Go to the United Technologies website (Links to an external site.)Links to an ex

Question

Go to the United Technologies website (Links to an external site.)Links to an external site. and click on How We work at the top of the page.

Select Code of Ethics, located in the drop down box, and review.

Select Our Code of Ethics, located at the bottom of the page, and review.

Select Our Values, from the drop down list, and review.

Note: If you want to find out more information about United Technologies, you can go to the Libraries website (Links to an external site.)Links to an external site. and access Hoover's database, although doing so is not required.

After reviewing these sections, write a 250-word essay that includes the following points:

Describe the reasons corporate governance and ethics are an important part of the strategic management process.

How important do you think corporate governance and ethical compliance are to United Technologies?

Do you agree that there should be one code of ethics for a company that operates all over the world like United Technologies does? Why or why not?

What did you find at United Technologies' website that might be helpful to other strategic decision makers?

Explanation / Answer

1. Role of corporate governance and ethics in the strategic management process

Corporate firms are directed and run following some practices and principles which are essential for balancing the interests of all the stakeholders such as employees, shareholders, customers, suppliers, government and the community. In these process ethical practices followed by the firm play a pivotal role because businesses should not just revolve around creating wealth but should also be vigilant about any wrongdoings, illegal practices or any moral hazards to the society. A good governance policy must be law abiding, participatory, transparent and must be inclusive.

Unethical practices may lead to serious damage to the community as well as to the brand image of the firm in the long run. Ethical practices guide the organisations to achieve their profits along with balancing the needs of the stakeholders.

So, in a way corporate governance and ethics are the soul of the organisation which makes it socially responsible and helps it fulfilling its moral duties and obligations towards its stakeholders. It guides the organisation to a profitable business without harming the society. It gives direction to the employees about the preferences of the company which are its work ethics. We can easily make out that companies which follow ethical practices generally outperform those which display ethical misconduct.

2. It is very evident that corporate governance and ethical compliance are prime for United technologies because for them maintaining their integrity and reputation is very important as their stakeholders count on it. They encourage their employees to report any wrongdoings in the organisation and assure strict action against it. They stress upon their integrity, innovation, respect and excellence.

3. Yes, there should be one code of ethics for a company that operates in several countries because corporate governance practices and ethics of a company are the pillars of strength on which its reputation rests. Such practices differentiate the company from others and acts as its identity among its stakeholders. Hence it is important to have uniformity in such values.

4. United Technologies website can be helpful to strategy decision makers as it provides an insight into the company’s business ethics and its governance style. It gives direction to the strategy makers about the principles and priorities of the company which are its stakeholders.

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