Answering Questions On Ethics In Marks And Spencer Accounting Essay
|✅ Paper Type: Free Essay||✅ Subject: Accounting|
|✅ Wordcount: 1963 words||✅ Published: 1st Jan 2015|
Marks & Spencer is one of the UKs leading retailers, with over 21 million people visiting their stores each week. M&S offer stylish, high quality, great value clothing and home products, as well as outstanding quality foods, responsibly sourced from around 2,000 suppliers globally. M&S employ over 75,000 people in the UK and abroad, and have over 600 UK stores, plus an expanding international business. M&S is the number one provider of womens wear and lingerie in the UK, and are rapidly growing our market share in menswear, kids wear and home, due in part to our growing online business. Overall, our clothing and home ware sales account for 49% of our business. The other 51% of our business is in food, where we sell everything from fresh produce and groceries, to partly-prepared meals and ready meals.
1.1 Marks & Spencer’s Code of Ethics
Marks & Spencer is committed to Quality, Value, Service, Innovation and Trust. Trust is earned from others as a result of commitment to long held values and the ethical manner in which M&S behave that underpins t. Having trust is a very important part of what makes Marks & Spencer a special company and M&S all have a responsibility to protect this heritage
‘ Complying with the law in the UK and all others countries in which M &S operate.
‘ Following company policies and procedures.
‘ Acting in a professional manner with honesty and integrity at all times.
‘ If in doubt’doing the right thing!
Detailed policies on specific issues are maintained by the relevant area of the Company. This Code of Ethics describes the behaviours that Marks & Spencer expects by stakeholders.
The Code of Ethics applies to everyone working for M&S .code of ethics will apply each company which are you are located in the world. In other words Code of Ethics will apply all the stakeholders of Marks & Spencer .As follows
M&S code of ethics will apply to its all customers. M&S values the loyalty and confidence of our customers above all else. M&S offer the highest possible standards of Quality, Value, Service, Innovation and Trust.
There are separate code of ethics will apply to the Colleagues of M &S. It includes the committed to an active Equal Opportunities Policy, from recruitment and selection, through training and development, appraisal and promotion, right up to retirement etc.
M&S is owned by the individuals and organisations that invest in our shares. M&S code of ethics will apply to its all shareholders. M&S focused on building a sustainable business for the long term, generating shareholder value through consistent, profitable growth.
M&S sources products from around the world, respecting third party rights and design integrity. There are unique code of ethics procedure apply to suppliers of M&S to provide customers with the best quality products at competitive prices.
The natural environment provides all the raw materials need to operate M&S business. M&S is committed to the principle of sustainable development which underpins their eco plan which in line with code of ethics
There are different roles expected from managers and employees. Managers have more power than employs as well as more responsibilities than employees. All M&S employees are required to comply with the Code of Ethics and the policies including managers.
‘ Managers (level E and above) have additional responsibilities under the Code:
‘ Ensure the Code is understood by those they manage;
‘ Provide advice and guidance on interpreting the Code;
‘ Uphold and promote the requirements of the Code;
‘ Individually sign their acceptance of the Code each year.
Managers expected to behave differently from Employees because they have more responsibilities and power than employees. If any employee do wrong thing with knowledge should not their managers must take action agency it and do not remain silent. Managers must take action to all matters of malpractice, improper action or wrongdoing in very seriously and managers has to strongly encouraged to raise incidents or behaviours that are not in accordance with the Code of Ethics, or the policies
M&S Code of Ethics outlines the behaviours that upholds as a Company and M&S conduct business with the highest standards of honesty and integrity. M&S has different different standard of business conduct expected from each group. As example employees, suppliers etc.
Suppliers : M&S work in partnership with all suppliers to ensure that they comply at all times with the high standards and commitments set out in our Global Sourcing Principles, in addition to requiring all suppliers to work towards achieving the adoption of the recognised international standards contained in the Ethical Trading Initiative (ETI) Base Code, as set out in the M&S Global Supplier Workbook.
Employees standard of business conduct expected by customers from M&S will be highest possible standards of Quality, Value, Service, Innovation and Trust. M&S will always try to make sure their labelling, advertising and other forms of Communication are clear, honest and accurate and M&S always work to respect cultural and ethical beliefs.
Failure to comply with the Code and its policies and procedures will result in disciplinary procedures being applied that may result in dismissal from the Company. In instances of fraud, where financial loss has been incurred, individuals will be prosecuted and the Company will seek to recover losses.
Consequences of Failure to Comply
1.If a director or employee violates this Code, fails to properly report a violation of this Code or intentionally submits a false report, he/she will be subject to discipline. In the event of a violation of any law, rule or regulation, the violation may be reported to the appropriate law enforcement authorities. The discipline imposed will vary depending on the nature, severity, and frequency of the violation as well as the status of the person involved. Discipline will be imposed for violations of this Code, failure to report violations and withholding relevant and material information concerning violations. Directors and employees will be informed of the charges against them and will be given the opportunity to explain their actions before any disciplinary action is imposed.
2. Varying levels of disciplinary action may be imposed, including:
(a) Verbal Warning
(b) Written Warning
(c) Written Reprimand
(f) Termination or Reminders
3. Offenders may also be subject to criminal prosecution and civil liability, including compensating the Company or other injured parties for their loss.
4. No employee may be retaliated against for reporting in good faith to the Company, in accordance with this Code, any suspected misconduct or violation of this Code. Any employee who believes he or she has been retaliated against, or threatened with retaliation, should inform the Director of Human Resources, the Compliance Officer or a representative of the Board immediately. Employees or directors who violate this non-retaliation policy will be subject to discipline. Individuals are expected to act responsibly and ethically in reporting under this Code. Employees and directors must not use this Code or any of its procedures in bad faith or in a false or frivolous manner.
A code of ethics is a set of guidelines that are applied when conducting business. It often includes the correct way to deal with customers. It is used to address everything from conflicts of interest to standards of professional conduct.
Purpose of code of ethics is Businesses develop a code of ethics to build a moral and ethical workplace and to help guide employees when conducting day-to-day business. . It also tells others what the organization stands for and what to expect when doing business with it
A whistle blowing is the process which raises a concern about wrongdoing occurring in an organization or body of people. whistle blowing revealed misconduct may be classified in many ways; for example, a violation of a law, rule, regulation and/or a direct threat to public interest, such as fraud, health/safety violations, and corruption.
Purpose of Whistle blowing Guide is provide better understating about the organizational process of Whistle blowing and make reminder to all employees there will be some one unknowingly concern about wrongdoing occurring in an organization as well as reduce the wrong doing such as violation of a law, rule, regulation and/or a direct threat to public interest, such as fraud, health/safety violations, and corruption
Bribery, Gifts and Entertainment
Ethical issue involved is taking Bribery, Gifts and Entertainment. It is unethical. Bribery, a form of corruption, it is an act implying money or gift given that alters the behavior of the recipient. Bribery constitutes a crime. According to The UK Bribery Act received Royal Assent in April 2010 and bribery can be as follows
Making a bribe,
‘ Accepting a bribe
‘ Bribing a Foreign Public Official
‘ Failing to prevent bribery at a corporate level
M&S code of ethics is not allow its employees to give or accept improper payments, or gifts in order to conduct business anywhere in the world As well as Do not allow suppliers to pay travel or accommodation expenses. Any employee should not get involved in any business transactions that could result in personal benefit. You should not use their position as an M&S employee to get discounts from contractors/suppliers unless they are corporate agreed discounts notified and made available to all employees, or do personal business, unless expressly authorised by management.
Why is it relevant in business?
The major impact for business is that noncompliance with rules and regulation of the country as well as company code of ethics. Taking Bribery, Gifts and Entertainment is criminal offence. in other words Failure to prevent bribery by taking adequate measures is a criminal offence, which in effect makes company directors liable for the actions of their employees if they do not introduce sufficient controls any organization should have responsibility to prevent taking bribery, gift and entertainment through the introduction of ‘adequate measures’. The UK government had introduced new rules to cover Bribery,
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The new offences cover the ‘briber’ and the ‘bribed’ as well as taking Gifts and Entertainment The Act also introduces a new offence of failing to prevent such bribery taking place. relevance of this kind of unethical practices to the business is The sentence can be up to ten years imprisonment for an individual and/or an unlimited fine. Senior management could be deemed to be personally liable if the corporate body commits an offence where the ‘senior officer’ was a participant in the offence (1-3 below) or knew of the offence. Businesses can face an unlimited fine
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