Refer to the link below- CORRUPTION IS A CORPORATE PHENOMENA AND EVEN CONSIDERABLY THE LEADING ONES FACE THE FLACK. SCHNEIDER ELECTRIC FACED ONE SUCH EMBARRASSING ONE AS GIVEN BELOW. IS CORRUPTION A REFLECTION OF ORGANISATION CULTURE?
CORRUPTION AS I ALWAYS BELIEVE IS A GROUP ACTIVITY AND TAKES BIRTH WHEN THE ORGANISATION IS CONSIDERED VALUE-ERODED, DUMB, INEFFECTIVE AND TOOTH-LESS.
IF TOP IS CORRUPT, CAN THE PEOPLE BELOW REMAIN HONEST AND CREDIBLE? UNFORTUNATE FACT IS THAT ORGANISATIONS ARE NOW RESORTING TO HIRING THE VPs AND CHIEF ETHICS OFFICERS TO ENSURE ETHICS PREVAIL. THIS MAKES IT VERY CLEAR THAT MANAGEMENT OR BOARD IS EITHER TOO CONCERNED ABOUT ETHICS ERODING AT THE TOP OR JUST CREATING A FACADE AND EYE WASH FOR INVESTORS AND REGULATORS?
INTERESTING STORY BELOW---
http://www.vivelohoy.com/loultimo/2013/02/schneider-electric-reports-3-0-profit-rise-in-2012-12/
French engineering group Schneider Electric reported a 3.0-percent rise in net profit for last year to 1.84 billion euros ($2.4 billion) on Thursday owing to price rises and cost-cutting which compensated for a fall of sales volumes.
The company also revealed that the profit line had been reduced by 27 million euros, equivalent to about 1.4 percent of total profits, owing to fraud by a senior member of staff who had now left the company.
The fraud involved the creation of “fake” documents which led to an under-estimation of the provisions the company made for year-end discounts to big customers.
Finance director Emmanuel Babeau told a telephone conference that despite internal controls “that are extremely heavy”, when someone in an important position was not trustworthy “we have an issue.”
The company was “doubling the level of security and putting everything in place for that not to happen again.”
CORRUPTION AS I ALWAYS BELIEVE IS A GROUP ACTIVITY AND TAKES BIRTH WHEN THE ORGANISATION IS CONSIDERED VALUE-ERODED, DUMB, INEFFECTIVE AND TOOTH-LESS.
IF TOP IS CORRUPT, CAN THE PEOPLE BELOW REMAIN HONEST AND CREDIBLE? UNFORTUNATE FACT IS THAT ORGANISATIONS ARE NOW RESORTING TO HIRING THE VPs AND CHIEF ETHICS OFFICERS TO ENSURE ETHICS PREVAIL. THIS MAKES IT VERY CLEAR THAT MANAGEMENT OR BOARD IS EITHER TOO CONCERNED ABOUT ETHICS ERODING AT THE TOP OR JUST CREATING A FACADE AND EYE WASH FOR INVESTORS AND REGULATORS?
INTERESTING STORY BELOW---
http://www.vivelohoy.com/loultimo/2013/02/schneider-electric-reports-3-0-profit-rise-in-2012-12/
French engineering group Schneider Electric reported a 3.0-percent rise in net profit for last year to 1.84 billion euros ($2.4 billion) on Thursday owing to price rises and cost-cutting which compensated for a fall of sales volumes.
The company also revealed that the profit line had been reduced by 27 million euros, equivalent to about 1.4 percent of total profits, owing to fraud by a senior member of staff who had now left the company.
The fraud involved the creation of “fake” documents which led to an under-estimation of the provisions the company made for year-end discounts to big customers.
Finance director Emmanuel Babeau told a telephone conference that despite internal controls “that are extremely heavy”, when someone in an important position was not trustworthy “we have an issue.”
The company was “doubling the level of security and putting everything in place for that not to happen again.”
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