Championing ethical leadership amid competing pressures

A recording of the 11 May 2023 event, “Championing Ethical Leadership Amid Competing Pressures”, is now available here. Run by The Economist Impact in association with the Global Accounting Alliance, of which Chartered Accountants Ireland is a member, the event included contributions from:

• Emily O’Reilly, European Ombudsman, European Union
• Audrey Morin, Group Compliance Director, Schneider Electric
• Amanda Belcher, Senior Vice President, Edelman Global Advisory
• Elia Yi Armstrong, Director, Ethics Office, United Nations, and
• Barry Melancon, Chair, Global Accounting Alliance

Some key takeaways include:

1. For organisations that want to be successful for all stakeholders, doing the right thing means having integrity, being aware of what must be done (in accordance with regulations, etc.) and what should be done, and balancing differing stakeholder expectations.
2. Awareness of ethical issues is increasing, and while the ability to do the right thing is not generation-specific, some participants suggested that the younger generations are more active in questioning behaviour and decisions.
3. Developing a code of ethics and ensuring it is embedded across the organisation and integrated into decision-making is essential for building trust. Some contributors provided insights on how their organisations have developed codes, one referring to it as their “Trust Charter”.
4. Insights from global standard-setters and regulators in driving ethical behaviours and how private sector entities can interact to further progress initiatives in this area. The panel provided good advice for global organisations dealing with competing, or inconsistent, regulatory frameworks to ‘think through’ their fundamental values and allow these to guide decision-making.
5. A discussion on the degree to which Milton Friedman’s statement “the business of business is business” resonates today. While the principles of business remain similar, the purpose and objectives of business have evolved.
6. Insights on how to increase the effectiveness of organisational ethics and compliance programmes including:
   1. ethics training (bespoke to the organisation);
   2. confidential ethics helplines;
   3. robust protected disclosure policies and procedures;
   4. supply chain and partnership controls; and
   5. embedding an organisational culture of psychological safety that allows for frank discussion without risk of repercussion.
7. A note of caution was shared about the risks of highlighting an organisation’s ethics strategy in marketing campaigns before properly embedding it within the culture.

Watch the event in full here.