Commonwealth bank

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Commonwealth BankCommonwealth Bank of AustraliaACN 1 1 14 Summary

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The Commonwealth Bank is an integral financial service business, providing a full range of banking and financial services to over 7.5 million Australians. The Bank's operations are conducted primarily in Australia. The Bank is represented internationally through ASB Bank Limited, a successful retail bank in New Zealand of which they are a 75% shareholder, and through branches in London New York, Singapore Tokyo, Hong Kong and Grand Cayman and representative offices in Beijing, Shanghai, Hanoi and Jakarta. Their services include retail, business and investment banking insurance, broking services and funds management. The Bank's success in building the business, in generating profits and in positioning for the future allows us to meet the lifetime financial needs of customers; provide fair, safe, challenging and rewarding employment for staff; and reward all shareholders through dividends and capital growth. Structure of the CompanyIn December 10 the Commonwealth Restructuring Act was passed. Its significant features were to amend the Commonwealth Banks Act 15 to enable conversion of the Bank from a statutory authority to a Public Company with a share capital (occurred 17 April 11), to amend the 15 Act to provide for the Commonwealth Development Bank to have a share capital wholly-owned by the Bank and to become a wholly owned subsidiary of the Bank (occurred 1 February11) and, to provide for the Commonwealth Bank of Australia to become successor in law to the State Bank of Victoria (officially merged 1 January 11).Listing of the Commonwealth Bank shares on the Australian Stock Exchange took placed on 1 September 11. In June/July 16 the Government made public offer of its remaining 50.4% shareholding, which was fully subscribed.Commonwealth Bank is fully Australian owned company. It is of Australia's leading providers of integral financial services including retail, business and institutional banking services, superannuating, life insurance, general insurance, funds management, broking services and finance company activities. The principal activities of the Commonwealth Bank Group during the financial year were banking funds management and life insurance.From its humble beginnings, with one office and twelve staff in the 160s, Commonwealth Bank, at present, had more than 116,000 EFTOS terminals throughout Australia, with over 1,80 branches, 4,081 agencies, 4,414 ATM's representation through Australia Post offices, and over 7,000 staff, as at December 000.The Bank's annual profit has risen from its first recorded profit of L, for the half year ended 0 June 115 to an operating profit after tax in 1/000 of AUD $1,71m before abnormal items, a 0% increase on the prior year 18/. Brief History of Commonwealth Bank100s Establishment The Commonwealth Bank Australia was established in 100s enacted by Andrew Fishers Labor Government in 111. The Commonwealth Bank Act of 111 empowered the bank to conduct both savings and general (trading) bank business, with the security of a Federal Government guarantee.The first bank headed by Sir Denison Miller together with other twelve staff opened for business on July 15, 11 in Melbourne. The first branch along with 48 agencies located in past office offered savings bank facilities throughout Victoria. During the following users branches were established in other capital cities as well as in Canberra, Townsville and London.10s Creation of Bank BoardDuring the year, the Bank's Note Issue Board was established. Upon the death of the first governor Sir Denison Miller in 1, a newly established Bank Board assumed responsibility for the note issue from the Note Issue Board. In 18 a designated Saving Bank Department was then structured as The Commonwealth Savings Bank (CSB).10s Surviving the Great DepressionDuring the great depression Commonwealth Bank considered merging with its state banks of Western Australia and New South Wales in 11. It had previously merged in 11 and 10 with its similar institutions in Tasmania and Queensland respectively.140s World War IIThe banks expansion program resumed after WW II. Majority of the branch were constructed in 146 and in 147. Only ten branches were opened during that year. Not too many buildings were constructed due to the shortage of building materials. 61 branches were established later on.150s Establishment of the Commonwealth Banking CorporationThe change in legislation had formally divided Commonwealth Bank act 15 and the Reserve Bank Act 15. The Reserve Bank of Australia was established on 14 January 160, assuming control of all central banking activities. The remaining functions such as trading/savings bank activities together with the newly constituted Commonwealth Development Bank was renamed Commonwealth Banking Corporation.Modernisation of the Bank160s Significant ChangesThe Bank celebrated its Golden Jubilee in 16. Saturday morning trading ceased. In 166, Christmas Club Accounts and variation on traditional savings accounts were introduced. Personal Loans made possible in 167. And the career opportunity fir women became available that year. The introduction of "Black Light" Signature System was introduced on December 16.170sComputerisation CommencesComputer in the savings bank section initially maintained office records. It also became the Banks expanding " on line" computer network and has been extended nationwide. In 170s, Commonwealth Bank expanded its operation, entering the home and travel insurance in 174, and forming its own finance company, Commonwealth Bank Finance Corporation Ltd (CBF Ltd), the following year.The Bank has become increasingly involved in foreign exchange dealings and overseas business generally.180s De-regulation of the Banking Industry Thee entry of foreign banks in Australia in the mid 80s became a major challenge to commonwealth Bank. The bank considered the restructuring of internal organization. Furthermore, new products were developed to meet the requirements of specific group within the community.10s Major Re-structureThe early 10s, the Commonwealth Bank undergo extensive organizational restructure. Changes included the division of Retail Banking into three units, Personal Banking, Business Banking and Banking Corporations, an enhanced Customer Service Program, which aimed to achieve and still does, a more disciplined approach to customer service.In Sept , 11, the bank introduced a new logo based on the stars of the "Southern Cross".The Maestro and Cirrus services were introduced on April 1, 1, an international equivalent of the Electronic Funds Transfer Point of Sale (EFTPOS) system, allows the purchase of goods and services by the use of a keycard at Maestro outlet around the world whereby payments are made by the automatic transfer of funds held in Australian bank account.Cirrus, an Automatic Teller Machine (ATM) network, enables depositors access to their primary savings, cheque and credit card accounts with their keycard, at overseas ATMs which display the Cirrus logo.During 14 Customer Service Centres were opened Australia wide in capital cities. These centers provide a telephone "hotline" service for customers banking enquiries.As part of the Commonwealth Banks enhanced Customer Service Program, Customer Relationship Model (CRM) branches were introduced in August 14. The new layout separated the areas of customer need ATM for electronic banking, customer studios (Interview office) for longer inquiries or for those interviews the require privacy, tellers counters, and a customer assistance counter, where the customer is greeted on arrival and directed to the area in the branch appropriate for their needs.The Bank's World Wide Web Internet site was launched on September 15.On 1 March 000, the commonwealth Bank and Colonial Limited announced their intention to merge, with seven Commonwealth Bank shares being offered for twenty Colonial shares. The merger received a final approval from the Supreme Court of Victoria on 1 May 000 and was completed on 1 June , 000.The Commonwealth Bank was awarded Internet Bank of the Decade by the Australian and Finance magazine in November 1 and again. Executive ManagementRemuneration of ExecutivesD V Murray Managing Director &CEOBase pay 1,450,000 Bonus Paid this year 450,000Bonus Vested in CBA shares 00,000Superannuation ,77Other Compensation 10,400Total Remuneration ,10,17Number of Option Grant -Number of Share Grant -P l PolsonHead of Colonial First State Investment Group Base pay 600,000 Bonus Paid this year 550,000Bonus Vested in CBA -Superannuation 144,480Other Compensation 456,000Total Remuneration 1,750,480Number of Option Grant 100,000 Number of Share Grant 16,800 M A KatzHead of Institutional BuildingBase pay 750,000 Bonus Paid this year 6,000Bonus Vested in CBA shares 4,000Superannuation 67,500Other Compensation 10,400Total Remuneration 1,87,00Number of Option Grant 15,000Number of Share Grant 0,00M J UllmerGroup General ManagerFinancial and Risk ManagementBase pay 75,000 Bonus Paid this year 76,000Bonus Vested in CBA shares 184,000Superannuation 1,00Other Compensation 10,400Total Remuneration 1,7,700Number of Option Grant 15,000Number of Share Grant 0,00 J F MulcahyHead of Australian Financial ServicesBase pay 700,000 Bonus Paid this year 46,000Bonus Vested in CBA shares 164,000Superannuation 6,000Other Compensation 10,400Total Remuneration 1,18,400Number of Option Grant 15,000 Number of Share Grant 0,000 R J NorrisHead of International Financial Services & Managing Director & CEO, ASB GroupBase pay 680,000 Bonus Paid this year 50,000Bonus Vested in CBA shares -Superannuation n/aOther Compensation n/aTotal Remuneration 1,00,000Number of Option Grant 15,000 Number of Share Grant 0,00 Board of DirectorsNonExecutive DirectorsJohn Ralph - Chairman (Victoria)He has been a member of the Board since 185 and Chairman since 1. He is also Chairman of the Risk, Remuneration and Nominations Committees. He is a Fellow of the Australian Society of Certified Practicing Accountants and has over forty-seven years experience in the mining and finance industries.John Schubert Deputy Chairman (NSW)He has been a member of the Board since 11, he was appointed as Deputy Chairman on the 1 December 000 and is Chairman of the Audit Committee and a member of the Nominations Committee. He holds a Bachelor Degree and PhD in Chemical Engineering and has experience in the petroleum, mining, building materials industries. He is the former Managing Director and Chief Executive Office of Pioneer International Limited.David Murray Managing Director and Chief Executive Officer (NSW)He has been a member of the Board and Managing Director since 1. He holds a Bachelor of Business and Master of Business Administration and has thirty-five years experience in banking. He is a member of the Remuneration, Risk and Nominations Committees. Ross Alder (SA)He is a member of the Board since 10 and is a member of the Remuneration Committee. He holds a Bachelor of Commerce and a Master of Business Administration. He was the Managing Director of Santos Limited for 16 years and retires on 0 September 000. He has experience in various commercial enterprises, more recently in the oil and gas industry.Reg Clairs (Q)He has been a member of the Board since 1 March 1 and is a member pf the Audit Committee. As the former Chief Executive Officer of Woolworths Limited, he has thirty-three years experience in retailing, branding and customer service. Tony Daniels (NSW)He has been a member of the Board since March 000 and is a member of Remuneration Committee. He has extensive experience in manufacturing and distribution, being the Managing Director of Tubemakers of Australia for eight years to December 15m during a long year with that company.Colin Galbraith (VIC)He has been a member of the board since June 000 and is a member of Risk Committee. He was previously a Director of Colonial Limited, having been appointed in 16. He is a partner of Allens Arthur Robinson, Lawyers.Warwick Kent (WA)He has been in the board since June 000 and is a member of the Risk Committee. He was previously a Director of Colonial Limited. Having been appointed in 18. He was the Managing Director and Chief Executive Officer of Bankwest until his retirement in 17. Prior to joining Bankwest, Mr. Kent had a long and distinguished career with Westpac Banking Corporation.Fergus Ryan (VIC)He has been a member of Board since March 000 and is a member of the Audit Committee. He has extensive experience in accounting, audit, finance and risk management. He was a senior partner of Arthur Andersen until his retirement in August 1 after thirty-three years with that firm including five years as Managing Partner Australasia.Frank Swan (VIC)He has been a member of the Board since July 17 and is a member of the Risk Committee. He holds a Bachelor of Science degree and has twenty three-years senior management experiences in the food and beverage industries.Barbara Ward (NSW)She has been a member of the Board since 14 and is a member of the Audit Committee. She holds a Bachelor of Economics and Master of Political Economy and has six years experience in policy development and public administration as a senior ministerial adviser and twelve years experience in the transport and aviation industries, most recently as Chief executive of Ansett Worldwide Aviation Services. Since 18, she has pursued a career as a company director.Anna Booth (NSW)She was a member of the Board from 10 until she retired on 1 December 000, and was a member pf the Risk Committee. She holds a Bachelor of Economics and has had seventeen years experience in the trade union movement.Ken Cowley (NSW)He was a member of the Board from September 17 until he retired on March 001, and he was a member of the Remuneration Committee. He has thirty-three years experience in the media industry, having been a Director of News Limited since 176 and until July 17, was Executive Chairman of the company. Remuneration of DirectorsNon-Executive Directors Name Base Fee/ Committee Salary Superannuation Total Pay Fee Sacrifice RemunerationJ T Ralph 04,0 4,016 41,885 1,04 ,04 J M Schubert 8,01 4,04 1,510 ,504 14,81 N R Adler 68,0 1,756 14,11 6,46 101,46 R J Clairs 68,0 17,008 14,5 7,401 107,401 A B Daniels 68,0 1,756 14,11 7,01 10,01F D Ryan 68,0 17,008 14,5 7,401 107,401 F J Swan 68,0 1,60 15,707 7,771 11,771 B K Ward 68,0 17,008 14,5 6,80 106,80 W G Kent 68,0 ,18 14,447 7,6 ,767 C R Galbraith 68,0 ,18 14,447 7,18 ,56A C Booth ,671 1,60 - 4,4 56,508K E Cowley 5,077 ,764 ,474 5,6 76,641These were the total amount received or due and receivable by non-executive Directors of the Company for the year ended 0 June 001. Directors' ShareholdingsName Shares OptionsJ T Ralph 1,674J M Schubert 7,478D V Murray 44,7 1,500,000N R Adler 6,7R J Clairs 10,48A B Daniels 1,741C R Galbraith 4,54W G Kent 6,70F D Ryan 4,48F J Swan ,5B K Ward ,405 Top 0 Holder of Fully Paid Ordinary SharesRank Name of Holder Number of Shares1. Chase Manhattan Nominees Limited 1,777,81. National Nominees Limited 80,5,78. Westpac Custodian Nominees 7,4,454. Citicorp Nominees Pty Limited 50,715,675. AMP Life Limited 0,6,7816. Commonwealth Custodial Service Limited 1,18,0057. Queensland Investment Corporation Limited 18,46,818. ANZ Nominees Limited 16,07,140. Perpetual Trustees Victoria Limited 14,756,41410. Cogent Nominees Pty Limited 10,88,011. BT Custodial Service Pty Limited ,6,851. RBC Global Services Australia ,57,7041. Colonial Foundation Limited 8,58,41814. HKBA Nominees Limited 8,0,85415. MLC Limited 4,0,60616. The National Mutual Life Association of Australia Ltd 4,871,68017. Perpetual Nominees Limited 4,8,7518. NRMA Nominees Pty Limited 4,780,811. Perpetual Trustees Nominees Limited 4,616,110. CSS & PSS Board 4,485,88The twenty largest shareholders hold 48, shares which is equal to 40.18% of the total shares on issue. Top 0 Holders of Preferred Exchangeable Resettable Listed Shares (PERLS)Rank Name of Holder Number of Shares1. Commonwealth Life Limited 00,000. The National Mutual Association Of Australia 11,650. Commonwealth Custodial Services Limited ,514. Dervat Nominees Pty Limited 84,005. AMP Life Limited 80,0006. INVIA Custodian Pty Limited 67,0007. National Mutual Funds Management 60,0008. UBS Warburg Private Clients Nominees Pty Limited 5,74. Citicorp Nominees Pty Limited 4,00010. National Nominees Limited 41,511. Perpetual Nominees Limited 6,761. ANZ Executors & Trustee Company Limited 6,071. Austrust Limited 4,8114. Perpetual Nominees Limited 1,44015. Boxall Marine Pty Limited 5,00016. Questor Financial Services Limited 1,817. Flight Center Limited 15,00018. Livingstone Investment (NSW) Pty Limited 15,0001. Brencorp No. Pty Limited 14,140. Ms Thelma Joan Martin Weber 1,500The twenty largest shareholders hold 1,01,680 shares which is equal to 0.7% of the total shares on issue. Range of Shares (000-001)(Fully Paid Ordinary Shares and Employee Shares) Number of % Number of % Issued Range Shareholders Shareholders Shares Capital 1 1,000 566, 78.84 186,516, 15.001,001 5,000 14,6 18.7 6,04,01 1.6 5,001 10,000 11,668 1.6 80,47,001 6.4710,001 100,000 4,7 0.70 100,47,76 8.07100,001 and over 00 0.05 607,458,67 48.8Total 718,16 100.00 1,44,015,455 100.00 Range of Shares (PERLS) Number of % Number of % Issued Range Shareholders Shareholders Shares Capital 1 1,000 1,440 8.7 1,764,548 50.411,001 5 1 1.01 4,55 1.5 5,001 10,000 6 0.1 07,06 5.10,001 100,000 4 0.1 764,485 1.84100,001 and over 0.01 1,650 .48 Total 1,61 100.00 ,500,000 100.00 RATIOS M$ M$ 001 000Liquidity RatiosCurrent Ratio Current Assets = 156,465 151,0Current liabilities 145,178 157,701 = 11.07 10.6 The firm had 1.07 current assets for every $1 current liabilities, which means that the ratio had increased by .11 compared to last years ratio due to the increase of assets and a decline in liabilities.Fixed assets turnover Sales = 8,84 61Non current liab. 65,85 6,106 = 1 times 10 times Sales are 1 times the non current assets employed, an increased of times compared to last years ratio, which was due to the huge increased in sales and very slight increased in liabilities. Total assets turnoverSales = 8,84 61Total assets 0,411 18,5 = .8 times =.81 times Sales were .8 times the assets employed. The turnover had increased by 1.0 times this year due to the increased in sales and total assets.Profitability RatiosGross Profit MarginGross Profit = ,405 ,58Sales 8,84 6,1 = 8.5% =57.6% Gross profit was 8.5 expenses. Gross profit margin had decline by1.04 even though the sales have increased, which means that there was an increased in expenses incurred for this year.Net Profit Margin Net Profit after tax = ,41 ,78Sales 8,84 6,1 = 7.% =44.60% Net profit after tax is 7.% of sales after deducting expenses. Net profit margin had declined due to high expenditure.Return on total assetsNet profit after tax = ,41 ,78Total assets 0,411 18,5 = 1.05% =1.5% The firm has 1.05% return on total assets. It has declined this year by .0% which was a result of the declined in net profit after tax.Return on net worth Net profit after tax = ,41 ,78Shareholders funds 1,848 18,45 = 1.15% = 14.85% Shareholder has reinvested 1.15% to the company. The reinvestment has declined .7% which was a result of the declined in net profit after tax.Leverage RatiosDebts to equityLong-term debts = 65,85 6,106Shareholders funds 1,848 18,45 = .% =.7% The firm is making more debts than equity. There was a very slim difference of.08% compared to last years' ratio.Total debts to total assetsTotal debts = 10,56 1,84Total assets 0,411 18,5 = 1.% =1.55% 1.% of total assets are financed by creditors, 8.61 of firms assets are financed by shareholders funds. There has been very slight difference of .11 with the last year's ratio.Equity Valuation and Performance RatiosPayout ratioProv. for ordinary shares = 1,407 = 1,11Net profit after tax = ,41 = ,78Preference dividends = = 0 = 1407 = 1,11 ,41- ,78-0 = 58.55% =40.56% It is the percentage showing the firms ability to pay its shareholders. An increased by 18 percent more makes the firm in better position in their ability to pay their shareholders. Earnings per shareNPAT =,41 = ,78Preference div. = = 0No. of Ord. Sh. issued =1,44,015,455 = 1,60,01,78 = ,41- = ,78-0 1,44,015,455 1,60,01,78 =1. cent per share =17.7 cent per share The percentage per share has decline by 4.07 this year due to the increased in preference shareholders.Dividend per shareOrdinary div. =1,407 = 1,11No. of ord.sh. issued 1,44,015,455 1,60,01,78 =11.1 cent per share =88. cent per share The dividend per share has increased by 4.78 cent per share due to the decreased in the number of ordinary shareholders.Earning yieldEarning per share = 1. Market price per share .8 = 571%Dividend yieldDividend per share =11.1Market price per share .8 = 4.6%Price earning ratio Market price per share = .8Earning per share 1. = .17Recommendation Current AssetsIt will be good for the firm if they keep on increasing their assets every year.Current liabilitiesIt is a good sign that the firm has able to pay all their current obligations.Non- current liabilitiesThe companies long term debts had increased, to prevent this from happening, the company must increase their revenue.Ordinary shareholdersTo have a better and higher return on shares, the company must reduce the number of shareholders.Preference shareholders The firm use to have 0 preference shares, the increased in preference shareholders is an increased on equity. It is the companies obligation to pay dividends to them every year.SalesThere was a good increased in sales this year, which is not proportionate with the expenditure. Expenses The company must find a way to reduced their expenditure so that they will have a high return on profits.ConclusionThe Bank continues to generate high levels of capital, reflecting its strong earnings streams in a low inflationary period. The high dividend payout ratio, retained capital continues to grow due to the extensive participation in the dividend reinvestment plan. Future capital management will take account of the long-term growth in the business and the need to optimize returns to shareholdersThe progress achieved by the Bank is a reflection of the continued actions of all the people who make up the results and work together to provide service to customers. AttachmentGraph of Share PriceArticles about Commonwealth Bank Graph of Share Price Reference Clive Wilson and Bruce Keer, Third Edition Financial Management Principles and Applications, Prentice HallCommonwealth Bank, 001 Annual Reportwww.vu.edu.auwww.commonwealthbank.com.auwww.asx.com.auAcknowledgementAiman Abousher, teacher, Victoria University of Technology

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The Internet as a Business Tool

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The Internet as a Business ToolHow the Internet Originated and What its Basic Construction Is In the 160's the Department of Defense's Advanced Research Project Agency started a small network to promote the sharing of super-computers amongst researchers in the United States. (PBS Article). In the 170's, email became popular. This helped people to research projects and discuss topics. The Internet started out with universities and government agencies. In the late 70's into the 80's is when the general public was introduced to the Internet.Purpose and Importance of ICANN

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The Internet Corporation for Assigned Names and Numbers (ICANN) was formed in 18. (ICANN, 1). This company is a non-profit, private-sector corporation. ICANN coordinates the technical management of the Internet's domain name system, the allocation of IP address space, protocol parameters, and the management of the root server system. The purpose of ICAAN is to oversee the technical management and assume responsibility to coordinate the stable operation of the Internet in four key areas the Domain Name System (DNS), the allocation of IP address space, the management of the root server system, and the coordination of protocol number assignment. The importance of ICAAN is to oversee the management of tasks that require central coordination. Describe an ISP The Internet Service Provider (ISP) provides access to the Internet. The most popular ISP is EarthLink. EarthLink has a friendly interface and stable connections. The website for EarthLink states that it is an alternative to America Online. The cost of EarthLink is cheaper than AOL. America Online (AOL) is another very popular ISP. Their claim is they strive to provide highest quality, easiest, and most convenient services and products. They offer a wide range of services from high-speed broadband and their technology is growing daily. The last of the top three ISP's is MSN. They are also user friendly and offer fast, reliable service. MSN offers different plans to meet the customer's needs.Describe a Browser A browser is a software package that provides the user interface for accessing the Internet, intranet, and extranet websites (O'Brien, 001). The browser helps a user navigate through the web pages to do research through the search engines. Two browser's currently used are Netscape Navigator and Microsoft Internet Explorer. Netscape Navigator is used with EarthLink and Microsoft Internet Explorer is commonly used with MSN.Describe Search Engine A search engine is a program that searches documents by using keywords and produces a list of documents where these keywords were located. Search engines are very valuable to the user to do research. I used the search engine many times while I was doing this paper. All you have to do is type in a combination of words and have the search engine do the work for you. There are several search engines out there, but two that I use quite often are MSN, Yahoo, and Google. Describe Home Page A home page is the main page of a Web site. The home page serves as a table of contents or index to other documents stored at this site. Most users have a main page that is their starting point when they open up the Internet. My home page is www. msn.com. This home page contains my daily weather for my area, stock quotes, and information that I choose to be updated on daily. Describe URL Uniform Resource Locator is what URL stands for. This is an access code for identifying and locating document files, databases, and other resources at websites and other locations on the Internet, intranet, and extranet (O'Brien, 001). Global addresses of documents and other resources are stored on the websites, and when a user knows the address, they will type the address in the locator area and the document will be located so the user can access the information. How the Internet is Used Today The Internet is becoming quite popular with corporations. The Internet is a source of advertising for companies to get their message out to everyone that has access to the web. Companies can buy Internet banners to be displayed all the time on a users home page. Some companies will ask the user to take a survey after using their sites. This will help the company see if their ads are user friendly or if the ads need to be revised so that it displays what the users are looking for. Another use for the Internet is for users to be able to locate products they wish to purchase. The company will provide a secure network for the buyer to use their credit card number securely over the Internet. The Internet also provides real time stock quotes, news, and current weather around the world. Any one can see what the weather will be like if they are traveling to another city. News articles are kept current for update coverage on world happenings, and stock quotes can help people see how the market is going for that day.How My Company Uses the Internet The company that I work for has a website. The address is www.jcfrench.com. The site has been in use since 1. The Internet address helps our company with new and existing customers. There are times when we will be working with a new company, and we can refer them to our website to see testimonials from other clients, and to see jobs that we have completed. Another item we use is customers can log on to our website and they can request a quote for one of our estimators. The potential client will fill out the form, and what their needs are, and when they submit the form, it is then routed to an estimator to contact the client. We also have links to paint manufacturers that we use. Describe an Intranet An Intranet is designed exclusively for the corporation, accessible only by that organization's employees with authorization. A firewall keeps unauthorized users from accessing this site. One advantage to a company that has multiple locations is that the employees can access this site to get information from the human resource department, access files, and to share information with other employees.How My Company is using the Intranet The company that I work for does not use an Intranet. We have only one location. The potential benefits that my company could gain from having a Intranet, would be to post our policies and procedures so that the painters that work in the field can access the Intranet. The office staff consists of thirteen individuals. Another benefit would be to post employee phone numbers to be accessed from any location, whether it be in the office or working from home. The only other benefit would be to post commonly used forms.Problems and Concerns of Using the Internet Some problems I see with companies having access to the Internet would be employee production. If employees have little or no supervision during the day, then I can see abuse of the Internet happening. The instant messaging provided by AOL and MSN, could keep employees from working. Another concern would be that if corporations start depending on the Internet to conduct business, then you loose that one on one report with clients. The communication between clients can get lost in the virtual world. ReferencesMcLaughlin, A. (001, February 17) ICANN Fact Sheet. Retrieved April 16, 00 on the World Wide Web http//www.icann.org/general/fact-sheet.htm O'Brien, J.A. (001). Introduction to Information Systems Essentials for the Internetworked E-Business Enterprise (10th ed.). New York, N.Y. McGraw-Hill/IrwinPublic Broadcasting Service. Life of the Internet. Retrieved April 1, 00 on the World Wide Web http//www.pbs.org/internet/timeline/timeline-txt.html

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Nessicity of Ethics

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The Necessity Of Ethics In Business Ours is a business-centered society. "No group in America is more influential than businessmen" (Baumhart xv). Their influence, for good or evil, enters every life and every home many times each day. If this influence is good, the nation is strengthened; if it is evil, the nation is weakened. Obviously, the myriad decisions of businessmen will significantly determine our national health; ethical, as well as economic. "Business ethics are discussed not only in board rooms, but at dinner tables, in university faculty rooms and on the floor of Congress" (Garrett 1). Many, especially the impressionable young, imitate the mores and manners of successful businessmen. How important are business ethics? In what ways are business ethics defined? The ethical standards of businesses shape America and are key to a business' functioning. Ethics are the backbone of American industry, well, they should be. Whether an organization has good or bad ethical standards, ethics is an issue for all people. "Ethical problems arise not only from the difficulties experienced in making a valid moral judgment, but also from practical obstacles to the execution of even a correct decision" (Pastin 1). Often, it is harder to go through with a morally correct decision even though you know it is the right thing to do. More often than not, the temptation to take the easy way out is overwhelming. There are many definitions of ethics, but, according to author Herbert Johnston, ethics is concerned with two things human conduct and what ought to be done (Johnston 1-). It also involves people's perceptions about what "should" be done. People have duties to do what is right and to not hurt other people. More or less, ethics involve obligations. Johnston also defines ethics as " a practical, philosophical science by which we may reach conclusions concerning the rightness or wrongness of voluntary acts as related to our last end" (Johnston 5). Johnston is saying that ethics are judgments based on society's set moral standards that result in good outcomes or bad outcomes, depending on the goodness or badness of the judgment. More specifically, business ethics are an attempt to develop and apply basic principles in the area of human economic

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relations (McLennen 5). With the definition of ethics now clarified, the reasons for being ethical arise. Why do/should businessmen act ethically? Based on Ray Baumhart's 18survey of 1,01 businessmen, the most influential incentive for being ethical was a man's personal code of behavior. Most people are ethical because of what they believe to be right. Most people want to take the credit for doing the right thing when they will be recognized or even rewarded. The true test is seeing what people do when no one is looking. The following list are the other top 5 choices in descending order of importance to the surveyed businessmen . formal company policy, . the behavior of a man's superiors, 4. the ethical climate of the industry, and 5. the behavior of a man's equals in the company (Weaver 7). From these rankings, it appears that when a businessman acts ethically, he attributes it to his own ability to resist pressure and temptation, with some credit due to his superiors and the company policy. People want the reputation of being ethical. They feel like they are a good person if they are known as being ethically good. On the other hand, the human reluctance to blame oneself for ethical failings helps to explain why our respondents [to the survey] rank personal financial needs as least important of the five factors influencing unethical behavior (Baumhart 46). (See chart on page 10) In some instances, people believe "good business is good ethics" (Lewis 48). Of those Baumhart surveyed, 8% believed that "sound ethics is good business in the long run." However, after being questioned further, and when defining "good business" as maximized profit, then most disagreed that "good business is good ethics." They stated that good ethics are not going to bring in maximized profit. Others argued that "you can catch more bees with honey than with vinegar." This study leads one to conclude that businessmen are only ethical to make themselves look good and "all is fair" when it comes to making a dollar. The popular image of today's American businessmen includes the notion that they are relatively unethical. The standard consensus seems to think that "most businessmen will do anything, honest or not, for a buck" (Wong 17). An overwhelming 77% regarded business as a "dog-eat-dog proposition." The sources of this popular image of businessmen are, of course, personal experience, but also, the stereotype is produced by communications media (television, radio, daily newspapers, and weekly magazines), plays, movies, and political speeches. Unfortunately for businessmen, their wrongdoings and shortcomings are what most often make the news. This negative press gives the overall impression that businessmen are unethical. Are they really unethical, or are they just getting the bad end of the deal due to negative press? According to Sal Marino's study, the results are bittersweet. Although the majority of those interviewed said they had never been propositioned to do anything unethical at work, a relatively high percent of those who had been propositioned had indeed done the dirty deed that they were asked to do. Marino made the following comment on the results of his study The good news is that seventy-six per cent of the respondents said that they had never been asked (or ordered) to do anything they considered unethical pertaining to work. The bad news is that twenty-four per cent confessed that they have been asked (or ordered) to do something that they considered unethical. And the really bad news is that forty-one of those asked eventually did the dastardly deed that was requested of them without objecting" (Marino ). The ever-prodding Marino then asked the respondents what they would do if they discovered that their employer was asking them to do something unethical, dishonest, or unlawful. An alarmingly low five per cent said they would quit on the spot, another nine per cent would look the other way, and an overwhelming majority, seventy-eight per cent, would try to talk to their bosses or try to resolve the problem in some way that would not cause them to lose their job. The remaining eight per cent were uncertain about what they would do -- or they refused to 'fess up.' Today, "Americans, workers and nonworkers, have developed an alarming tolerance for intolerance" (Trudel 6). People are not bothered as much by dishonesty, crookedness, or lack of respect. They have come to think of it as normal. People just do not expect anything more than a crooked businessman these days. In an interview with Marino, Alvin Toffler, a futurist, replied that, "the sophistication of deception is increasing at a greater rate than the technology for verification. That means the end of truth. Many of our leaders are liars, skilled at deception. Lying has become tolerable, if not acceptable"(Trudel 68). (Bill Clinton Are you listening?) Accountability has slipped. "Lawyer lies," those technically true but misleading statements are prevalent. Why is this happening? Two reasons Greed and poor ethics. Present day Americans are not ethical. They are selfish, deceitful, egomaniacs only looking out for themselves. "Today, if the economy is good, it is tolerable to be bad. Today, if you merely apologize for a heinous crime, it is tolerable to be forgiven. Today, if you misrepresent the goods, it is tolerable if you are selling yourself. Today, if you work for a cheater, it is tolerable as long as you benefit from it" (Marino ). "Ethical leaders, honest people who serve rather than deceive, will be increasingly cherished in the future" (Trudel 6). Right now we live in a time when the ends justify the means. There is hope however. For all of the crooked businessmen in the world, there are still some noble and ethical businessmen holding on. Although some businessmen may not believe it, according to Rodger Spiller, director of the New Zealand Centre for Business Ethics (NZCBE), "there is a strong positive correlation between ethics and sustainable financial performance" (Spiller 5). Ethics is becoming very important and this is reflected by international business' increasing momentum towards ethics and sustainable wealth. Businesses are no longer looking for the quick (albeit probably also unethical) ways of getting rich. They now want to build long term relationships that will keep the income flowing for many years. Businessmen are looking for ways to build a long-lasting, ethical enterprise. To do this, they need to put together the "Four P's of ethical companies" into one cohesive company. According to Stiller, the Four P's are Purpose, Principles, Practices, and Performance. These Four P's are the framework of an ethical organization and assist with identifying and encouraging good ethical standards. The purpose of an ethical business is to "create a triple bottom line of environmental and social as well as financial wealth" (Spiller 5). It operates with "principles such as honesty, fairness, caring, and courage, which guide an individual and business behavior" (Spiller 5). The practices the business applies, such as those noted previously, "take account of all stakeholders, while performance measurement involves ethical accounting for the triple bottom line (environmental, social, and financial wealth). Measuring performance is key to progress. Once you have gotten accurate measurements, you must analyze them to see what adjustments need to be made. There is always room for improvement. Once you have analyzed and decided on what steps should be taken, implement them and follow up once again. Striving to be a company that implements the Four P's and maintains a healthy triple bottom line is an ongoing process that constantly needs work. Mr. Stiller has created an inventory, if you will, of desirable practices for each of the six shareholder groups. To foster environmental care, an organization should reduce, reuse, and recycle materials, conserve energy, and conduct environmental audits. With regard to employees, key practices include effective communication (that's a biggie), learning and development opportunities and the promotion of safe and healthy work environments that provide equal employment opportunities. To keep customers satisfied and happy enough to keep coming back, organizations should practice industry-leading quality programs, full product disclosure and safe products. Suppliers benefit from long-term purchasing relationships along with fair and competent handling of conflicts and disputes. Shareholders should receive a good rate of return, comprehensive and clear information and effective management of corporate government issues. Last, but not least, innovative giving to the community, volunteer programs and support for education and job training programs strengthen the relationship between business and society. This kind of care for the environment will help foster a good relationship with the surrounding community because the people know that the organization cares about the area it is located in. Practicing these charitable and ethical methods in turn will produce results along the triple bottom line and provide the community with an ethical and generous, yet profitable, organization. Even though more and more people are beginning to realize the long-term benefits of running an ethical business, there will always be crooked bosses. People just need to know how to deal them. A survey of ,000 conducted by the International Association of Administrative Professionals indicated that "eighty-eight per cent of secretaries say they have told lies on behalf of their boss. A quarter have bosses that fake expense reports, a fifth have seen information destroyed or carted off, and a third have observed time sheets doctored. Some have even been asked to hire a prostitute" (Mulrine 76). There are ways to avoid these situations and even prevent them from happening. Employees "can negotiate the slippery slope before loyalty becomes culpability in a court of law" (Badaracco 10). First and foremost, by having "ethics chats" with your boss before you ever need them could help stop trouble before it ever starts. "Most employees get into trouble by not broaching the issue of ethics with a boss until they find themselves knee-deep in unexplained packages and fake documents" (Braybrooke 175), says Ellen Bravo, executive director of to5, National Association of Working Women. This is why whistle blowing is rare. People can not tell on the guilty boss because they have been entrapped into the wrongdoings also. You must be aware enough and even brave enough not to blindly get caught in the ring. One should also check out the boss before you sign on and then establish an understanding with your boss during the first week on the job. Rule number two always play the loyal protector. Even if you suspect your boss of wrongdoing, "accusing him or her of illegal conduct should not be your first course of action. Many bosses are truly unaware that their behavior breaks any rules. The best approach would be to say, "I want to alert you to something that might not look good to other people." This might get through to a truly oblivious boss -- and tip off a dishonest person that you are on to the behavior" (Mulrine 77). Even if the talk goes well however, start a paper trail. Protect yourself. "Precede a conversation with a memo saying "I'd like to learn more about the process here. I was hoping you could explain to me why the approach you have asked me to take with bids is better than the approach I though we used" (Mulrine 77). If all else fails and good cop does not work, play bad cop. Some bosses just will not get it otherwise. "Skinny it right down for them, and paraphrase it back -- 'In other words, Phillys, you want me to lie to the tax auditors?' Most employers will back off. If they do not, emphasize that their behavior makes you uncomfortable" (Ferrill 4). Finally, you should know where to turn. "If your boss is a an incorrigible criminal, most companies have someone to turn to -- internal company auditors, ombudsmen, or (the latest rage) 'ethics officers'" (Mulrine 77). If your company is not supportive, find an attorney who will be. You do not need to become a part of a fraudulent company. Just as much money can be made through honest business methods. There are methods of protecting yourself from becoming involved in something you know is wrong. Business ethics are of growing importance in today's economic world. In the long run, ethics will make or break a company. It takes us back to an old saying "cheaters never win." Running a clean, honest business not only puts you ahead in life, it will also move your organization forward with a clean conscience. There will not be any looking over your shoulder or dodging bullets. Customers will recognize that they are being treated fairly and continue to return to a company that provides good, ethical services. People do not want to deal with someone whom they feel is always trying to pull the wool over their eyes. Most people appreciate an honest, hardworking company with a code of ethics or mission statement hanging on the wall in the office. More and more companies are investing time and money into learning more about conducting an ethical business and an increasing number are attending workshops. The 18 Business for Social Responsibility USA conference "attracted 850 participants for thirty-two countries. This compares with 650 people at the 17 conference. This statistic reflects just how important business ethics are becoming. The more businesses learn about ethics, the more they will be able to practice the future of business ethics. The Necessity Of Ethics In Business Ours is a business-centered society. "No group in America is more influential than businessmen" (Baumhart xv). Their influence, for good or evil, enters every life and every home many times each day. If this influence is good, the nation is strengthened; if it is evil, the nation is weakened. Obviously, the myriad decisions of businessmen will significantly determine our national health; ethical, as well as economic. "Business ethics are discussed not only in board rooms, but at dinner tables, in university faculty rooms and on the floor of Congress" (Garrett 1). Many, especially the impressionable young, imitate the mores and manners of successful businessmen. How important are business ethics? In what ways are business ethics defined? The ethical standards of businesses shape America and are key to a business' functioning. Ethics are the backbone of American industry, well, they should be. Whether an organization has good or bad ethical standards, ethics is an issue for all people. "Ethical problems arise not only from the difficulties experienced in making a valid moral judgment, but also from practical obstacles to the execution of even a correct decision" (Pastin 1). Often, it is harder to go through with a morally correct decision even though you know it is the right thing to do. More often than not, the temptation to take the easy way out is overwhelming. There are many definitions of ethics, but, according to author Herbert Johnston, ethics is concerned with two things human conduct and what ought to be done (Johnston 1-). It also involves people's perceptions about what "should" be done. People have duties to do what is right and to not hurt other people. More or less, ethics involve obligations. Johnston also defines ethics as " a practical, philosophical science by which we may reach conclusions concerning the rightness or wrongness of voluntary acts as related to our last end" (Johnston 5). Johnston is saying that ethics are judgments based on society's set moral standards that result in good outcomes or bad outcomes, depending on the goodness or badness of the judgment. More specifically, business ethics are an attempt to develop and apply basic principles in the area of human economic relations (McLennen 5). With the definition of ethics now clarified, the reasons for being ethical arise. Why do/should businessmen act ethically? Based on Ray Baumhart's 18survey of 1,01 businessmen, the most influential incentive for being ethical was a man's personal code of behavior. Most people are ethical because of what they believe to be right. Most people want to take the credit for doing the right thing when they will be recognized or even rewarded. The true test is seeing what people do when no one is looking. The following list are the other top 5 choices in descending order of importance to the surveyed businessmen . formal company policy, . the behavior of a man's superiors, 4. the ethical climate of the industry, and 5. the behavior of a man's equals in the company (Weaver 7). From these rankings, it appears that when a businessman acts ethically, he attributes it to his own ability to resist pressure and temptation, with some credit due to his superiors and the company policy. People want the reputation of being ethical. They feel like they are a good person if they are known as being ethically good. On the other hand, the human reluctance to blame oneself for ethical failings helps to explain why our respondents [to the survey] rank personal financial needs as least important of the five factors influencing unethical behavior (Baumhart 46). (See chart on page 10) In some instances, people believe "good business is good ethics" (Lewis 48). Of those Baumhart surveyed, 8% believed that "sound ethics is good business in the long run." However, after being questioned further, and when defining "good business" as maximized profit, then most disagreed that "good business is good ethics." They stated that good ethics are not going to bring in maximized profit. Others argued that "you can catch more bees with honey than with vinegar." This study leads one to conclude that businessmen are only ethical to make themselves look good and "all is fair" when it comes to making a dollar. The popular image of today's American businessmen includes the notion that they are relatively unethical. The standard consensus seems to think that "most businessmen will do anything, honest or not, for a buck" (Wong 17). An overwhelming 77% regarded business as a "dog-eat-dog proposition." The sources of this popular image of businessmen are, of course, personal experience, but also, the stereotype is produced by communications media (television, radio, daily newspapers, and weekly magazines), plays, movies, and political speeches. Unfortunately for businessmen, their wrongdoings and shortcomings are what most often make the news. This negative press gives the overall impression that businessmen are unethical. Are they really unethical, or are they just getting the bad end of the deal due to negative press? According to Sal Marino's study, the results are bittersweet. Although the majority of those interviewed said they had never been propositioned to do anything unethical at work, a relatively high percent of those who had been propositioned had indeed done the dirty deed that they were asked to do. Marino made the following comment on the results of his study The good news is that seventy-six per cent of the respondents said that they had never been asked (or ordered) to do anything they considered unethical pertaining to work. The bad news is that twenty-four per cent confessed that they have been asked (or ordered) to do something that they considered unethical. And the really bad news is that forty-one of those asked eventually did the dastardly deed that was requested of them without objecting" (Marino ). The ever-prodding Marino then asked the respondents what they would do if they discovered that their employer was asking them to do something unethical, dishonest, or unlawful. An alarmingly low five per cent said they would quit on the spot, another nine per cent would look the other way, and an overwhelming majority, seventy-eight per cent, would try to talk to their bosses or try to resolve the problem in some way that would not cause them to lose their job. The remaining eight per cent were uncertain about what they would do -- or they refused to 'fess up.' Today, "Americans, workers and nonworkers, have developed an alarming tolerance for intolerance" (Trudel 6). People are not bothered as much by dishonesty, crookedness, or lack of respect. They have come to think of it as normal. People just do not expect anything more than a crooked businessman these days. In an interview with Marino, Alvin Toffler, a futurist, replied that, "the sophistication of deception is increasing at a greater rate than the technology for verification. That means the end of truth. Many of our leaders are liars, skilled at deception. Lying has become tolerable, if not acceptable"(Trudel 68). (Bill Clinton Are you listening?) Accountability has slipped. "Lawyer lies," those technically true but misleading statements are prevalent. Why is this happening? Two reasons Greed and poor ethics. Present day Americans are not ethical. They are selfish, deceitful, egomaniacs only looking out for themselves. "Today, if the economy is good, it is tolerable to be bad. Today, if you merely apologize for a heinous crime, it is tolerable to be forgiven. Today, if you misrepresent the goods, it is tolerable if you are selling yourself. Today, if you work for a cheater, it is tolerable as long as you benefit from it" (Marino ). "Ethical leaders, honest people who serve rather than deceive, will be increasingly cherished in the future" (Trudel 6). Right now we live in a time when the ends justify the means. There is hope however. For all of the crooked businessmen in the world, there are still some noble and ethical businessmen holding on. Although some businessmen may not believe it, according to Rodger Spiller, director of the New Zealand Centre for Business Ethics (NZCBE), "there is a strong positive correlation between ethics and sustainable financial performance" (Spiller 5). Ethics is becoming very important and this is reflected by international business' increasing momentum towards ethics and sustainable wealth. Businesses are no longer looking for the quick (albeit probably also unethical) ways of getting rich. They now want to build long term relationships that will keep the income flowing for many years. Businessmen are looking for ways to build a long-lasting, ethical enterprise. To do this, they need to put together the "Four P's of ethical companies" into one cohesive company. According to Stiller, the Four P's are Purpose, Principles, Practices, and Performance. These Four P's are the framework of an ethical organization and assist with identifying and encouraging good ethical standards. The purpose of an ethical business is to "create a triple bottom line of environmental and social as well as financial wealth" (Spiller 5). It operates with "principles such as honesty, fairness, caring, and courage, which guide an individual and business behavior" (Spiller 5). The practices the business applies, such as those noted previously, "take account of all stakeholders, while performance measurement involves ethical accounting for the triple bottom line (environmental, social, and financial wealth). Measuring performance is key to progress. Once you have gotten accurate measurements, you must analyze them to see what adjustments need to be made. There is always room for improvement. Once you have analyzed and decided on what steps should be taken, implement them and follow up once again. Striving to be a company that implements the Four P's and maintains a healthy triple bottom line is an ongoing process that constantly needs work. Mr. Stiller has created an inventory, if you will, of desirable practices for each of the six shareholder groups. To foster environmental care, an organization should reduce, reuse, and recycle materials, conserve energy, and conduct environmental audits. With regard to employees, key practices include effective communication (that's a biggie), learning and development opportunities and the promotion of safe and healthy work environments that provide equal employment opportunities. To keep customers satisfied and happy enough to keep coming back, organizations should practice industry-leading quality programs, full product disclosure and safe products. Suppliers benefit from long-term purchasing relationships along with fair and competent handling of conflicts and disputes. Shareholders should receive a good rate of return, comprehensive and clear information and effective management of corporate government issues. Last, but not least, innovative giving to the community, volunteer programs and support for education and job training programs strengthen the relationship between business and society. This kind of care for the environment will help foster a good relationship with the surrounding community because the people know that the organization cares about the area it is located in. Practicing these charitable and ethical methods in turn will produce results along the triple bottom line and provide the community with an ethical and generous, yet profitable, organization. Even though more and more people are beginning to realize the long-term benefits of running an ethical business, there will always be crooked bosses. People just need to know how to deal them. A survey of ,000 conducted by the International Association of Administrative Professionals indicated that "eighty-eight per cent of secretaries say they have told lies on behalf of their boss. A quarter have bosses that fake expense reports, a fifth have seen information destroyed or carted off, and a third have observed time sheets doctored. Some have even been asked to hire a prostitute" (Mulrine 76). There are ways to avoid these situations and even prevent them from happening. Employees "can negotiate the slippery slope before loyalty becomes culpability in a court of law" (Badaracco 10). First and foremost, by having "ethics chats" with your boss before you ever need them could help stop trouble before it ever starts. "Most employees get into trouble by not broaching the issue of ethics with a boss until they find themselves knee-deep in unexplained packages and fake documents" (Braybrooke 175), says Ellen Bravo, executive director of to5, National Association of Working Women. This is why whistle blowing is rare. People can not tell on the guilty boss because they have been entrapped into the wrongdoings also. You must be aware enough and even brave enough not to blindly get caught in the ring. One should also check out the boss before you sign on and then establish an understanding with your boss during the first week on the job. Rule number two always play the loyal protector. Even if you suspect your boss of wrongdoing, "accusing him or her of illegal conduct should not be your first course of action. Many bosses are truly unaware that their behavior breaks any rules. The best approach would be to say, "I want to alert you to something that might not look good to other people." This might get through to a truly oblivious boss -- and tip off a dishonest person that you are on to the behavior" (Mulrine 77). Even if the talk goes well however, start a paper trail. Protect yourself. "Precede a conversation with a memo saying "I'd like to learn more about the process here. I was hoping you could explain to me why the approach you have asked me to take with bids is better than the approach I though we used" (Mulrine 77). If all else fails and good cop does not work, play bad cop. Some bosses just will not get it otherwise. "Skinny it right down for them, and paraphrase it back -- 'In other words, Phillys, you want me to lie to the tax auditors?' Most employers will back off. If they do not, emphasize that their behavior makes you uncomfortable" (Ferrill 4). Finally, you should know where to turn. "If your boss is a an incorrigible criminal, most companies have someone to turn to -- internal company auditors, ombudsmen, or (the latest rage) 'ethics officers'" (Mulrine 77). If your company is not supportive, find an attorney who will be. You do not need to become a part of a fraudulent company. Just as much money can be made through honest business methods. There are methods of protecting yourself from becoming involved in something you know is wrong. Business ethics are of growing importance in today's economic world. In the long run, ethics will make or break a company. It takes us back to an old saying "cheaters never win." Running a clean, honest business not only puts you ahead in life, it will also move your organization forward with a clean conscience. There will not be any looking over your shoulder or dodging bullets. Customers will recognize that they are being treated fairly and continue to return to a company that provides good, ethical services. People do not want to deal with someone whom they feel is always trying to pull the wool over their eyes. Most people appreciate an honest, hardworking company with a code of ethics or mission statement hanging on the wall in the office. More and more companies are investing time and money into learning more about conducting an ethical business and an increasing number are attending workshops. The 18 Business for Social Responsibility USA conference "attracted 850 participants for thirty-two countries. This compares with 650 people at the 17 conference. This statistic reflects just how important business ethics are becoming. The more businesses learn about ethics, the more they will be able to practice the future of ethicsAs professionals, accountants have an obligation to themselves, their colleagues, their clients and their organisation to adhere to high standards of ethical conduct.

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Nike Ethics Code

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The chronology of Nike's history begins back in 157 when Bill Bowerman, the coach, and Philip Knight, the athlete, met at the University of Oregon. The premise behind Nike's formation began in 16 after Philip Knight, wrote a market research paper about the breaking down of the German domination of the U.S. athletic shoe industry with affordable, high tech exports from Japan. During a trip to Japan, Knight met with the Onitsuka Tiger Company, who was the leading manufacturer and exporter of high tech running shoes. Knight placed an order for 00 pairs of shoes from the Tiger company, which he decided he would sell in the U.S. When Knight was asked which company represents, Knight responded with a fictitious company named "Blue Ribbon Sports". This ficticious company would 10 years later give birth to the athletics powerhouse - Nike. Nike Corporation has a long and extensive background. Presented below are some key highlights in the company's illustrious history· 167 Bowerman initiates the development of the Marathon, the first running shoe made with a lightweight, durable, nylon upper.· 171 Blue Ribbon Sports begins subcontracting its line of shoes. The Swoosh symbol is designed by student Carolyn Davidson for a fee of $5.

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· 17 BRS launches the NIKE brand at the US Olympic Trials. Canada becomes BRS's first foreign market· 174 The "Waffle" design becomes the best outsole in America's athletic training shoe market· 178 Nike signs it's first "celebrity" endorser John McEnroe The company is officially called Nike Inc.· 180 Nike files an initial public offering for million common stock. Employees number 700 and revenues top $6 million.· 18 The apparel line grows to nearly 00 styles and a value of $70 million. · 185 Chicago Bulls rookie Michael Jordan endorses a line of Air Jordan basketball shoes and apparel.· 186 Revenues surpass the billion dollar mark, reaching $1,07 billion.· 18 The "Just Do It" campaign enters its second year and the company's net income is reaching a record high.· 10 With the aid of the international market, Nike passes the $ billion revenue mark. Nike opens the its World Campus in Beaverton, Oregon and it opens its first NikeTown.· 11 Becomes the world's first sports company to surpass $ billion in total revenues and international revenues increase 80 percent, topping $860 million.· 15 The company breaks industry records, reporting $4.8 billion in revenues· 16 Nike's high performance apparel leads yet another banner year, accounting for nearly 1 percent of Nike's $6.5 billion in revenues· 17 China becomes both a source country and a vital market for Nike. Industry analysts predict Nike revenues will reach more than $ billion. Nikes overall driving force "Helping athletes perform" II. BackgroundOne Bowerman Dr. Beaverton, OR 7005 Phone 50-671-645 Fax 50-671-600 NIKE is the worlds #1 shoe company. It is a global marketer and designer of leading edge athletic footwear and apparel worldwide. The company controls more than 40% of the US athletic shoe market. The company designs and sells shoes for just about every sport, including baseball, volleyball, cheerleading, and wrestling. Wholly owned Nike subsidiaries include Bauer NIKE Hockey Inc., the world's leading manufacturer of hockey equipment; Cole Hann, which markets a line of high quality men's and women's dress and casual shoes; an NIKE Team Sports, Inc., which markets a full line of licensed apparel. In addition, it operates NIKETOWN shoe and sportswear stores and is opening JORDAN in-store outlets in urban markets. NIKE sells its products to about 1,000 US accounts, in about 140 other countries, as well as on-line via nike.com. Headquartered in Beaverton, Oregon, the company led by CEO Philip Knight directly employs more than ,000 people worldwide, including 5,00 employees based in Oregon. III. Financial InformationFor the first quarter of 001, Nike reported revenues of $,170.1 billion and total assets of $5,856. billion (www. CNBC.com 4/0/01). As of 4/0/01, Nike's stock price closed at $.74. The company has a market capitalization of 10,716 million. Presented below is Nike's one-year stock chartNIKEfff IV. Factories Since Nike is purely a design and marketing multinational conglomerate, it is not involved in the manufacturing of its products. Instead Nike outsources the majority of its production to overseas supply chain contract factories. In total Nike has 704 contract factories. Contract factories are located in 50 countries around the world, with a heavy concentration in Central and South America (1) Columbia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras and Asia Pacific (11) Cambodia, China, Indonesia, Japan, Korea, Malaysia, Taiwan, Thailand. Of the 700 factories, approximately 40 factories in 8 countries, make Nike shoes, while the other plants are involved in apparel and equipment manufacture. Footwear sales generates the largest share of the company's annual revenues. The opposite holds true in the apparel sector. Apparel makes up only one-third of the corporation's business, and yet more than 600 factories are required to produce its apparel needs. This is because under current US legislation import quotas are imposed for most of the established production countries. If, for example, Nike sources knitwear from Mauritius and local manufacturers reach their quota, manufacturing shifts to Cambodia; once Cambodia reaches its quota the company moves on to Thailand and so on. This quota system is set to end by the year 005 under the WTO Agreement on Textiles and Clothing. This is a date that Nike is anxiously awaiting attests Amanda Tucker, Nike's senior manager for corporate social responsibility (Phone interview4/1/01). Senior management is also waiting for this date, as Nike will then move towards contracting with a decreasing number of large suppliers.Tucker claims that Nike is facing its' biggest set of criticisms from the "anti-Nike groups" is in the apparel industry. This is because apparel manufactures will not grant exclusivity to just one brand because of changing fashion trends. Instead they want to manufacturer many brand names in the same factory (Ex Gap, Liz Claiborne etc) and this is where the problems arise. In factories where Nike has full exclusivity they have a much stronger presence and they can enforce their labor practice compliance than in the apparel factories where the company has less power to initiate change because of the limited presence. V. Issues Since Nike's formation in the early 170's the company has constantly been the focus of attention by anti-globalization forces. These groups have continuously targeted Nike as the company that is responsible for the extraction of global resources. The early 10's saw Nike growing at exponential rates to a multi-billion dollar company. As a result, Nike gained higher visibility in the world via multi million dollar celebrity endorsements. Due to the fact that Nike outsources the majority of its production in both apparel and athletic shoes to overseas countries, the company as recently between 16 and 17 has come under intense fire for their alleged uses of contract factory sweatshops. In October of 16, a CBS news reporter for the investigative news show 48 Hours, reported a story of Nike's labor practices in Vietnam. The reporter allegedly spoke with young women who worked in a factory that manufactured Nike athletic shoes. The young women reported tales of physical abuse, illegally low wages and long working hours. Further a Business Week article entitled "Pangs of Conscience over Sweatshops" July , 16 (Appendix 1) reported criticisms of The Nikomas Gemilang factory in Serang, Indonesia. This article brought to light the following workplace violations that were rampant throughout the factory· Overtime was mandatory· Exhausted workers were fainting from overwork· Punishment for misdeeds consisted of petty humiliation Ex A supervisor who skipped work to care for his sick wife and child was forced to clean toilets and then was demoted· One worker was forced to run laps around the factory because the shoes she assembled had defectsOne quote from the article summarized the overall thoughts of the workers"From the outside, Nikomas looks like heaven, but for workers on the inside, it''s hell" In addition, Price Waterhouse Coopers, the monitoring firm who is responsible for visiting all of Nike's contract factories and making sure the factories are in compliance with Nike's Code of Conduct, released a report in 17 and found the following violations in a plant in China· Health and Safety Air quality standards and ventilation· Blocked fire escapes· The improper use, as well as non existence, of protective equipment· Overtime pay not being properly calculated or even awarded· Excessive overtime Amanda Tucker, the senior manager of corporate responsibility for Nike, cited the example of a plant in Vietnam. She said that in 17 a monitoring team went into the factory and saw improper treatments by the supervisors to the workers. She also mentioned that many times the problem lies with the supervisor and their inadequate training. More specifically she was referring to the use 'expatriate management'. The company now insists on cross-cultural training for supervisors. VI. An up-close and in-depth look at a contract factory Kugdong International Mexico Atilxco, Pueblo Mexico This factory produces sweatshirts and pants for both Nike and Reebok. The plant has been producing garments for Nike since March 000 and has manufactured over one million pieces. This factory employs over 600 people, of which 85% are women. Workers are from the local area, but management and several supervisors are Korean. The typical age of the single female worker ranges from 16-. On average, these women possess a middle school education.The complaints against Kukdong allege that managers and supervisors of the Kukdong enterprise (1) Unlawfully employed childrenAuditor FindingsMexican law allows the employment of juvenile workers between the age of 14-15 as long as they have parental permission. The only way for minors to slip through the cracks, was by presenting false birth certificates to management. Interviews with workers revealed some workers who were 1 years of age.() Physically assaulted and verbally abused workersAuditor FindingsPhysical Abuse Ongoing incidents, mainly by supervisors in the cutting and sewing rooms. Ex "Slaps the female workers and pulls their hair"Sexual Abuse Security personnel made suggestive comments to female workers. Incidents were reported to management, but no action was taken. Ex Supervisors in the quality inspection line were found to "touch all the girls in a suggestive manner"Psychological Harassment Did exist. Ex Yelling at workers and using fowl language. Employees claimed that management "pulled worker's ears and hit them over the head with a screwdriver". In addition, workers were threatened with longer hours on Saturday, if they did not work faster() Unfair disciplinary practicesAuditor FindingsA worker reported that he/she was fired for returning late to his work station after using the toilet. Another worker reported that he was fired for using the washroom more than three times in one workday.(4) Health and SafetyAuditor FindingsEvidence showed that there were no fire extinguishers in the weaving section of the plant. Washrooms were not sanitized. Workers in the cutting sections did not have access to Personal Protective Equipment (Eye protection, mesh gloves etc)(5) Compensation and Work HoursAuditor FindingsThe regulation wage in Mexico was $4.8 US or 46.0 pesos. Some workers reported only earning $.6 US a day. Also, it was found that one-third of all the sewers were paid below the legal wage. One worker reported that he needed to get 8 different signatures before he could be granted a day off. A major problem was the fact that workers did not understand the method used to calculate their pay.VII. Stakeholders and their stakesThe internal stakeholder of Nike management plays a key role in the long-term outcome of the company's growth. The jobs and the livelihood of the managers are at stake. The management is expected to keep Nike as an industry leader and to grow sales. However, they will also be expected to control the issue of sweatshops. Management's effectiveness will be measured not only by their impact on Nike's sales, but also by how well they are able to handle the sweatshop issue. If management is unable to establish proper auditing procedures and to implement fair labor practices, the pressure from the media and special interest groups will continue. The Board of Nike will not wish to take the risk that consumers may, or may not, remain loyal to a company that is reported to condone such poor treatment of its employees. The challenge for Nike management is to identify the correct actions that must be taken and to implement them successfully, in order to ensure that Nike's profits and good reputation are sustained.The Nike employees of the LDC contract factories are internal stakeholders, and their stake is that they have the right to protect their personal well-being and to make a fair living under normal working conditions. The challenge for these workers is to take advantage of the audits and media attention in order to force change for their own well-being. The threat to these workers is that efforts to create this change could result in negative repercussions, such as the loss of their jobs. Another potential threat is that this change, could be too rapid, and result in the closing of entire factories if Nike imposes regulations that are too stringent.The Nike employees of the less developed nations also have a stake in the well- being of the company which provides their income. Therefore, the challenge for these employees is to assist in the corporate culture change, by supporting the improvement in working conditions for employees in the contract plants. The threat for these workers is their jobs would be in jeopardy if the company were to shift more work to LDCs in order to offset the increasing costs of doing business overseas.Since clothing styles and brand popularity change so quickly, the consumer will play a key role in determining if the Nike Swoosh remains popular in the future. The consumer's stake is that they will use their own judgement in order to decide whether or not to buy Nike products based on the media's assessment of Nike's progress in the monitoring efforts of its factories. The challenge for the consumer is that they will be required to educate themselves regarding this issue and to make an informed decision of whether or not to buy products from Nike. The receipt of good information, in order to make the decision will be difficult. After all, both Nike and the media will actively try to sway the public to believe their claims. The ultimate decision the consumer will finally make is a potential threat to the management and owners of Nike, the contract factories and the 500,000 workers that make Nike products. The activist groups and critics of Nike are external stakeholders that have been key in initiating change in the apparel industry thus far. At stake for these individuals and groups is the goal of fair treatment for workers throughout the world. Their challenge is to find a way to maintain an effective level of pressure and to continue to make Nike accountable for their actions. The threat for these activists is that the attention of the public is short. The public is quick to become desensitized to an issue when it has been reported over a long period of time. This means that the critic and activist groups could loose their political steam before their objectives are met.The management and owners of Nike contract factories in LDCs are also stakeholders whose jobs and profits are potentially at stake. The challenge for the managers and owners of these companies is to institute the changes that are being imposed by Nike to bring their facilities up to respectable levels. This would ensure good relations with Nike, since this would hopefully eliminate their likeliness of being the main focus of negative reports. The threat for the managers and owners of the contract companies is that if the change does not occur eventually, Nike may be forced to stop using them as a supplier. This would be devastating for many of these contract companies who have often made a previous agreement with Nike not to produce any products that are in direct competition with Nike in their offerings. The governments of the LDCs are also an external stakeholder. Their stake is the relationship that they have with the industry that operates within their boarders and the responsibility that they have to ensure a decent quality of life for all of their population. The challenge for these governments is to begin to take steps forward by setting enforced standards for health and safety that will improve the quality of life for their own population. The risk in doing this is that enforcing these regulations may be costly. Therefore, Nike may decide to negotiate their supplier contracts in countries where the cost of operating is not as high.VIII. Era of time and its effectIn order to effectively analyze this scenario, one must understand the history of owner-employee relations in western countries and the massive amount of media attention given to the issue of sweatshops over the past five years. At the start of the industrial revolution there were no laws and regulations regarding workers safety, hours of work and discrimination in the work place with respect to age, sex or color. As a result, poor treatment and lack of concern for the safety of employees was common. In the early 100's, workers began to organize and demand better working conditions and a higher pay. Although initially resisted by the owners, workers did eventually gain ground and improve workplace practices. Also, this better work environment was re-inforced due to the legislation passed by governments in the industrialized nations. However, regulations on worker safety and increased wages, due in part to unions, began to erode the profits of industry owners. By the 160's the amount of legislation and the general awareness of workers made it very difficult for industry to get away with widespread abuse. At the same time companies had already begun to look abroad for cheaper labor and less stringent environmental and worker safety requirements. As companies began to establish themselves in Less Developed Nations (LDN) they began to create working conditions reminiscent of the late 1800's in the western world. This practices went relatively unchallenged for decades until mid -1 when the Harper's Magazine wrote an article comparing the wage of a Nike factory worker with the amount of money made by Michael Jordan for advertisements of Nike products. The Harper's article was the catalyst that triggered other mainstream media stories that focused on the working conditions of factories that make clothing in LDCs. The articles got the public's attention since the sweatshops being reported were often compared with working conditions in the early days of the industrial revolution. The ultimate outcome was an increasing amount of pressure on companies like Nike to improve situations at their own facilities and the facilities of their suppliers. If they failed to do so, Nike was fated to run the risk of public criticism and a possible loss of sales. Nike shareholders enjoyed explosive growth from $750 million in 187 to $4 Billion US in 1 and a reported $ Billion US in 000. The stake for the investors is to maintain the sizeable return on their investment. The challenge for the Nike shareholder is to find a way to maximize profits while still having company policies that treat workers fairly. This means having a balance between profitability and the working conditions in the factories located in LDCs. The main threat the shareholders face is a damaged reputation that comes with having the public image of running or condoning sweatshops. If their reputation continues to worsen, the turn in public opinion would lead to a loss of sales. The shareholders of Nike must force their managers to find a balance between profitability and corporate social responsibility quickly so that Nike can distance themselves from the issue of sweatshops. This is key because image is everything when it comes to sales of sports apparel.IX. Environmental ForcesThe main economic force in this case is the push by Nike to maximize profit. Competition and high labor costs in developed countries has led them to do business in over 50 countries around the world. This wide spread of manufacturing throughout the world actually benefits Nike, as it makes them less vulnerable to the environmental or economic policies of any specific country. For example, if one country were to increase the minimum wage by a factor of 10, Nike could easily shift production to a similar facility in another country. A second economic force at work in this case is the natural evolution of the economy from being labor intensive and very low tech, to becoming a high tech economy. For example, consider the United States which began to industrialize in the late 1800's. Initially the economy was agriculture based and slowly evolved into a labor intensive and low-tech economy. Yet, over time the US economy has slowly shifted towards higher skill jobs, due to the education of people and the skills and talents they can offer a company. As the level of education for the average person increased, so did the wage expectation. This phenomenon is known as affluence and education factors in the social environment. Ultimately low tech/labor intensive industries like the apparel industry will begin to seek cheaper labor markets. This evolution of an economy suggests that Nikes is currently operating sweatshops in countries where the economy will eventually evolve to higher tech economies. In response to this, companies like Nike will repeat what was done in the US in the 160's as they will continually seek and move towards low-tech countries were labor is cheap. The distinction that should be made from this is that although these companies are benefiting from low labor rates there is a clear line between benefit and exploitation. Taking advantage of low labor rates is not unethical, but the refusal of basic human rights and the refusal to institute basic safety guidelines for workers is not only unethical, but immoral. Manufacturing methods are one of the technological forces that play an important role in this case. Critics of Nike claim that despite adequate technology available to keep workers safe and make their jobs easier, there is little consideration for worker safety in plants The key factor to consider is that as requirements for safety and ergonomics increase, the cost to produce the product also increases. As long as there are LDCs with weak or no regulations for safety and ergonomics, it will be difficult for any one country to begin the process of putting tough requirements into place. The reason again is that Nike will simply shift operations from one LDC to another due to their broad distribution throughout the globe. A second factor to consider with respect to additional technology is that if Nike were to use technology to automate some of its processes, it would be able to reduce the number of jobs required to make the products. This would be seen as undesirable for the LDC who would prefer to see as many of its citizens as possible employed. Therefore, technology and its forces are less likely to be welcomed by LDCs.There are three main political forces at work in this case. The first is the political environment of the LDC. When companies like Nike move into a new country they are subject to the employment and environmental laws of that country. Therefore, the government of these countries has a responsibility to the citizens to establish fair and humane requirements for the working environment. At the same time the government must be careful to uphold good relations with the companies investing in the country. A balance must be established between benefiting the population and the potential for profit of the investing company. Therefore, the political policies of LDCs must allow for the natural evolution of the economy, which essentially is the establishment of a middle class, who will eventually become engineers and nurses instead of sewing machine operators. The second political force is exerted by special interest groups. These activists are trying to gain public awareness and to apply pressure on companies who operate or contract work to sweatshops. Various groups, such as Student Against Sweat Shops, have nothing to gain personally by their efforts. However, they feel morally compelled to act on behalf of the people who work in these factories and do not themselves have the power to make changes. The third political force is the government of the home nation where the company originated, which in Nike's case is the US government. The US government is affected because they, as well as all other western nations, preach the necessity for human rights and the protection of the environment. It is ironic because at the same time western companies operating abroad are ignoring basic human rites and taking advantage of weak laws in order to use dangerous work practices and materials. Because of this, western countries are criticized for being contradictory since their firms are benefiting from the very actions which their western governments condemn. In response, the western governments place a great deal of political pressure on the accused firms to improve their operations overseas, by establishing basic humane conditions in the factories. An example of this is the American Industry Partnership (AIP), which was organized by former president Bill Clinton. The aim of the AIP is to get commitment from large corporations to establishe codes of conduct for factories and facilities in LDCs.Public policy and its implications Several questions must be raised in an attempt to understand the public policy implications of this case, which revolve around the public's reaction and opinion to the flood of information provided by the media, Nike and the activists groups. The first question with respect to public policy is does the public care about the issue of sweatshops? The initial reaction to the press releases about Nike suggest that they do. However, over time Nike has been able to restore all of their previously lost market share. This suggests one of two things. Either the public's concern is short lived or the public believes that Nike is working on making changes to eliminate poor working conditions. The second question with respect to public policy is "who does the public ultimately believe?" On the topic of sweatshops there is so much information provided from all sides that the public never genuinely knows what to believe. The third question is "even if the public believes that sweatshops must be stopped, are they willing to pay the price for this noble quest?" Today the cost of labor represents about 1% of the total cost of goods sold when made in LDCs. And the cost to abide by pollution and safety standards are minimal due to the lack of requirements. However, the cost to make goods would increase if sweatshops were reformed. This would ultimately lead to higher prices for the consumer.At this time there has not been a long-term change in public policy regarding sweatshops. In the end public policy will only change if the media and special interest group are able to magnify the pressure against firms who currently use or at one time did use sweatshops. X. Nike's Global Responsibilities As Nike ventures into the twenty first century striving to achieve the conceptualization of a responsible global company, in the sense that they provide a sustainable footprint in not only environmental performance, but also in people performance, they are met with many complex and delicate ethical issues. This complexity arises as result of the fact that there is a wide variety of value systems, stakeholders, cultures, forms of government, socio-economic conditions, and standards of ethical behavior that exist throughout Nike's manufacturing plants. Nike, similar to other Northern-based apparel and footwear brands, is a virtual company, since the vast majority of its supply chain is owned by other firms. Nike products are currently produced in more than 700 factories employing in excess of 550,000 people in over 50 countries. Since the United States has played such a major leadership role espousing fairness and human rights, US firms such as Nike have a heavy burden of social responsibility towards underdeveloped countries and LDCs.Nike attempts to balance ethical imperialism and cultural relativism An immense challenge for Nike, when operating in foreign countries, has been attempting to achieve a balance when trying to respect both the cultural and moral standards of their home and host countries. As Nike continues to espouse higher standards for their foreign suppliers, that cover such issues as wages, safety and worker's rights, they have been accused of attempting to unilaterally impose their standards and practices on the host country, thus acting under the philosophy of ethical imperialism. Yet, Nike has shown that they have also acted in the spirit of cultural relativism by respecting the cultural norms of their host countries. This is exemplified in 15 when Nike decided to make soccer balls in Pakistan. Using a production process that was decades old, leather panels cut by a factory were collected by middlemen, who provided the panels to dozens of subcontractors in the surrounding villages. Subcontractors delivered the pre-punched leather panels to stitchers, usually working in homes of mud or abode, the typical bulk of housing in one of the poorest countries of Asia. On one level, Nike recognized that the system of providing soccer ball panels for home stitching made good sense. It allowed workers with other obligations, including rearing children, running a home, and tending to crops and livestock, the opportunity to earn an income. However, the home stitching of soccer balls also elevated the potential for exploitation. Nike recognized that the simple homes of poor people did not offer a good work environment.Nike and its sole soccer ball supplier, Saga Sports, began to devise a plan for converting home work into a more controlled work environment. Under the philosophy of ethical imperialism, Nike may have opted for the easiest solution build a factory in the city, bus skilled stitchers to it, and eliminate home work altogether. Nevertheless, Nike was concerned that such a system would tear apart the delicate fabric that binds the families of stitchers together. After all, the little stitching villages were hours from the center of the main city. This would necessitate hours of daily commute time across a road system where accidents were common. Therefore, in the spirit of cultural relativism, Nike began to construct a series of stitching centers to ring the Sialkot district. In effect, this proposed bringing stitchers out of their homes, but not out of the village. Nike's respect for Sialkot's core cultural value of family resulted in them paying higher prices for their soccer balls.Nike and its efforts to achieve Laczniak and Naor's Four Recommended Actions for Improving Global Business Ethicsq Global code of conductq Ethical and impact statementsq Suspension of activitiesq Ethics and global strategyNike's Code of Conduct Multinational corporations have been severely criticized for operating with divergent ethical standards in different countries, thus making it appear as though they are attempting to exploit local circumstances. Undoubtedly, in such a scenario, the course of action that manifests ethical leadership would require the firm to adhere to the higher rather than lower set of standards. In numerous countries, Nike has found that local factory standards are not high enough. Therefore, in light this fact, Nike established a Code of Conduct. This code sets out minimum global standards that Nike contract factories would have to achieve, sometimes superseding local regulations, in order to maintain their business. Nike's Code of Conduct defines contractor's obligations not only to the Nike corporation, but also to the worker's themselves. The code provides a set of standards against which Nike measures their contractor's compliance to ethical work practices. The code is translated into the language of the worker and the manager, and is prominently

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