Because reputation is the most valuable asset that any organization has, we focus on that topic in the first term of the MBA program in my required general management class at the Tuck School; we get back to it again as part of my Corporate Communication elective for second-year students.
As the carnage from the Libor scandal mounts, the deeper meaning of the scandal is being missed. We are in search of the “usual suspects,” e.g., poor compliance, poor leadership, and lax government regulation, even as a more subtle and darker problem lurks in the background.
In the years since ITT’s founding in 1920, the company has continually sought to enhance our ability to create value for our stakeholders. Our journey has transformed the nature of our company many times – taking us from what originally was a telecommunications business in 1920, to one of the world’s most well-known conglomerates in the 1970s, to a leader in defense, water and industrial markets over the last decade.
Benjamin Franklin said it well: “It takes many good deeds to build a good reputation, and only one bad one to lose it.” His observation reflects not only the critical importance of trust as both a guiding and operating principle, but the reality of its fragility.
A Gallup Confidence in Institutions poll conducted June 2011 showed that fewer than one in five respondents have a “great deal” or “quite a lot” of confidence in big business (only Congress and health maintenance organizations fared worse out of the16 institutions included in the poll).
Over the past five years, the topic of corporate behavior has continued to be headline news around the world. The result has been a global crisis for the institution of business: a lack of trust among stakeholders.
General Electric is deeply honored to participate in Ethisphere’s first-ever Trust Isssue. We are honored because a vital asset for good companies is the trust of customers, investors, governments and employees. Simply put, trust is to GE as air is to breathing.
It is a question asked by all parties in a matter with potential criminal consequences. The prosecutor -- considering whether to invest time in an enforcement investigation or, later, seek an indictment -- must assess whether a prosecution of the target’s offense conduct would be time-barred under the statute of limitations.
A Keynote by Former Secretary of State Madeleine K. Albright On the first evening of the 2012 Global Ethics Summit, Ethisphere hosted the 2012 World’s Most Ethical Companies awards dinner, honoring the companies that received this year’s award. Keynoting the dinner was former U.S. Secretary of State Madeleine Albright. The following are her comments after Read More