Corporate Governance and Ethics
You and your colleague have recently been appointed as to the office of Chief Financial Officer (CFO) of a privately-held multinational technology company positioning itself for a public offering; the Chief Executive Officer (CEO) of that company is considered an entrepreneurial genius. You have shared responsibility for the office. Ultimately, one of you will be appointed CFO and the other will be appointed as deputy. For the past twelve months, the company has experienced increasing growth and profitability along with a growing cash position. The plan is for the company to undertake an initial public offering in twelve months. To that end, the Board of Directors determined that the company should conduct itself as if it were a public company, including requiring as required The Sarbanes-Oxley Art of zoo51 the CEO and the CFO to issue a statement certifying that if the accompanying financial statements and disclosures fairly present, in all material respects, the operations and financial condition of the company; and if the company has been operating in a socially responsible and ethical manner. The CEO had been signing such statements each quarter and presenting such statements to the Board of Directors and its Preferred Shareholders (outside investors). Given your recent appointments, the CEO had been performing such responsibilities), you will each need to sign the upcoming certification statement with, thirty (3o) days following the end of upcoming quarter. In essence, you will need to sign the statement within ninety (9o) days from the date on which you joined the company. In the course of getting acclimated to your new position you discover:
Your company states on its website that it complies voluntarily with the US - EU Safe Harbor Framework for purposes of being able to transfer personal information of EL citizens to the United States of America.
Your company has failed to re-certify that it complies voluntarily with the US - EU Safe Harbor Framework, which was due six months earlier.
Conclusion, The company certification lapsed; you can re-activate your certification, but you cannot "fix" the lapse in time.
The fundamental question: Based upon the information, do you sign the certification or refuse to sign the certification. You must make a decision.
Explain zit a concisely written manner your decision as well as such decisions relationship to Corporate Social Responsibility. Also, identify the following,
- Applicable Facts and Alternative Courses of Action
- Stakeholders and Stakeholder Perspectives
- The Ethical Dilemma and Evaluate Using an Ethical System from the textbook.