5 examples of unethical practices of board of directors

Establishes ethical standards that enable board members to avoid potential grey areas. This narrow focus only scratches the surface, given the scope, responsibilities and dynamics of decision making in the boardroom. ), sarileru neekevvaru full movie in hindi dubbed filmyzilla. When the scandal emerged, several leaders of the firm were sentenced to prison. Go to Course. This type of institution is rarely seen in Western countries, so a similar and feasible solution is to allow external auditors to play a role here. Under particular circumstances, some independent directors form a distinct stakeholder group and only demonstrate loyalty to the members of that group. lobbying to change a law, tax rules, accounting rules, subsidies, etc. For example, the representatives may be striving for short-term personal gain or compensation while the ultimate investors may want the same as all other stakeholders: the creation and preservation of the corporation's long-term sustainable wealth. Shareholders come and go and their interest in the company is limited to their shareholding period. Executives may sometimes take part in controversial activities in the name of shareholders interests. The ethical behavior of executives has deep roots in Western ethical traditions. Defines the value system of the HOA and how directors must behave. For example, if the CEO makes controversial public statements, has personal relations with an employee or contractor, or develops a reputation for being rude, overbearing, or verbally combative, the board must decide whatmerits investigation. All board members, including shareholder representatives, are required to balance the interests of all stakeholders with the long-term prospects of the company. Has the company experienced situations in which individual directors have taken advantage of the company through compensation, self-dealing, stealing, insider trading, accepting bribes or appropriating opportunities for personal benefit? Board members have to address any conflicts responsibly and balance the interests of all individuals involved in a contemplative, proactive manner. Regulators and researchers have argued that boards should comprise a greater number of independent directors to ensure that business decisions are not disproportionately influenced by powerful stakeholders. More often, directors are influenced by the controlling shareholder sitting on the board. Of the 38 companies in our sample. Not fulfilling their responsibilities, as well as the visible actions they take, qualifies as misconduct. With the Federal Reserves quantitative-easing program, share buybacks became the preferred way to boost stock prices for the benefit of shareholders. Switzerland, IMD SE Asia Pte. Are you aware that directors can form coalitions and leverage their full control of the board to benefit one another in an Ill scratch your back, you scratch mine type of relationship? The social connections between directors and CEOs or chairpersons cannot always be thoroughly checked. Many corporations require board members to sign a conflict of interest policy at the time of appointment or to declare any conflicts of interest at the beginning of board meetings. A company is an aggregation of stakeholders bound together by economic interest. It is well understood that tier-I conflicts arise when directors take advantage of their positions. Conflicts of interest abound at the board level. There are lessons to be learned from VW's errors. Madoff ran Bernard L. Madoff Investment Securities LLC. 6) Adelphia Communications 2002: The company was running the business of cable television. Forty-five percent of companies in the sample experienced a significant unrelated governance issue following the event, such as an accounting restatement, unrelated lawsuit, shareholder action, or bankruptcy. The cultural solution to big techs ethics problem. Direct Misrepresentation. The court determined that the entire decision process for compensation was unfair because the awards to the outside directors were decided by the recipients themselves. On the other hand, if they agree to substantial wage reductions they could lose the trust of the workers they are supposed to defend and represent. The world's dominant mobile phone maker for 14 years, Nokia once seemed unstoppable. This can often complicate matters for the respective directors, as they may not be able to allocate sufficient time to governing any one company. These powerful representatives interact with board members frequently and exercise most of the pressure, but when they put personal interest before that of the ultimate shareholders, interests could be misaligned. In 2015, the company confessed to cheating emissions tests on 11 million vehicles across the globe. This followed a 16% increase during the 2013 proxy year. The business executed $350 billion in trades, but it did not last long as the dot com bubble came in. This policy applies to all applications for IMD programs from individuals or organizations, and any commercial or non-commercial partnerships. Minder was so irritated that he started the anti-rip-off initiative. The initiative was launched by businessman Thomas Minder, whose own story illustrated how entrenched executives could damage all other parties to benefit themselves. These numbers suggest you'll likely encounter ethical dilemmas in your workplace. According to the Spencer Stuart US Board Index 2014, approximately 25% of S&P 500 boards do not impose a limit on the number of board positions. Coalitions can be beneficial when they are aimed at acting in the best interest of the company, but they can be harmful when they are formed with the aim of dominating the board or benefitting a particular stakeholder group. The law states that executive members have to exercise the care of an ordinary and conscientious business leader. Directors have a fiduciary responsibility to the company from the moment they are recruited, and they are expected to display a high standard of expertise, care and diligence by gathering as much information as possible and considering all reasonable alternatives in order to make sensible decisions. Weak corporate governance could open the door for management to take excessive risks. Reporting a colleague who is incompetent or who engages in unethical behavior is intended not only to protect patients, but also to help ensure that colleagues receive appropriate assistance from a physician health program or other service to be able to practice safely and ethically. The ties with various stakeholder groups potentially create divided loyalties for directors. In other words, these stakeholder groups have their own motives and interests and the strategic decisions they make benefit themselves rather than the organizations they are paid to serve. Their directorship as shareholders, preference for capital structure, dividend policy, and investment strategy, or their position with regard to mergers and acquisitions might be in conflict with other shareholders. BPs decision to save US$1 million a day by circumventing safety procedures on its Gulf of Mexico rigs is a poignant example of such decisions. In your legal system, to whom do board members owe their duty of loyalty? If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Board directors are not allowed to put their own personal interests above the interests of the organization when they are conducting business. Some of them even borrowed money to pay dividends, which represents a direct transfer of value from creditors to shareholders since a higher level of debt increases the probability of default and reduces the value of the creditors stake. In both cases, the directors in question may be influenced by a sense of loyalty or duty to the chairperson or CEO, even if the CEO or chairperson is not acting in the best interests of the company or its shareholders or other stakeholders. For example, news stories today continue to reference former American Apparel CEO Dov Charneys odd behavior of walking around the companys offices in his underwear, even though it was first reported over 10years ago. The control mechanisms could be institutionalized. About a third of companies will face sanctions like lost business, federal investigations, shareholder or federal lawsuit, bankruptcy or shareholder activist movements. Board directors need to address all situations in which board directors become the target of any kind of criminal investigation. How can conflicts of interest between subgroups of one particular stakeholder group be dealt with? Please declare your traffic by updating your user agent to include company specific information. To this end, the law requires a healthy mix of executive and non-executive directors and appointment of at least one woman director for . ), pollution, market manipulations through collusion, or limiting the opportunities for future generations to improve their lives. We identified 38 incidents where a CEOs behavior garnered a meaningful level of media coverage (defined as more than 10unique news references). 5.omote accountability and engagement. How can a director make a wise decision when stakeholders have conflicting incentives and goals? In a 2013 Harvard Business Review article, What CEOs really think of their boards, one CEO was quoted as saying, They like their board seats it gives them some prestige. Reference ID: 0.ef87d317.1677763513.824edfea. After all, board work is a power game. Lack of effort, focus and dedication are types of conflict of interest that have not yet received the attention they deserve. Unethical practices spurred more than half of the largest bankruptcies in the past 30 years, like Enron, Lehman Brothers, and WorldCom, and can take a larger economic toll, estimated at $1.228 trillion, according to the Society for Human Resource Management. Companies need to issue guidelines regarding directors conflicts of interest and ensure that directors follow these rules and act in the interest of the organizations they serve. Sexual harassment, sexual exploitation and stalking are other serious sexual offenses. The boardroom is a dynamic place where struggles of ego, power, rules, and authority continuously surface, and it is not always clear, in the turmoil of group dynamics, what constitutes a conflict of interest or the manner in which one should participate in board deliberations. In performing their duties, all directors need to put aside their ego, follow rules in discussions, respect others, and avoid toxic behavior in the boardroom. The code. At the same time, there are a number of ethical issues that . Discussions on business ethics have been ongoing since the market economy emerged more than 750 years ago. In the case of Calma v. Templeton (April 2015), the Delaware Chancery Court in the United States allowed a claim that challenged the directors stock compensation from going forward because it was considered excessive. The compensation plan limited the number of shares to 1 million per year per participant, which represented a value of US$55 million at the time of the lawsuit. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. We integrate research on family-owned firms (FOFs) and the Behavioral Theory of the Firm (BTOF) to study wrongdoinga specific dimension of corpora Applicants fairness perceptions of algorithm-driven hiring procedures. For some patients, treatment became unbearably expensive, and hospitals were forced to use less-effective alternatives to limit costs. Physicians must not submit false or malicious. Conclusions. "Dieselgate," as the scandal was called, was a punch to VW's reputation. The motivations beneath such actions and the issue of commingling assets are relevant in this case, along with the importance of the board of directors, such as . While it may be perfectly legal for such interested parties to be members of the board, it can help if each stakeholder group puts their ultimate objectives on the table before starting negotiations. This is apparent when the value increase for one class of stakeholders is directly linked to the value reduction of another class of stakeholders. In 71% of cases, a spokesperson provided direct commentary to the press. This indicates that companies rarely benefit from bad actions in the long run, as cost will come back to the company in the form of litigation, sanctions, fines or public humiliation. If maximizing shareholder value is a widely accepted norm, then board members would be better positioned if they announced that their loyalty lay with the ultimate shareholders. Its common for well-established nonprofit organizations, Businesses and other organizations have an overall governance corresponding strategy. 11 exhibited positive stock price returns when CEO misbehavior made the news. As Steve Pearlstein wrote in The Washington Post in 2013, This blatant hypocrisy is most recently revealed in the all-out effort by the business lobby to prevent shareholders from voting on executive pay or having the right to nominate a competing slate of directors. The same year, the Swiss population passed a referendum against corporate rip-offs, which allowed shareholders to control the salaries of executives. At ICBC, the modest pay still attracts high-quality independent members to the board, especially those with positive character traits such as conscientiousness, integrity, competence, judgment, focus, and dedication, which cannot be motivated or demotivated solely with money. For that reason, improprieties can be more difficult to investigate and to prove one way or another, unless they are blatant. An ethical board sets the purpose of the company, which in turn influences all dealings with stakeholders. Independent directors can form a distinct stakeholder group. In some cases, board members may feel as though they are being victimized or manipulated while those dominating the discussion may just think that they are leading a dynamic interaction. When the company nears insolvency, the duty to shareholders or to promote the success of the company will be modified by the obligation to act in the interest of the creditors. shareholders vs. creditors. Besides making decisions about the depth of an investigation, the remaining board members also need to decide whether making the debacle public will help or harm the corporations reputation. An exceptionally destructive scenario might consist of two stakeholder groups the executive directors group vs. the independent directors group leveraging their full control over the board and benefiting one another by building an Ill scratch your back if you scratch mine relationship with both groups continuing to add to their individual compensation at the expense of the company and other stakeholders. 34% involved reports of a CEO lying to the board or shareholders over personal matters,such as a drunk driving offense, undisclosed criminal record, falsification of credentials, or other behavior. In the US, regulations prevent banks from dealing with debt-equity conflicts through equity ownership. In conflict situations, customers can hurt companies, and companies can harm the interests of customers. However, when directors lack commitment and dedication to their duties, the conflict of interest is somewhat more subtle and much less obvious. Even if the law requires all directors to represent the interests of the company, identifying their connections with specific stakeholder groups improves transparency and avoids the risk of conflicts of interest. Conflict of interest policies normally specify how directors should avoid conflicts of interest. de Bellerive 23 This category includes knowing a co-worker is conducting personal business on company time. As family offices grow in popularity and expand into riskier investments, families should take a holistic view of their whole ecosystem to build a How to make the business case for a sustainability strategy. . 16% involved CEOs making use of corporate funds in a manner that is questionable but not strictly illegal. It suffered significant losses when Swissair went bankrupt in 2001 due to a failed expansion strategy. IBM employees later filed a class-action lawsuit over the pension changes, and in 2004 the company agreed to pay US$320 million to current and former employees in a settlement. Regulations require that some types of misconduct be disclosed to the authorities and to the public. Shareholders are seen as one kind of stakeholder among a pool of many, and the company does not have a duty to maximize shareholder value. When a companys purpose is in conflict with the interests of society, board members need to take an ethical stand, exercise care, and make sensible decisions. Ethics. Our executive education programs are ranked highly by the world's most influential business publications. According to Fortune, the average tenure of CEOs in the 500 largest companies in the US is 4.9 years. Monitoring is based on several criteria, such as work attitude, behavior, capacity to fulfill duties, contribution, and so on. Deceptive Packaging. Before the bankruptcy, it was made public that Swissairs top executive was to receive a golden parachute totaling CHF 12.5 million. These decisions become even more important when CEO misbehavior is picked up by the media, bringing unwanted public attention that can have an impact on the organization and its reputation. The Volkswagen case shows that it is difficult for a board to optimize the interests of shareholders when they have conflicting interests. The boards policies and procedures are designed to protect board directors from potential problems. management, shareholders, other stakeholders, etc.)? Wash Trading. The assumption that shareholders are principals and that directors are their agents is legally incorrect. Set out below are top ten issues affecting corporate governance practices in India. CEO misbehavior can reverberate across the organization. Though directors are not allowed to act in their own interests, they can promote the interests of a particular stakeholder group against the company, or the interests of one group of stakeholders against another, or they can favor one subgroup over another within the same stakeholder group. Indirect harmful effects on society include shaping the rules of the game (e.g. The business ethics case of the Tyco corporate scandal of 2002 presents how a large organization could suffer from the unethical and illegal actions of employees and external parties. The first major company in the United States to elect a union leader to its board was Chrysler in 1980. Despite the rapid adoption of technology in human resource departments, there is little empirical work that examines the potential challenges of al Multi-stakeholder governance at Better Cotton. Unfortunately, in some instances, the actions and decisions of some board members are undoubtedly illegal or improper. For example, shareholder representatives working full time at the Industrial and Commercial Bank of China (ICBC) receive their compensation from Chinas sovereign wealth fund China Investment Corporation (CIC). Could certain stakeholder groups, such as management, creditors, or shareholders benefit specifically from corporate decisions that could potentially hurt the other stakeholders? In closely held companies, large shareholders can exploit minority shareholders by leveraging their control power. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users. When a company changes its pricing strategy, depending on the product it can potentially have serious repercussions on consumers. For example, banker directors, who are only appointed as board members when a company is in financial distress, must be loyal to their bank, which lent money to the company in question. Companies that operate in this way are not contributors to society. In September 2015, Turing Pharmaceuticals raised the price of Daraprim a 62-year-old drug for the treatment of a life-threatening parasite infection from US$13.50 to US$750 per tablet. 16% involved CEOs engaging in objectionable personal behavior or using abusive language. The board is the decision-making body and its successes and failures are determined by the ability of its board directors to understand and manage the interests of key stakeholder groups. If all CEOs behave in this manner and boards of directors allow it, companies will end up doing more harm than good to society. It is challenging for directors to decide which stakeholder group to prioritize when it comes to value distribution and how to slice the pie. . When the CEO engages in misconduct, the board has an obligation to investigate the matter, take proactive steps to ensure that it is properly dealt with, and most important ensure that corporate reputation, culture, and long-term performance are not damaged. But during the shareholder showdown, Winterkorn won the support of the Porsche family, the labor leaders and the state of Lower Saxony. Ferdinand Karl Pich probably instigated this tension with the intention of extending his influence as a controlling shareholder. In 58% of incidents, the CEO was eventually terminated for his or her actions. Or the CEO may invite close friends to join the board as directors. Ltd From 2008 to 2015, 20 of the worlds biggest banks paid more than US$235 billion in fines for having manipulated currency and interest rates and deceived customers. Two CEOs who were terminated were subsequently rehired by the same company. Even though some directors describe themselves as independent of management, company, or major shareholders, they may find themselves faced with a conflict of interest if they are forced into agreeing with a dominant board member. The only class of stakeholders that benefits from this short-term value maximization exercise are chief executives enjoying high compensation, severance packages and golden parachutes. 5 Most Common Unethical Behaviors Ethics Resource Center (ERC) Survey Misuse of company time. (Tayan, 2016) Consequences of Board Director Misconduct From a legal standpoint, board directors who are found guilty of misconduct may be subject to fines, lawsuits, and jail or prison time. Charity Gone Wrong: Unethical & Illegal Conduct. In many other countries, directors have a duty to the company, not to shareholders. When board directors behave badly, the consequences for the board director and the organization can be swift, severe and long-lasting. The loyalties of these stakeholder representatives are often divided, and considering that multiple-role directors have to rebalance different interests, the potential for conflict becomes clear. Heres a list of areas that fall under fiduciary duties where board director misconduct can occur: In addition to serious offenses and failure to meet fiduciary duties, misconduct of board members can also be related to personal matters. Severe financial penalties have been meted out as punitive and corrective measures. They have the right to vote on the positions of the directors of the board and recover damage compensation from directors and executives if they are found to have stolen from the company but they have no right to tell executives how to run the company. Boards of directors can also suspend another directors duties or ask them to resign when there are allegations of egregious conduct. This depends very much on law and tradition and the prevailing legal system, social norms or the companys specific situation. To investigate and to prove one way or another, unless they are business... Social norms or the companys specific situation when directors lack commitment and dedication to their shareholding.. Directors take advantage of their positions shareholding period agent to include company specific.! Them to resign when there are allegations of egregious Conduct when there a... Visible actions they take, qualifies as misconduct please declare your traffic by updating your agent! The intention of extending his influence as a controlling shareholder the intention of his! Well-Established nonprofit organizations, Businesses and other organizations have an overall governance strategy! Average tenure of CEOs in the US, regulations prevent banks from dealing with conflicts., share buybacks became the preferred way to boost stock prices for the board as directors allowed! States that executive members have to address all situations in which board directors behave,! 4.9 years to whom do board members, including shareholder representatives, are to., sarileru neekevvaru full movie in hindi dubbed filmyzilla only scratches the surface given! Product it can potentially have serious repercussions on consumers prevent banks from dealing with debt-equity conflicts equity... Ethical board sets the purpose of the Porsche family, the average tenure of CEOs in the.! States that executive members have to address any conflicts responsibly and balance the interests shareholders! And conscientious business leader to value distribution and how to slice the pie before bankruptcy. Pich probably instigated this tension with the long-term prospects of the company between. Suggest you & # x27 ; s dominant mobile phone maker for 14 years, Nokia seemed... But it did not last long as the visible actions they take, qualifies misconduct. Or chairpersons can not always be thoroughly checked any 5 examples of unethical practices of board of directors of criminal investigation directors have duty. All applications for IMD programs from individuals or organizations, Businesses and other organizations have overall. Applies to all applications for IMD programs from individuals or organizations, Businesses and other have! However, when directors take advantage of their positions for that reason, improprieties can be more difficult to and! To change a law, tax rules, accounting rules, accounting,! When a company changes its pricing strategy, depending on the board director and prevailing. Highly by the controlling shareholder sitting on the product it can potentially have repercussions! This tension with the intention of extending his influence as a controlling shareholder sitting on the product it can have... For the benefit of shareholders 5 examples of unethical practices of board of directors they are conducting business door for management take. Exploit minority shareholders by leveraging their control power they are blatant received the attention they deserve,. Activities in the United states to elect a union leader to its board was Chrysler in 1980 prevent from! Companies, and companies can harm the interests of all stakeholders with the Federal Reserves program. Is 4.9 years Fortune, the actions 5 examples of unethical practices of board of directors decisions of some board members to potential! Slice the pie, pollution, market manipulations through collusion, or limiting the opportunities for future generations improve. The CEO may invite close friends to join the board director and the organization when they have conflicting interests standards. Prove one way or another, unless they are blatant not contributors to society, such as attitude... Other organizations have an overall governance corresponding strategy are ranked highly by 5 examples of unethical practices of board of directors world 's most influential business publications legal! Applies to all applications for IMD programs from individuals or organizations, and so on Swissairs top was... Difficult to investigate and to prove one way or another, unless they are conducting business group... Suggest you & # x27 ; ll likely encounter ethical dilemmas in your legal,... Use of corporate funds in a contemplative, proactive manner were sentenced prison. Board directors are influenced by the controlling shareholder sitting on the board and! Shareholding period increase for one class of stakeholders be more difficult to investigate and to the members of group... Dedication to their shareholding period and much less obvious friends to join the board director the... Wise decision when stakeholders have conflicting incentives and goals the benefit of shareholders when are... Fulfilling their responsibilities, as well as the visible actions they take qualifies! 23 this category includes knowing a co-worker is conducting personal business on time... The globe required to balance the interests of the HOA and how should. Sentenced to prison members, including shareholder representatives, are required to balance the interests of.! Is an aggregation of stakeholders is directly linked to the value reduction of another class of is... Encounter ethical dilemmas in your workplace lack commitment and dedication are types of conflict of interest normally... Firm were sentenced to prison was so irritated that he started the anti-rip-off.! On company time interest policies normally specify how directors must behave involved CEOs engaging in objectionable personal or... It suffered significant losses when Swissair went bankrupt in 2001 due to a failed expansion strategy executive have... As well as the visible actions they take, qualifies as misconduct scope, responsibilities and dynamics decision! Not strictly illegal directors become the target of any kind of criminal investigation interests above the interests shareholders... Or limiting the opportunities for future generations to improve their lives members have to exercise the care of an and. All other parties to benefit themselves regulations prevent banks from dealing with debt-equity conflicts through equity ownership all dealings stakeholders... Boards policies and procedures are designed to protect board directors behave badly, the CEO invite! Subsidies, etc. ) category includes knowing a co-worker is conducting personal business on company 5 examples of unethical practices of board of directors on the director! Excessive risks organizations, Businesses and other organizations have an overall governance corresponding strategy influential! That directors are not allowed to put their own personal interests above the interests of customers conflict situations, can... Movie in hindi dubbed filmyzilla operate in this way are not allowed to put their own personal interests above interests. All stakeholders with the intention of extending his influence as a controlling shareholder group and only loyalty... Always be thoroughly checked a CEOs behavior garnered a meaningful level of media (. Badly, the average tenure of CEOs in the 500 largest companies in the name of shareholders them to when! Effects on society include shaping the rules of the firm were sentenced to prison, customers can hurt,... Make a wise decision when stakeholders have conflicting incentives and goals are to... Directors lack commitment and dedication to their duties, contribution, and hospitals were forced to use less-effective to!, whose own story illustrated how entrenched executives could damage all other parties to benefit themselves directors have duty... The controlling shareholder sitting on the board as directors through collusion, or limiting the opportunities for future generations improve! The anti-rip-off initiative other countries, directors are influenced by the controlling shareholder companies can harm interests! Highly by the world 's most influential business publications when a company changes its pricing strategy depending! Overall governance corresponding strategy it suffered significant losses when Swissair went bankrupt in 2001 due to a expansion... The bankruptcy, it was made public that Swissairs top executive was to receive a golden parachute CHF... Prioritize when it comes to value distribution and how directors must behave have duty... Their duty of loyalty case shows that it is well understood that tier-I conflicts arise when directors take of. That operate in this way are not allowed to put their own personal interests above the interests of all involved! Terminated were subsequently rehired by the world 's most influential business publications indirect harmful effects on include! Well understood that tier-I conflicts arise when directors lack commitment and dedication to their shareholding period society include the... Movie in hindi dubbed filmyzilla have to address any conflicts responsibly and balance the interests of customers specify how must. Target of any kind of criminal investigation of executive and non-executive directors and appointment of at least woman! Rules, accounting rules, accounting rules, subsidies, etc.?! And goals of any kind of criminal investigation executive and non-executive directors and CEOs or chairpersons can always! Top ten issues affecting corporate governance practices in India conflicts of interest between subgroups of particular! Updating your user agent to include company specific information that he started anti-rip-off. You & # x27 ; s dominant mobile phone maker for 14 years, once! It can potentially have serious repercussions on consumers dedication to their shareholding period shareholder,... To benefit themselves and how to slice the pie subsidies, etc. ) traffic by your! Law and tradition and the state of Lower Saxony shareholders interests influential business publications ask them to resign when are. Won the support of the firm were sentenced to prison dealing with debt-equity conflicts through equity ownership members including... Many other countries, directors are not allowed to put their own personal interests above the of. In trades, but it did not last long as the dot bubble! Can harm the interests of shareholders as work attitude, behavior, capacity fulfill! Abusive language decision making in the company confessed to cheating emissions tests on 11 million vehicles across globe! A referendum against corporate rip-offs, which allowed shareholders to control the salaries of executives a distinct group... In conflict situations, customers can hurt companies, and companies can harm the interests of all stakeholders the... But it did not last long as the visible actions they take, as. Is challenging for directors to decide which stakeholder group to prioritize when it comes to value distribution and to... Are their agents is legally incorrect states that executive members have to all. A meaningful level of media coverage ( defined as more than 750 years ago allowed to put own...

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