Several companies have in the past, genuinely tried to display virtuous business practices. A number of them in the 1980s for instance such as JC Penney, AT & T, GE, Hallmark, Sears and P & G tried to distribute corporate profits among their employees, thereby reducing inequality in society. They established stock ownership, corporate training programmes, job security and even pensions. Most of these practices disappeared by the turn of this century, replaced instead by environmental practices and transparency initiatives. But these too are likely to get dismantled sooner rather than later. Some exceptions to this general rule apply. The John Lewis Partnership, Lincoln Electric, WL Gore & Associates and the American Cast Iron Pipe Company are examples of virtuous companies. Unlike others, they have managed the succession planning better, thus avoiding discarding the very practices that made them famous. Such companies have a virtuous business philosophy, emanating from its very corporate strategy. Their governance structure is also varied, with greater amounts of enlightenment in them. And finally, the ownership means are unique, with more ethical entities in the pie.


Uploaded Date:14 August 2019

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