This is a book about ethics, about right and wrong, and about good and bad in human life. But can we really tell moral right from wrong? Morality, many people think, is not like sci- ence, which deals in facts, but a matter of values, about which we can only have personal opinions. According to this point of view, there aren’t any moral facts, and this explains why people disagree so much ove…
More than ever, organizations require trusted, high quality data to satisfy governance, risk, and compliance (GRC) initiatives. Organizations are discovering that poor quality data has a significant impact on their ability to support business processes, comply with industry regulators, and to make accurate decisions and are raising the visibility of data quality activities within their enterpri…
Environmental Ethics is one of my three texts on applied ethics that is now being pub- lished by Wiley-Blackwell. The idea behind each of the books, in general, is to present some of the most pressing questions in applied ethics through a mixture of classic essays and some new essays commissioned precisely for these volumes. The result is a dialogue that I think readers will find enriching. …
Academic philosophy has experienced a major upheaval in the last decade. Venturous young philosophers, psychologists, and economists have begun to challenge the traditional stance that philosophy is an undertaking best pursued from the safety and calm of an arm-chair. Instead, they took the gloves off and tried to bring philosophical ques- tions to the experimental laboratory. To date, more th…
Aristotle came to Athens in 367 BCE at the age of 17, to go to university. ‘University’ in this case meant the Academy, the philosophical school founded by the great Plato, who himself had been a disciple of Socrates. Athens was the cultural centre of the Mediterranean, and its citizens might have had two reasons for not being immediately impressed by the young Aristotle. He came from the f…
Abstract This paper focuses on the defining the role of CRO in corporate governance and to show the interrelation between the way of CRO subordination and performance of investment bank. The sample consists of observations over a period of 2011 for 29 biggest investment banks (by amount of assets) implementing world-wide investment activity. The banks are originated in the USA (8), Eastern …
We begin this chapter by outlining the problems that stakeholder theory was originally conceptualized to solve and the “basic mechanics” that we believe underlie the development of the theory during the last thirty years. We turn in the next sections to the arguments of Milton Friedman, Michael Jensen, Michael Porter, and Oliver Williamson, often cited as opponents of stakeholder theor…
Information governance (IG) has emerged as a key concern for business executives and managers in today’s environment of Big Data, increasing information risks, colossal leaks, and greater compliance and legal demands. But few seem to have a clear understanding of what IG is; that is, how you defi ne what it is and is not, and how to implement it. This book clarifi es and codifi es these d…
It is widely accepted that corruption, be it corporate or political, petty or grand, has become a worldwide problem. This acceptance is attested to by the host of international conventions and efforts designed to stamp it out. However, opinions vary as to who ultimately bears responsibility for that corruption, how that corruption can be reduced, and who will take the lead in its eradication…
This report reviews the corporate governance framework and practices relating to corporate risk management in 27 of the jurisdictions that participate in the OECD Corporate Governance Committee. Against the background of the OECD Principles of Corporate Governance, it describes how various jurisdictions have chosen to implement the Principles relating to risk management. The report analyses th…
Today’s society seems to be preoccupied with the notion of risk. The examples of the devastating flood in Pakistan in 2010, the hurricane Katrina in 2005, the so called “Mad Cow Disease” (BSE) in Great Britain, the terrorist attack on the World Trade Center in New York, and the major accident of a nuclear power plant in Chernobyl to name just a few, have gained much public attention a…
Last Thursday, you went out for lunch with an acquaintance from class, a nice- enough fellow but not a candidate for lifelong friendship. As you were wolfing down your last bite of cheeseburger, you suddenly gulped and flushed: you real- ized that you had forgotten your wallet. You were flat broke. Embarrassed, you entreated your classmate to lend you five dollars, which you would, of course,…
In November 1998, a workshop on the Role of Non-Executive Directors was held at the Kenya College of Communications Technology, Mbagathi, Nairobi. Although this seminar was sponsored and supported by leading organisations with specific interest in corporate governance such as the Nairobi Stock Exchange (NSE), Capital Markets Authority (CMA), Institute of Certified Public Accountants (ICPAK) a…
The system of corporate governance in the United States is a moving target. Although the U.S. is often taken as a key benchmark for shareholder-oriented corporate govern- ance and sometimes also equated with a “model” for good corporate governance, inter- national audiences have often failed to appreciate the continuous evolution and debates in the U.S. itself regarding the reality of cor…
Recent corporate scandals have led to public pressure to reform business practices and increase regulation. Of course, dishonesty, greed, and cover-ups are not new societal concerns. Indeed, much of the existing system of corporate regulation in the United States emerged in response to vagaries of the late 1920s and the subsequent stock market crash. What has changed in recent years, though, …
Capitalism at the beginning of the twenty-first century is a variegated collection of economic systems. In America, capitalism is a system where a huge number of independent corporations compete with each other for customers. Monopolies are illegal, though the courts are sometimes an im- perfect safeguard against them. Each corporation has a chief executive officer (CEO) who dictates corporat…
The difference between Corporate Social Responsibility (CSR) and Corporate Responsibility (CR) is the word “social” that makes it clear that CSR is about the relationship between corporations and society. Social also means a desire to support companionship and community and most people would see it including social justice. CSR is an issue because so many businesses put the objectives of a …
This book project dates back to January 1998 when I had just started my doctoral studies at the Maxwell School of Syracuse University. The Government Performance Project (GPP), funded by the Pew Charitable Trusts, had then just been launched and I worked on the financial management section. Volumes of detailed survey responses from the state governments overwhelmed me, but soon I was beginning …
This chapter discusses the history of PES in developed and developing countries and illustrates its challenges and opportunities by means of concrete cases. The cases include projects designed to provide different environmental services (clean water, carbon sequestration, biodiversity preservation, etc.) apply- ing different public PES schemes as well as public private partnerships. The experie…
The information society is a key issue in everyday life and a phenomenon encom- passing social, cultural, economic, and legal facettes. Currently, an information society’s legal framework is gradually crystallizing under the newly introduced term of “Internet governance”. During the last few years, intensive discussions about the contents of Internet governance have addressed manifold as…
Imagine driving along a winding road. On the one side you have sheets of blasted rock that lead up into a mountain range, on the other side you have a steep cliff, with a freefall of several hundred feet, leading into a deep ocean. The faster you drive, the sooner you will reach your destination, but the more risky the drive. For example, you may need to swerve to avoid obstacles or adjust quic…
Risk management failures at major corporations have captured the headlines for many years, primarily in the financial sector, but in other sectors as well, and have not always been the result of shortcomings in financial risk-taking. Environmental catastrophes such as Deep Water Horizon or Fukushima come to mind (or, less recently, Bhopal and Seveso), as well as accounting fraud (e.g. Olympus, …
The world economy is growing and at the same time is facing serious problems with regard to sustainability. This challenge exists despite the progress we have witnessed, for example, in Europe and the USA in the field of improving the water quality of rivers and hence increasing the fish population. Global population growth, along with economic growth, brings sustainability challenges; CO2 prob…
Increasingly, the OECD and its member governments have recognized the synergy between macroeconomic and structural policies in achieving fundamental policy goals. Corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. Corporate governance involves a set of relationships between a company’s management, its board, its shareh…
In today’s world of globalized trade, travel and communication, an ever larger number of risk-related events have a trans-boundary impact, crossing national and regional frontiers: large-scale electricity blackouts, chemical accidents and risks related to emerging technologies have all affected various parts of the world only recently. Even these risks seem limited, however, when compared t…
In UNESCO’s scientific programme global climate change is a cen- tral theme. More specifically Water is an important theme, not only because of climate variability and change but also because of mounting pressure on water systems and water resources due to the increasing world population and a growing middle class. A central issue for the water sector is: how do you get out of the ‘water b…