Prem Sikka’s indictment of Tesco, Asda, Morrisons, Safeway and Sainsbury’s as a cartel operating to fix prices of basic foodstufsf is the sharpest critique I’ve seen of the UK’s enterprise culture:
Increasing profits through tax avoidance, pension mis-selling, dilution of workers’ pension rights or through cartels has become part of an “enterprise” culture that persuades many to believe that bending the rules for personal gain is a sign of business acumen. Stealing a march on a competitor, at almost any price, to gain financial advantage is considered to be an entrepreneurial skill, especially where competitive pressures link promotion, status, profits, market shares and niches with meeting business targets…
The vicious enterprise culture is rarely constrained by any notion of ethics and morality.
Such words usually stir a feeding frenzy on the part of politically right wing leaning people but on this occasion, I am surprised to see that while Prem’s position attracts criticism, there is near mute silence from those who support the enterprise culture to which Prem refers.
Are we at a point where the unfettered excesses of some corporate executives has created enough public disgust that will turn into punitive legislation? I doubt it. As one commenter said:
Hold your hand up if this article will stop you shopping in one of these supermarkets. See?
But I can see a time when audit responsibilities extend beyond the fiscal substance and include the auditing of social responsibility.
That’s why I will be talking to Mark Crofton next week about SAPs GRC initiative. Mark is an Irregular colleague who told me that GRC is going ‘gangbusters.’ I want to know what is driving companies to buy software that purports to help them with their governance, risk and compliance issues. I want to know the areas where they’re concentrating spend. Above all, I want to know whether it is a sham, a gloss to pacify regulators or whether it is a genuine attempt by companies to clean up their act.
Technorati Tags: ethics, governance, GRC, risk, SAP
