Skip to Main Content
Book Chapter

Business Practices and Ethics in a Multicultural Environment

By
Rick Harrington
Rick Harrington
Conoco Inc.
Houston, Texas, U.S.A.
Search for other works by this author on:
Published:
January 01, 2000

Abstract

Truly successful companies measure their success not only in financial terms, but also according to ethical standards that go beyond legal compliance and that are based on integrity in their relationships with their stakeholders; however, adhering to such standards can be challenging for multinational corporations because value systems and accepted customs and practices vary radically around the world.

Sometimes it may seem that good ethics and good business are conflicting concepts—but that is not the case. A reputation for ethical behavior can distinguish a company from its competition by making it the partner of choice for clients who want to work with a dependable organization. Ethical conduct can support efforts to attract and retain quality personnel and can have a positive impact on employee morale, job satisfaction, and productivity.

Conversely, bad ethics is bad business because it can damage the company’s reputation, destroy employee morale, and take a toll on the bottom line; furthermore, corporate wrongdoing can lead to strikes or boycotts, costly settlements or fines, and even prison terms for executives or others involved. A company also can be adversely affected by actions of others that tarnish the reputation of the industry as a whole, leading to restrictive legislative or regulatory activity.

For all these reasons, Conoco is an example of a company that puts a high priority on ethics and had established ethics compliance programs long before they were mandated. Conoco’s approach to ethics includes a visible, committed leadership; a corporate compliance committee composed of senior executives; and a comprehensive set of policies, procedures, and programs for preventing unethical behavior, identifying and punishing violators, and rewarding those who uphold the highest ethics standards.

You do not currently have access to this article.

Figures & Tables

Contents

International Oil and Gas Ventures: A Business Perspective

George E. Kronman
George E. Kronman
Search for other works by this author on:
Don B. Felio
Don B. Felio
Search for other works by this author on:
Thomas E. O’Connor
Thomas E. O’Connor
Search for other works by this author on:
Mindy S. Kronman
Mindy S. Kronman
Search for other works by this author on:
American Association of Petroleum Geologists
ISBN electronic:
9781629810683
Publication date:
January 01, 2000

GeoRef

References

Related

Citing Books via

Close Modal
This Feature Is Available To Subscribers Only

Sign In or Create an Account

Close Modal
Close Modal