By Lynn Sharp Paine
"Lynn Paine has an positive research of the necessity for--and the price of--bringing moral values into enterprise decision-making. The 'meltdown' of such a lot of high-flyers reecntly means that lesson were misplaced on too many businesses in the course of the increase years. The time has come to take account of what she writes."--Paul A. Volcker "This publication provides a fashion of broadening the function of the company in our society, a fascinating and intriguing position. it is a strong learn for younger leaders in all walks of life."--John C. Whitehead, former Chairman, Goldman Sachs "Value Shift presents a well timed and compelling argument for why businesses needs to comprise values into their strategies--that not anyone in company can come up with the money for to ignore."--Daniel Vasella, Chairman + CEO /Novartis AG
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Additional info for Value Shift: Why Companies Must Merge Social and Financial Imperatives to Achieve Superior Performance
To answer these questions, we must look more deeply at the themes introduced in this chapter and place the turn to values in a larger context. This page intentionally left blank. 2 Does Ethics Pay? W hen AES Corporation went public in 1991, its prospectus described the company’s commitment to four values—integrity, fairness, fun, and social responsibility. ”1 The stance taken in the AES prospectus is unusual. Rarely do executives state publicly and without qualification that their company’s values have intrinsic worth.
Soon after the Brent Spar outcry, Shell again found itself a target of international criticism. In late 1995, environmentalists and human rights advocates joined forces and took Shell to task for its activities in Nigeria, where it operated an oil production joint venture whose members were the Nigerian government and the European oil companies Elf and Agip as well as Shell itself. One challenge centered on the extent to which Shell had 22 VALUE SHIFT contributed to Nigeria’s environmental problems, particularly in the Niger Delta region, where the venture’s operations were concentrated.
3 These statements, if taken at face value, suggest that many executives are coming to believe that an ethical stance pays off—and not merely in the metaphorical sense of being beneficial. These executives seem to think that adhering to a set of values and respecting the interests of others actually cash out in terms of real dollars and cents. -based health products company through the legendary Tylenol crisis of 1982. The story is well known. When Burke and other key managers found themselves unable to account for seven mysterious deaths linked with the company’s popular Tylenol capsules, they took the dramatic and unprecedented step of pulling 31 million bottles of the pain reliever from store shelves and kitchen cabinets across the United States.