Increasingly through the 1990s, tobacco control advocates questioned the practice of public institutions investing in tobacco company stocks. The questioning was framed in at least three ways. First, is it ethical to fund public expenditures with profits from a product that causes addiction and disease? Second, is it sound social policy to derive public income from a product that increases healthcare costs and reduces worker productivity? Finally, is it sound fiscal policy to invest in an historically profitable industry facing multiplying (...) legal and regulatory challenges? While the tobacco industry preferred to restrict discussion to the fiscal question, and offered an affirmative answer, its position was weakened by depressed stock prices brought on by actions of the industry as much as by tobacco control activism. As part of a campaign to restore its credibility as an investment vehicle with public fund managers, Philip Morris (PM) commissioned a report from the influential investment managers/advisors Wilshire Associates. However, Wilshire had only recently conducted such a study for the Washington State Investment Board (WSIB), assuring the board that the value tobacco stocks added to an investment portfolio – if any – was too small to be measured. Nonetheless, within a year, Wilshire produced a report for PM which appeared to laud the investment value of tobacco and to dismiss tobacco-excluded investment alternatives. This paper examines how Wilshire produced apparently diametrically opposed reports for clients with different interests. It reveals a pattern of potential conflicts of interest among tobacco companies, financial analysis firms, investment authorities, and institutional fund managers. It demonstrates substantial violations of two generally accepted ethical principles of business consulting: veracity and transparency. (shrink)

The academic literature on management consulting raises many questions about the ethics of management consulting. The uncertain, emergent, and often socially constructed nature of management consultancy knowledge limits the scope both for regulating the industry in the manner of the established professions, and for evaluating management consultants’ work objectively. The character of management consultants is therefore a central issue in how far clients and other stakeholders can trust them. This paper considers three questions, using Aristotle’sNicomachean Ethicsas a guide. These are, (...) first, ‘What is the function of a management consultant?’, second, ‘How should a management consultant act in order to be a good management consultant?’, and third, ‘Where does the boundary lie between the ethical responsibilities of the management consultant and those of the client and other stakeholders?’ Aristotelian virtue ethics are valuable in answering these questions. Their focus on character is well suited to the distinct ethical problems of management consulting. Aristotle’s overarching concern with human flourishing, and an ethically balanced approach towards benefiting from the good things to which a virtuous person may aspire, has more promise as an influence on consultants’ behaviour than the lists of prohibitions that typify codes of ethical practice in the industry. Aristotle’s call for leaders to habituate their people to ethical behaviour should be heard by the leaders of management consultancy firms. In accordance with Aristotle’s philosophy, this paper proposes a positive target at which management consultants can aim in shooting for ethical practice. (shrink)

In this paper I ask whether mathematicians should swear an oath similar to the Hippocratic oath sworn by some medical professionals as a means to foster morally praiseworthy engagement with the ethical dimensions of mathematics. I individuate four dimensions in which mathematics is ethically charged: (1) applying mathematical knowledge to the world can cause harm, (2) participation of mathematicians in morally contentious practices is an ethical issue, (3) mathematics as a social activity faces relevant ethical concerns, (4) mathematical knowledge itself (...) may be ethically charged. I present a conceptual framework for oaths and discuss some empirical results on the effectiveness of oath-taking to foster morally praiseworthy behaviour. My findings suggest that enforcing oath-taking practices in mathematics is not currently a suitable means to foster ethically praiseworthy behaviour amongst mathematicians. Oaths can, however, provide needed edifying narratives about how to act ethically when acting as a mathematician. (shrink)

By creating new ventures and new job opportunities venture capital is essential to a dynamic economy. But it should also be fair and ethical at every stage. Professor Fassin explores the various ethical issues which arise between venture capitalists, entrepreneurs and investors. He teaches at the University of Mons and has written widely on management. From 1988‐1991 he was Secretary General of the European Venture Capital Association. He is partner of the Veerick School of Management of the University of Ghent.

The global financial crisis has led to a surprising interest in professional oaths in business. Examples are the MBA Oath, the Economist’s Oath and the Dutch Banker’s Oath, which senior executives in the financial services industry in the Netherlands have been obliged to swear since 2010. This paper is among the first to consider oaths from the perspective of business ethics. A framework is presented for analysing oaths in terms of their form, their content and the specific contribution they make (...) to business ethics management: oaths may foster professionalism, facilitate moral deliberation and enhance compliance. This framework is used to analyse and evaluate the MBA Oath, the Economist’s Oath and the Banker’s Oath as well as various other similar initiatives. (shrink)