Corporate Social Responsibility (CSR) and Business Code of Ethics are a vital piece to operating a business. The code of ethics involves guidelines that aid employees when conducting business transaction with honor and integrity. Corporate social responsibility involves a company including concepts that concern cultural, social and environmental issues in their business transactions, operations and how they interact with stakeholders. If one were looking to review both concepts, one would simply read a company’s corporate mission and value statement. Lincoln Financial Group (LFG) is a company that proudly boasts their core values for review by shareholders and stakeholders alike. This paper will provide an in-depth review of both concepts
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With all of the agencies that LFG is required to report to, would it not be best to have stringent ethical and CSR guidelines for all to adhere to. Also, a company with such a magnitude of responsibility bear a responsibility to their employees and stakeholders alike. A company that has a public image must show concern for cultural, social and environmental issues surrounding their businesses.
Another important and vital piece for LFG is to illustrate how important and dedicated the company is to managing sustainability for the future. LFG governance council consistently evaluates environmental, social and cultural factors that may at one point impact their operations. Therefore, they took steps to create a Sustainability Management System (SMS) to assess and manage any impacts the company may have and steps are taken if any critical areas are identified (LFG, …show more content…
There is almost always employees that break the law, bend the rules or do not comply with company and industry guidelines. Therefore, LFG attempts to mitigate their risk by ensuring that all are educated in regard to the code of conduct and conflict of interest policies. LFG beliefs is that these policies are the core of establishing a sound ethical culture. Employees are required to review the policies on an annual basis by completing intranet courses and attending live seminars. Also, there is the requirement that all Registered Representatives must complete retraining, retesting and relicensing every 2 years with Regulatory Agencies. Lastly, LFG has support systems in place for employees to “do the right thing” (LFG, 2015), which simply means if an employee bears witness to any wrongdoing, there is a chain of protocol if an employee is not comfortable revealing what was witnessed to their direct supervisor or others in their chain of
With all of the agencies that LFG is required to report to, would it not be best to have stringent ethical and CSR guidelines for all to adhere to. Also, a company with such a magnitude of responsibility bear a responsibility to their employees and stakeholders alike. A company that has a public image must show concern for cultural, social and environmental issues surrounding their businesses.
Another important and vital piece for LFG is to illustrate how important and dedicated the company is to managing sustainability for the future. LFG governance council consistently evaluates environmental, social and cultural factors that may at one point impact their operations. Therefore, they took steps to create a Sustainability Management System (SMS) to assess and manage any impacts the company may have and steps are taken if any critical areas are identified (LFG, …show more content…
There is almost always employees that break the law, bend the rules or do not comply with company and industry guidelines. Therefore, LFG attempts to mitigate their risk by ensuring that all are educated in regard to the code of conduct and conflict of interest policies. LFG beliefs is that these policies are the core of establishing a sound ethical culture. Employees are required to review the policies on an annual basis by completing intranet courses and attending live seminars. Also, there is the requirement that all Registered Representatives must complete retraining, retesting and relicensing every 2 years with Regulatory Agencies. Lastly, LFG has support systems in place for employees to “do the right thing” (LFG, 2015), which simply means if an employee bears witness to any wrongdoing, there is a chain of protocol if an employee is not comfortable revealing what was witnessed to their direct supervisor or others in their chain of