pursue to maximize profitability across the board.
The external facet of the business embodies investors, customers and suppliers that are all intricate partners in the successfulness of the business. External partners help to achieve organizational goals through growth measures of customer and supplier demands. Investors provide the financial capital for the business to move in a certain direction to extend monetary growth potential. Managers have to monitor safety procedures, working policies and customer care to ensure that protocol meets the benefit of the business and clientele base alike. Managers rarely communicate with customers except through escalated situations where the service rendered did not meet the expectations of the customers.
The potential conflicts that could arise between the internal and external stakeholders involve service, monetary value and reputation. “Drug compounding is a traditional pharmacy practice that occurs when a licensed pharmacist alters or recombines drug products in response to a physicians' prescription for a specific patient, who may be unable to take the standard version
of a treatment due to age, allergies and other conditions” (Tribune, 2012). Stakeholders internally look for a safe working environment that exceeds customer expectations. Growth of the organization would be an interest of the managerial staff and subordinates if advancement opportunities were made available. Board member looks to establish tenured relationship with external partners. They could influence the direction the organization would pursue in the future base on financial ties with outside entities. Unsafe working conditions could cause a division in the workplace forum. The working cultural could diminish because various internal issue continue to go unresolved consisting of benefits and salaries. Another key point would be organizational goals that compromise the integrity of the workforce.
External stakeholders look for quality care for patients with expeditious service in practical situations. Suppliers need the hospital to demand their product on a daily basis to maintain longevity and communal growth from brand names. Investors need their financial capital to grow astronomically to ensure that there are no monetary losses in their investment. Patients can dictate the service rendered by publicizing complaints through the media. “The effort to detoxify the healing environment and enhance patients' and employees' health, while reducing costs all around” (Schwartz, 2008). Callous practices could result in losses of governmental funding, licensing and reputation in the community....