BP’s Ethical Problems
BP speaks of inspecting a bribery claim that has taken place in their company. BP exclaimed it was an accusation of bribery against their employees after they found a letter describing that is unproven of corruption that was sent to BP’s chief executive. The daily press have reported that BP was examining a severe incident of bribery and corruption that taken place. BP responded confirming that the BP’s chief executive’s received a letter.
BP manners its business to the utmost moral standards and have regulation on bribery and corruption which informs their employees of what is acceptable, if they do operate corruption I the workforce there are serious consequences and they can jeopardise their job safety also the business can gain a lot of bad press from stakeholders and their shares may decrease as shareholders will lose money if associated with business and there high fines, which could decrease shareholders income. BP takes accusations seriously and all the time investigates them to get down to the matter.
Information of the assumed dishonesty in BP was confined in a letter written to BP’s chief executive Robert Dudley by an informer explaining himself to be a BP employee. The letter claims Robert chartered tankers when they were in a better position for a supplier in reoccurrence for money expenses to senior BP employee. A duplicate of letter was made and sent to Britain’s Serious Fraud Office which lately expanded more controls in undertaking bribery with the following modifications to UK’s Bribery Act. BP guidelines on bribery and corruption
BP is functioning to avoid bribery and corruption in BP by operating in ethical manner to show their shareholders that they are reputable business and they should invest in. In some locations where BP operates bribery stands in for an immense business risk but BP has extensive standards of regulations that all their staff is made aware in booklets and also accessible for their shareholders to show they take being ethical. This regulation was handed out in 2011, the standard requires annual bribery and corruption risk evaluations done in BP workforce also partners.
When BP operates with other businesses they have made anti-bribery and corruption sections in their contracts and training to improve their ethical practise. BP has explained to their employees the bans on bribery and corruption which is laid out in their code of conduct booklet. When BP notices breaks of their anti-bribery and corruption guidelines they inspect and take precautions to remove these practices in their workforce. Over 5,005 BP employees have accomplished an online training section; whereas an additional 4,298 BP employees have been qualified to face anti-bribery and corruption guidelines and procedures they need to take.
BP funds associations and non-governmental governments that intend to remove bribery and corruption. BP takes all compulsory action to guard the shareholders’ benefits and protect BP’s reputation for anti-corruption and bribery. I think that BP does a lot to safeguard their shareholders investments and gain them income by achieving successfully against their competitors. BP takes this regulation very seriously and this shows to their shareholders and stakeholders that BP does a lot to operate ethical and this well made aware in their business to their employees.
Also the fact they show their progress online to everyone this shows they have lot of confidence the will gain success and so more people are interested in investing in their business. Shareholders may feel that the can trust BP as they have lot of support from anti-bribery organisations that say they are achieving to being more ethical. Environment Implications The environment on a global scale is an implication for BP as for drilling and waste caused by carrying out the tasks.
One of the main difficulties today is BP economic activity is developing swiftly in various parts of the globe. BP is setting voluntary targets to decrease its own emissions in their businesses around the world. Their present energy effectiveness plan monitors a positive advantage in which they reduced their greenhouse gas emissions to 10% below. BP is taking practical movements related to those in society by measuring their carbon costs of their activities and emphasising effectiveness in their operations also they are spending in lower-carbon energy goods.
They are guiding their employee’s education of pollution in their business and how they can improve. BP is also advancing to resourceful fuels and lubricants that will help their stakeholders that is everyone. Business Implications The need of a smart business management in BP needs to take into understanding of ethical worries that are currently acknowledged as share of moral management in BP, this shows government and customers they take them into consideration and they are part of BP.
When BP directors create CSR policies, they are replying to the requirements of their stakeholder worries. Everybody is a stakeholder in BP business doings so BP has consider ethics to sustain good practise and to survive as a business. BP directors are obligatory to fulfil with the law in numerous parts, incorporating when staffing they do not discriminate the candidates, keeping data protection of customers safe and take health and safety serious of their employees.
Each area of BP has shaped policies, good practices, rules for employees and procedures they need to be aware of if unsafe practise is carried out. Lacking this BP can effortlessly have consequences with the law and be penalised or undergo damaging drawbacks that can affect their reputation and shareholders interest in their business. Social implications of BP ethical behaviour impact everybody by them guaranteeing more open business practise which is reasonable and fair conduct.