Today, the topics of corporate social responsibility, corporate citizenship and business ethics stand directly at the center of business attention and discussion. In order to remain in compliance and conduct business in a responsible, ethical and responsible manner, significant planning on management's part is needed to lay out the foundation and goals the company will pursue.
Tyco believes that good authority requires not only an effective set of specific practices but also a culture of responsibility throughout the firm, and governance at Tyco is intended to optimize both (Tyco, 2004). Tyco also believes that good governance ultimately depends on the quality of its leadership, and it is committed to recruiting and retaining directors and officers with proven leadership and personal integrity. Tyco's guide to ethical conduct goes on to say that, "Tyco's commitment to the highest standards of integrity begins with making sure that everyone across the organization understands the company's core values of integrity, excellence, teamwork and accountability."(Doing
the right thing, 2003)Social ResponsibilityIt is important that organizations do not take social responsibility lightly with today's changing market conditions. Tyco's current strategy and leadership decisions have help the company regain acceptance among the public, while minimizing the negative ones. In 2002, Former CEO Dennis Kozlowski and Mark Swartz were accused of giving themselves more than $150 million in illegal bonuses and forgiving loans to themselves, and manipulating the company's stock price (Mc coy, n.d).
StrategicThe company has had a rough couple of years since, in a letter written for Tyco's 2003 Annual Report, Tyco's new CEO Ed Breen wrote, "With our attention now squarely on 2004, the immediate challenge for our team is to continue to improve... Our strategic plan, which we began, implementing in 2003, is to grow Tyco organically by increasing business volume, gaining market share and improving...