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WIN AT ALL COSTS? WHERE SHOULD BOARDS DRAW THE LINE?
Former trader, Kweku Adoboli, who was jailed in 2012 for the biggest fraud in British history, has stated recently that the crimes could well be repeated
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henley.ac.uk/open Professor Andrew Kakabadse
Despite costing his employer $2.3 billion from trading beyond his authorised limit, Adoboli was adamant that ”it could absolutely happen again”, suggesting that those working in banking still face the same pressure to make profits “no matter what”.
In this instance, an employee was clearly responsible for the crime. But in many cases, it is the employer that is responsible, as Professor Andrew Kakabadse of Henley Business School’s Board Director programme found from his own research into standards of compliance and governance.
According to Professor Kakabadse: “In many markets, especially in less developed countries, a combination of inequality and corrupt governments has seen the incidences of bribery reaching epidemic proportions, and it is increasingly difficult for middle management, in particular, to impose their emotional and moral intelligence. They
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businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2016
are often stuck in the middle, facing an impossible task of satisfying senior management and their clients without succumbing to a delegitimised supply chain. Ultimately, such scenarios are unsustainable, as they deliver less value.”
Senior management – and boards of directors in particular – therefore have to consider whether the short-term commercial gains they might enjoy from ‘playing the game’ outweigh the longer-term benefits to the organisation’s reputation and longer-term commercial performance.
“There is evidence,” says Professor Kakabadse, “that taking an ethical approach reaps financial rewards in the longer term, and that organisations which adopt a more transparent, honest approach, are more sustainable. But we still have a long way to go to convince many boards – with the support of other stakeholders – to forego the perceived short-term gains.”
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