Essay on "Business Ethics the Code of Business Conduct"

Essay 6 pages (2455 words) Sources: 4

[EXCERPT] . . . .

Business Ethics

The Code of Business Conduct covers a wide range of business practices and procedures of a medium sized company producing medical supply. The company's name is "Best Medical Supply Company Inc."(BMSC). The Code of Ethics suggest does not cover every issue that may arise, but it sets out basic principles to guide all employees and officers of the Company (Company includes BMSC and all its subsidiaries). All of BMSC's employees, officers and directors must conduct themselves accordingly and seek to avoid even the appearance of improper behavior. The Code should also be provided to and followed by the BMSC's agents and representatives. In addition, Company policies apply to various Company operations. If a law conflicts with a policy in this code, all employees, officers, directors, agents and representatives must comply with the law. Alternatively, if a local custom or policy conflicts with this code, they must comply with the code. If they have any questions about these conflicts, they should ask your supervisor how to handle the situation. Employees and officers are responsible for understanding the legal and policy requirements that apply to their jobs and reporting any suspected violations of law, this code, or Company policy. Those who violate the standards in this code will be subject to disciplinary action, including possible dismissal. Furthermore, violations of this code may also be violations of the law and may result in civil or criminal penalties for you, your supervisors and/or the Company. If anyone is in a situation which he/she believes may violate or lead to a violation of this Code, follow the procedures set out in Company's Business Policies Manual, Corporate Policies and the Manual of Compliance Procedures and Guidelines. Guiding Principles of the Code with Definitions: 1. Compliance with all laws, rules and regulations governing the production and distribution of medical devices. The Company expects all its employees, directors, officers and directors, representatives, agents and subsidiaries to act in accordance with this Code. However, this Code does not replace thoughtful behavior but serves as a source of guiding principles. This Code also does not replace or supersede existing rules, policies, or guidelines of the Company such as the Company's Business Policies Manual (see Legget & Platt, Inc., 2011, p. 1) or Corporate Policies and the Manual of Compliance Procedures and Guidelines. 2. Authority: Besides knowing and understanding this Code, each of the Company's employees must understand the level of authority included in our job. We must all be careful to act within the limits of that authority (see Chevron, 2010, p. 4). 3. Prohibition of Conflict of Interest: It exists when a person's private interest interferes in any way or even appears to interfere with the interest of the Company are prohibited (see Code of Conduct: Sample, 2011, p. 1f.). A "conflict of interest" may exist whenever the private interests of an employee, officer or director conflict (or even appear to conflict) in any way with the interests of the Company.

A conflict situation can arise when an employee, officer or director takes actions or has interests that may make it difficult to perform his or her Company work objectively. Conflicts of interest may also arise when an employee, officer or director, or a member of his or her family, receives improper personal benefits as a result of his or her position in the Company, whether received from the Company or a third party. Loans to, or guarantees of obligations of, employees, officers and directors and their respective family members may create conflicts of interest. Federal law prohibits loans to directors and executive officers. In addition, it is almost always a conflict of interest for a Company employee or officer to work simultaneously for a competitor, customer or supplier. Conflicts of interest may not always be clear-cut, so if you have a question, you should consult with a member of management or the Compliance Officer. Any employee, officer or director who becomes aware of a conflict or potential conflict should bring it to the attention of a supervisor, corporate officer or the Compliance Officer (Durect, 2012, p. 1). Everybody in the Company should avoid any direct or indirect business connection with our customers, suppliers or competitors; except as required on our behalf. Conflicts of interest are prohibited as a matter of Company policy, except as approved by the board of directors. Conflicts of interest may not always be clear-cut, so if anyone have a question, everybody should consult with his/her supervisor or follow the procedures set out in the Code (Code of Conduct: Sample, 2011, p. 1f.) 4. Insider Trading: All non-public information about the Company should be considered confidential information. Employees and officers who have access to confidential information about the Company or any other entity are not permitted to use or share that information for trading purposes in Company BSMC, the other entity's securities, or for any other purpose except for the conduct of the Company's business. To use non-public information for personal financial benefit or to "tip" others who might make an investment decision on the basis of this information is not only unethical, but also illegal. If any of the employees may have any questions, she is advised to please consult the Company's Guidelines for Trading Company Stock (Code of Business Conduct: Sample, 2011, p.2). 5. Payments to Government Personnel: The U.S. Foreign Corrupt Practices Act (FCPA) prohibits giving anything of value (directly or indirectly) to officials of foreign governments or foreign political candidates in order to obtain or retain business. While the FCPA does, in certain limited circumstances, allow nominal "facilitating payments" to be made, any such payment must be discussed with local management and the Corporate Vice President - Administration before any such payment can be made. In addition, the U.S. government has a number of laws and regulations regarding business gratuities, which may be accepted by U.S. government personnel. T he promise, offer or delivery to an official or employee of the U.S. government of a gift, favor or other gratuity in violation of these rules would not only violate Company policy but will also commit a civil or criminal offense. State and local governments, as well as foreign governments, often have similar rules (Code of Business Conduct: Sample, 2011, p.4). 6. Guidance: Some persons in the company have jobs that require more detailed knowledge of particular compliance topics than this Code provides. In this case, our managers or supervisors will direct us to the appropriate information in Corporate Policies and the Manual of Compliance Procedures and Guidelines (Chevron, 2010, p. 6). Business Conduct and Ethics Code, 2010, p. 6). Any employee or officer who becomes aware of a conflict or potential conflict should bring it to the attention of a supervisor, manager, or other appropriate personnel or consult the procedures provided in the Code (see Code of Business Conduct, 2011, p. 1f.) Purpose of the Code of Conduct: The Board of Directors (the "Board") of BMSC Inc. (the "Company") has adopted this Code of Business Conduct and Ethics (the "Code") for its employees, officers and directors of the Company and its subsidiaries. The purpose of this Code is to underscore and further strengthen the Company's longstanding commitment to a business culture of honesty and accountability and to inform all its employees, directors, managers and agents of the appropriate means to ask questions concerning the applicability of this Code and to report violations of this Code (see Legget & Platt, Inc., 2011, p. 1). The Company's Core Values are reflected in the Code: We Serve - willingly in all locations and conditions. We Care - for the safety, security, development, and well-being of our employees. We Empower - our employees to succeed in a culture based on trust, respect, loyalty, and commitment. We Perform - with a relentless commitment to exceeding expectations. We Do the Right Thing- always, for our customers, employees, and those we serve (see Values and Code of Conduct, 2011, p. 1). Integrity, Trust, Diversity, Non-Discrimination, Ingenuity, Partnership, Health and Safety of our employees and customers, protection of the environment, high performance, record keeping strict financial controls and disclosures are all core values of the Company. We believe that when we apply our ethical principles to our business decisions, the company is positioned for success (see Chevron, 2010, p. 4). As a public company, it is of critical importance that the Company's filings with the Securities and Exchange Commission be accurate and timely. Depending on their respective positions with the Company, employees, officers or directors may be called upon to provide information necessary to assure that the Company's public reports are complete, fair and understandable. The Company expects employees, officers and directors to take this responsibility very seriously and to provide prompt and accurate answers to inquiries related to the Company's public disclosure requirements. The Company has formed a Disclosure Committee consisting of Mr. a, Mr. B, Mister C, and Mr. XYZ as the Chief Compliance Officer as appropriate to oversee the preparation and review of public… READ MORE

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