11/8/2023 0 Comments Ethical corporate cultureAs rules, norms and laws alone are not sufficient in preventing unethical behaviour, the field looks into understanding what drives human behaviour and how to incentivise ‘good’ behaviour.ĭuring the panel on “How can behavioural science support ethics and compliance”, participants debated the question “Why do good people do bad things” and presented the current state of research and concepts on nudging behaviour.Īrtificial Intelligence: Ethics of the future The field of behavioural business ethics and compliance is a relatively new way of thinking about the means to manage the ethics-driven transformation of an institution’s corporate culture. However, in 2018, 39% of departures were due to ethical issues financial performance only accounted for 35%.īehavioural science and ethics and compliance A decade ago, half of all CEO dismissals were triggered by poor financial performance and less than a tenth by “ethical lapses”. Increasingly, ethics and integrity are becoming a crucial criterion for managerial evaluation. They raised awareness and encouraged lengthy discussions over inappropriate behaviour and sexual harassment. Why do ethics and compliance culture matter?Ĭompliance culture and ethics have become increasingly important in the corporate and banking world over the past decade: regulators are intrusively vetting financial institutions, shareholders are articulating their concerns stronger than ever, and more NGOs are challenging organisation’s behaviours, holding them accountable towards the public.Ĭampaigns which have become viral such as the ‘Me too’ are examples of this changing environment. Panel sessions on behavioural science, data and information solutions, artificial intelligence and digital ethics gave insights into the latest and future developments. ![]() The conference broadly covered main elements and challenges of International Financial Institutions’ ethics programmes, corporate culture, regulatory developments, and the impact on compliance, performance, efficiency and staff motivation. It will shape not only ethics but also corporate culture in the years to come.” Some people seem to get tired to hear about it, but this is just the beginning. “In everything we do, we have to take climate change into account. ![]() ![]() Pierre Gramegna, Minister of Finance of Luxembourg, added that ethics and corporate cultures would also be influenced by climate action and sustainability debates. And as financial institutions, we take an ethical stance toward the use of the public funds entrusted to us to achieve this mission,” he said. “As collectives of nation-states-the European Investment Bank, the World Bank Group and other IFIs-believe in, and work toward, the ethical necessity of global cooperation to improve lives and societies. “The challenges of development-the challenges of improving the lives of others-are not purely economic or financial. On behalf of the World Bank Group, Managing Director and Chief Administrative Officer Shaolin Yang reaffirmed the importance of ethics in development and emphasised International Financial Institutions must exert strong ethical leadership in the world. We are driven by the desire to improve people’s lives and invest in the future and therefore we must lead by example and be ethical in everything we do.” ![]() “As International Financial Institutions, we are duty-bound to invest in the public good. In his opening remarks, EIB President Werner Hoyer emphasised the importance of ethics for public International Financial Institutions (IFIs) such as the EIB Group and the World Bank Group: The conference brought together a full room of 150 experts and participants from Ethics, Compliance, Regulation, Behavioural Science and Artificial Intelligence and it was opened by EIB President Werner Hoyer, Pierre Gramegna, Minister of Finance of Luxembourg, and Shaolin Yang, Managing Director of the World Bank Group. The European Investment Bank and the World Bank jointly held the “Ethics and Corporate Culture Conference 2019” in the EIB Luxembourg headquarters on 6 June. From left to right: Pierre Gramegna, Minister of Finance of Luxembourg / Shaolin Yang World Bank Group, Managing Director and Chief Administrative Officer/ EIB President Werner Hoyer
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