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Borneo Post Essay

1388 words - 6 pages

The Borneo Post - Saturday, October 20, 2012 Page B10 Business Written by: Emy Lindsay

CIMA stresses good ethics are vital for the success of corporation

KUCHING: In the wake of the unethical corporate governance that has caused the fall of some big global corporations such as Lehman Brothers, Enron and others, there is a perennial (constant) need to create awareness on ethical business.

To complement and support the initiatives of the government in reinforcing ethical business practices, the Chartered Institute of Management Accountants (CIMA) and the Malaysian Institute of Integrity (MII), jointly organized a talk on ‘Business Ethics for Long Term Success’ held here ...view middle of the document...

The findings also reported that Malaysia was rated a high 44% for compromising its organization’s standard of ethical business conduct on meeting reporting deadlines compared with Australia (17%), UK (10%) and Ireland (9%).

She praised Malaysia as being one of the most active countries in creating awareness of good corporate governance to ensure that the code of ethics was being upheld as the guidelines to safeguard the interest of the employees and companies.

“With the financial scandals that are occurring around the world, CIMA has been active the last two years in creating awareness on ethical business strategies and we are going around the world getting people’s attention and educating them about ethical business practices,” she said.

She also pointed out that generally, for corporations to instill good corporate governance in a competitive business, the conflict of interest should be avoided, especially with the implosion of the social media network where it was publicly perceived.

To a question on which countries in the world were ethically oriented in doing their businesses, she replied that different countries were rated by different sets of integrity and corruption indexes, adding that Transparency International and World Bank Review were among the main international bodies that were taken into account.

She also mentioned that Singapore was rated among the top three countries on the Transparency International List for having best integrity and good governance in business ethics, while the Scandinavian countries were in the first and second place.

“Countries that are rated in the Transparency International List are usually popular with companies that want to venture further because of their good working environments, strong labor laws, high integrity and high ethical business conduct,” she noted.

CIMA is the world’s leading and largest professional body of management accountants with more than 195,000 members and students and has a presence in 176 countries all over the world with professionalism and ethics as core values.

The Borneo Post - Saturday, October 13, 2012 Page 3 Home Written by: Peter Boon

Some traders abusing barcodes

SIBU: Certain unscrupulous (dishonest) traders are abusing the barcodes to elude (escape) measures imposed by the authority on cheap sales.

Ministry of Domestic Trade Cooperatives and Consumerism (MDTCC) noted they normally involved fast-moving items such as instant noodles.

Its state director, Wan Ahmad Uzir Wan Sulaiman, said they had encouraged hypermarkets, supermarkets and retail outlets to install a price checker for shoppers to verify the prices of the products.

“We have detected such unhealthy business tactics and have taken action against the unscrupulous traders. For example, there was a discrepancy noted between the discounted price of instant noodles and that in the barcode system. In this case, the...

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