Ethics play a critical role in business bodies as they help in its efficient governing and operation in internal and external relations, in both domestic and international levels (Fredrick, 2007). An organization governed by a code of ethics and also by a ruler who is ethical has a better chance of growth and successful relations, compared to one that does not run on any set of ethics. Domestic ethics are those that are applied during interactions in the domestic levels, while international ethics are those applied when conducting relations with firms from different countries or communities, who may or may not have different ethical values. Wells Fargo & company is an American company that deals with International banking and financial services holding. It operates globally and it established an ethical code that governs its global relations. This code has a sole purpose of making sure that the members act in honesty and integrity, hence putting them in a better position of earning their client’s trust (Fredrick, 2007).
Domestic ethics
Diversity and inclusion.
Wells Fargo is a company that promotes diversity in all forms of their business and also through every level of their organization. The company believes that collaboration brings about better business ideas, based on the merging of different ideas. The purpose of this idea is to ensure that the company operates on a wide scope, by serving and conducting business with people from different communities (Wells Fargo, 2016). It also helps to create a working environment where everybody is free to express their talents, and communicate. It also helps everyone to have a n open mind when it comes to accepting new ideas from different points of views.
Leadership
The company has a policy where everybody is supposed to be leaders of themselves, their teams and also in their businesses. This means that every member is responsible for maintaining the company’s reputation, and to ensure that the company runs with honesty and integrity. Every member is supposed to comply with the rules and regulations, and also ensure that they are all implemented. Every member is also expected to be each other’s ethical role models and help each other out in solving ethical issues. Imposing pressure on other team members and third party service providers, especially on tasks that are not in their line of business is restricted, to ensure free expression from everybody.
Accountability.
Every member of the company is expected to comply with the ethical code and all the company’s policies and regulation (Wells Fargo, 2016). The code also ensures that that every member should be responsible of their decisions and actions. They are expected to manage the risks that go hand in hand with their roles at work. Upon making mistakes, the members are expected to accept their mistakes, and work on correcting them.
International ethics.
Trustworthiness.
The company works to maintain confidentiality of their clients’ information. The members of the administration, staff and third party service providers have access to this information, and it is upon them to ensure its confidentiality at all costs. They are not allowed to disclose this information, at the risk of other people overhearing it, and also not supposed to use it for their personal gain, but only for the company’s legitimate purposes.
The members are also expected to protect and use the company’s assets wisely. Company assets include both physical and intellectual property. The expectation of the members is to utilize the resources in a responsible way, and not use them in any personal business that may in any way jeopardize the company’s security. On intellectual assets, information learnt while working for the company can only be disclosed among the members, and cannot be used for personal gain.
Transparency.
The company works to maintain accurate and complete records. The members are expected to all be responsible for being accurate on both value and time, when it comes to the recording of both financial and non-financial records. The company is also free with the disclosure of public reports to commissions and regulatory authorities, stakeholders, and also members of the public with interest (Wells Fargo, 2016). The members are expected to follow proper legal and accounting requirements, and the rules of the company. They are expected to properly label and classify information, and not at any cost are they allowed to alter any records or agreements unless under proper authorization or consent. They are warned from signing any blank or incomplete documents, or asking any client to do so, and upon encountering any mistakes, they are to inform the subsidiary manager.
Upon sharing information with the public, mostly the social media, their goal is to be as open and candid as possible with them, not forgetting their goal of maintaining confidentiality. They are expected to direct external enquiries to proper bodies, and be weary of situations where people would think they are talking on behalf of the company.
Legal responsibility.
Wells Fargo are dedicated in honoring their legal obligations. The company does not tolerate bribery and corruption, and work to stick to the company’s values. To achieve this, the members are encouraged to keep all records of the transactions, to prove their honesty in work. They are also supposed to stick to the anti-bribery and corruption policy when selecting third party service providers, and do it fairly.
They also have strong trading restrictions which include insider trading and other trading restriction. This basically involves selling of securities to outsiders, or tipping them with material, non-public information. This policy works to ensure the security of the company and its associates and clients.
The company works to ensure safe global trade, by confirming that the transfer of information and software from one country to another, abides to the laws of both the countries involved (Wells Fargo, 2016). They follow an anti-boycott policy and ensure that they are up-to-date with the stated global sanctions. The company also has an anti-money laundering policy, where they help in curbing it by following all legal rules and regulations.
Upon violation of the code, the members are subject to correctional action which may involve termination from work or even legal proceedings that may resolve to prosecution.
- Fredrick, R. (2007). A Companion to Business Ethics. Chichester: John Wiley & Sons,233-243,399-409.
- Wells Fargo. (2016). Our Code of Ethics & Business Conduct Living Our Vision & Values. Retrieved on 2/14/17 from: https://www08.wellsfargomedia.com/assets/pdf/about/corporate/code-of-ethics.pdf
