Formulation of The Guide
The Tyco Guide to Ethical conduct was developed in 2003 to help set ethical standards and code of conduct for its employees. The drive to develop this Ethical guide was due to the unethical practices for former CEO Dennis Kozlowski. In 2002, Kozlowski and former CFO Mark Swartz were accused of stealing from the company $170 million and $430 million in stock sales, both executives have been sentenced to jail and have also been forced to pay back some of the money. During Kozlowski’s time as CEO he adopted a strategic incentive scheme to help the aggressive growth of the organization. The scheme is focused on growth and earnings targets and all employees benefit when targets are met. Along with the incentive payments comes responsibility - as well as freedom - for Tyco executives.
Due to the unethical behavior and subsequent sentencing of Tyco’s executives, the new CEO Edward Breen, sought to improve the ethical standards of the company and introduced the Tyco Guide to Ethical Conduct. Tyco International is under constant scrutiny now to ensure that the ethical guidelines are followed and that the company is conducting business in manner which is honest and abides by the laws set down in every country.
Read more about this topic: The Tyco Guide To Ethical Conduct
Famous quotes containing the words formulation of, formulation and/or guide:
“Art is an experience, not the formulation of a problem.”
—Lindsay Anderson (b. 1923)
“Art is an experience, not the formulation of a problem.”
—Lindsay Anderson (b. 1923)
“A guide book is addressed to those who plan to follow the traveler, doing what he has done, but more selectively. A travel book, in its purest, is addressed to those who do not plan to follow the traveler at all, but who require the exotic or comic anomalies, wonders and scandals of the literary form romance which their own place or time cannot entirely supply.”
—Paul Fussell (b. 1924)