Trust and ethics important for development

 

Benny Popoitai

Ethical conduct in business and in general society was highlighted at the 12TH annual Business Ethics Symposium at Divine Word University in Madang last Friday.

Vice Chancellor of the PNG University of Technology, Dr Albert Schram was the keynote presenter who spoke on the importance of ethical conduct by businesses and individuals and how universities shape ethical behavior in both areas.

Other speakers were Deputy Governor of the Bank of PNG, Benny Popoitai and Madang community organizer and founder of Youth-Link, Bryan Kramer.

The symposium themed “Ethics in the development of PNG through the power of positive vision” was hosted by Business Studies students. It is part of their academic work.

Dr Schram’s presentation covered three areas:

  • The role of trust and reputation in a market economy including corporate social responsibility (CSR) and business ethics;
  • Ethical consistency of organizations and individual moral integrity; and
  • How universities play a part in shaping both.

Dr Schram said “trust and ethics is important for development”.

He said companies or organizations must behave in an ethically consistent manner and individuals must build their reputation or brand on moral integrity.

Mr Popoitai said from the central bank’s role as the regulator of the financial system of the country, ethics is central in its vision statement and operations.

 “A set of values guide what we do: Integrity, transparency, efficiency, accountability, teamwork and professionalism,” Mr Popoitai explained.

Kramer said “sound ethics is good business” adding that “business will not prosper without it (ethics).”
Kramer also pointed out that “profit is not the sole purpose of business”.

But he said problems arise when profits become more important than ethics and gave several examples in the extractive industry in PNG.

Dr.Schram and Dr.Lindio