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A word from the president.

Document Cited in Related
Vincent
AuthorBaird, Harold

Michael Woodford's dismissal from his role as president of the Japanese camera giant, Olympus, at the end of last year was a timely reminder that although ethics is rarely given the same prominence as other business issues, it's never very far beneath the surface of modern corporate life.

We do not yet know the full facts of the Olympus saga but public opinion has sided with Woodford's efforts not only to get his job back, but to challenge several highly unusual financial transactions within the company. Such high-level whistle-blowing is rare. Whether or not Olympus is culpable, the Woodford case underlines the importance of having a corporate structure that is accountable and transparent.

CIMA's code of ethics requires our members to do the right thing - even when nobody is looking. And as we move into a new year, it is a good time to review the role of ethics in our working lives. One of our members' greatest strengths is in the fact that the institute's strict ethics code, together with its requirements for continuing professional development, ensures that we have an evolving skill set that is rooted in ethical behaviour. This also provides a strong foundation for the new CIMA/AICPA designation, the CGMA.

In a recent blog, CIMA's head of ethics, Tanya Barman, quoted an observation by the well-known Enron whistle-blower, Sherron Watkins, that "serial killers often start with cats". In the same way, fraud and other corporate wrongdoing can often start on a small scale. This, Tanya said, is why it is so critical for organisations to have an open working culture where employees are urged to speak up about their concerns. Although ethics has risen up the corporate agenda in recent years, employee attitudes still tend to swing between inertia ("Why bother? Who will take any notice?") and fear ("If I speak out, I'll be fired"). It is the job of both employers and professional organisations to create a support system that makes these attitudes a thing of the past. If you lose trust you lose your customers, whether...

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