Different groups of stakeholders are interested in the information presented by businesses in their financial reports. Their information needs vary and it is important that the managers of the company who are acting on behalf of stakeholders perform their responsibilities ethically and ensure that they manage stakeholders relationship based upon integrity. The purpose of business ethics is to ensure that managers abide by the code of conduct which in a way enhances stakeholders trust and confidence in the business.
This also implies that the company undertakes necessary steps to address issues related to different groups of stakeholders and also make sufficient disclosure in the financial report. Fairness in dealing with issues pertaining to each group is required which suggests that the balance between interests of different stakeholders should be maintained and no single group should be given more importance. Upon examination of the annual report of Woolworth Holdings Limited it could be suggested that the company has set out its code of conduct clearly to ensure that its relationships with stakeholders are well managed (WHL 2009).
Users of financial information are particularly interested in the information disclosed by companies related to the management of their relationship with different stakeholders. The stakeholders of Woolworth Holding Ltd. could be identified as suppliers, government, media and the public (WHL 2006). Ethical considerations concerning these stakeholders may include management of suppliers contracts, the extent of compliance to regulatory standards and policies, the quality of information provided to media and the overall corporate social responsibility of the business to the environment in which it operates. Woolworth has clearly set out in its annual report that it aims to act responsibly to its different stakeholders and it has made sufficient disclosure in its financial report and supporting documents on corporate governance and CSR.
This also implies that the company undertakes necessary steps to address issues related to different groups of stakeholders and also make sufficient disclosure in the financial report. Fairness in dealing with issues pertaining to each group is required which suggests that the balance between interests of different stakeholders should be maintained and no single group should be given more importance. Upon examination of the annual report of Woolworth Holdings Limited it could be suggested that the company has set out its code of conduct clearly to ensure that its relationships with stakeholders are well managed (WHL 2009).
Users of financial information are particularly interested in the information disclosed by companies related to the management of their relationship with different stakeholders. The stakeholders of Woolworth Holding Ltd. could be identified as suppliers, government, media and the public (WHL 2006). Ethical considerations concerning these stakeholders may include management of suppliers contracts, the extent of compliance to regulatory standards and policies, the quality of information provided to media and the overall corporate social responsibility of the business to the environment in which it operates. Woolworth has clearly set out in its annual report that it aims to act responsibly to its different stakeholders and it has made sufficient disclosure in its financial report and supporting documents on corporate governance and CSR.
No comments:
Post a Comment