ETHICS AND GOVERNANCE

Ethics and Governance

Abstract

BP has taught us in a painful manner that there are financial risks that accompany poor decisions in any company and at any level. The story of the Deepwater Horizon explosion is a tragic one, made more vividly tragic because the root cause goes back to the same thing we find for any company that experiences problems: "What were they thinking?" In BP's case with this oil spill, the answer is the same as it has been for the failed Wall Street firms, the failed companies of the dotcom era, and the defunct subprime mortgage lenders. They were not really thinking about the long term and risk as carefully as they should have. They were focused on fast and uninterrupted results, with no setbacks. That strategy is risky. Numbers should be placed in perspective with ongoing evaluation of this question: "How are we achieving these results and what decisions are employees making to stay there?" Whether in drilling at oil companies or reporting numbers for financial reports, that answer is critical if a company really wants to understand where it is in reality and the risks it faces.

Table of Contents

Abstractii

Task 11

Case Study: BP Texas Refinery1

Task 22

Decisions on the BP (Texas City)2

Decision Ranking3

Task 33

Culprits4

BP's Culprits and Victims Utterances4

Business Ethics Standards5

Task 46

Exterior restraint on BP Texas City6

References8

Ethics and Governance

Task 1

We have a set of ideologies, values we have been discovering for a number years, we try to systematize our live after this structure, and then examine to request that border of brain to functional positions in our lives. But often we find us in a kind of inapt place because the moment we check to request our standards to this very functional inquiry in brain, we appear to the position which is not as obvious as we would want it to be, we cannot state apparently that the best likely substitute. Often, there is an alternative between good and awful answers, high-quality and bad, but perhaps good things are awful things (Lawerence, 2002, pp: 80).

You have more or less the identical scheme to transact with difficulties in government. Well, you get the position and then trial to make decision about them. You have some ideas or suppositions about what is imitating the indications. The second is founded on the notion of rights, there are certain rudimentary human privileges should be appreciated. It is not permitted to bend individual privileges in alignment to make the good in their civilization. The third is founded on the notion of fairness or equality (Goldenberg, 2010, pp: 90).

The fourth set about is founded on significant ethical assets. The inquiry is not what I manage, but what kind of humanity I would like in the expectations. How my activities will assist to that future? And then you have the widespread good, the notion that they are managing things that are identically healthy every individual in your society (Suzzane, 2010, pp: 10).

Case Study: BP Texas Refinery

A recent accident at the BP Texas refinery provides us with ...