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Jul 25th, 2011 ? Posted in: News

U.S. pharmaceutical firm sets up new compliance committee after series of problems; business schools in India may focus more of curriculum on ethics; EU wants to limit risks associated with reckless lending

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Last week?s business news from around the world included multiple stories touching on ethics. Among the pieces:

• Johnson & Johnson?s board of directors last week voted to set up a new regulatory and compliance committee in an attempt to stem various ethics problems that confronted the pharmaceutical firm, according to a report from the Wall Street Journal. Johnson & Johnson had come under fire for allegations that it paid bribes to European doctors and for various quality-control issues, reports the Journal. In related news, the firm released results of an internal investigation of recent product recalls, blaming quality issues on staff cuts, breakdowns in communication, and poor performance by middle management, according to a report carried by the Philadelphia Inquirer.

• Business schools in India will revamp curricula nationwide, including bolstering education in ethics, reports the Times of India. The move mirrors the changing philosophy at Harvard Business School in the United States, where professors plan to move away from the case-study approach and focus more sharply on ethics and teamwork, according to the report.

• Tough new regulations designed to limit reckless lending have been proposed in an EU reform package, reports London?s Daily Telegraph. Michel Barneir, internal markets commissioner of the EU, said the new rules, which also would give the EU sweeping powers to intervene in banking and commerce, will help avoid a repeat of the 2008 financial meltdown. ?The financial crisis has hit European families and businesses hard. We cannot let such a crisis occur again and we cannot allow the actions of a few in the financial world to jeopardize our prosperity,? Barneir said, according to the Telegraph report.

Sources: Times of India, July 23 ? Wall Street Journal, July 22 ? Philadelphia Inquirer, July 22 ? Telegraph, July 20.

For more information, see: Related Newsline story, May 31 ? Related Newsline story, May 2 ? Related Newsline story, Feb. 7 ? Related Newsline story, Nov. 22, 2010 ? Related Newsline story, Sep. 27, 2010.

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Source: http://www.globalethics.org/newsline/2011/07/25/business-ethics-26/

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