"Achieving commercial success in ways that honour ethical values and respect people, communities, and the natural environment". "Overview of Corporate Social Responsibility", (Business Ethics Awards, pg.1)
According to Dempsey, corporate ethics are perspectives that assist a company instincts to look out for our own individual (organisation) welfare keeping in mind the obligation and morale of the society in which it operates and the development of ethical frameworks so that there is mutual interdependence of the individual (organisation) and the community such that organisation do not do good and be profit-motivated only for themselves but also that profits are generated by keeping a virtue on the external world.
In the case of Parmalat an Italian food company controlling 50% of the Italian market in milk and milk-derivative products has filed for bankruptcy protection under new fast-track administration rules unveiled by the government. The firm, which has revealed a multi-billion euro hole in its accounts, is being dubbed as "Europe's Enron".
The Parmalat affair has grown into one of Europe's biggest financial scandals discovering that papers detailing a $3.9bn euro bank account on the Cayman Islands were false. It was discovered that it's claimed liquidity of 4 billion euro did not exist, and that EU 8 million in bonds of investors' money had evaporated as well. The Italian company's accounts could have been concealing a black hole as big as 10bn euros, according to the reports. Suddenly, it was discovered that it's claimed a liquidity of 4 billion euro that did not exist, and that EU 8 million in bonds of investors' money had evaporated as well. In the article "The Story Behind Parmalat's Bankruptcy" (Claudio Celani, Jan 16 2004) the largest bond placers have been Bank of America, Citicorp, and J.P. Morgan. These banks, like their European and Italian partners, rated...