Legal and Ethical Environment - Free Essay Example

Sample details Pages: 4 Words: 1231 Downloads: 7 Date added: 2017/06/26 Category Law Essay Type Review Did you like this example? Archer Daniels Midland Company Price-Fixing Legal and Ethical Environment of Management Decisions Table of Contents Company Background Corporate Culture Structure Facts in the Case Legal Concerns Aftermath Conclusion Bibliography Company Background is one of the largest agribusiness company not only in the United States but also in the whole world. Archer Daniels Midland Company firstly was founded as Archer-Daniels Linseed Company in 1902 by George A. Archer and John W. Daniels, and later on was formed into the Archer-Daniels-Midland Company after it was acquired by Midland Linseed Products Company in 1923 (History). ADM Co. was not significant before infamous Dwayne Andreas appointed as the chairman and CEO for the company in 1970. Dwayne Andreas spread ADM to oversees to new international markets which gave ADM opportunity to expanded their product portfolio and reduce their costs. Aggressive growth strategy favored ADM by increasing its sales to a high record from $320 million to $13.3 billion as well as increased ADM market value from $78 million to $11.8 billion (Staff, 1996). In 1995, ADM Co. accused of price-fixing over lysine and sentenced to pay a $100 million which changed the company history dramatically. Today AD M is still doing operations on agribusiness: milling, processing, specialty feed ingredients, specialty food ingredients, cocoa, nutrition and more in worldwide 256 locations (History). Don’t waste time! Our writers will create an original "Legal and Ethical Environment" essay for you Create order Corporate Culture Structure With Dwayne Andreas becoming the chairman and CEO, ADMà ¢Ã¢â€š ¬Ã¢â€ž ¢s revenues and profits rocketed sky which made investors and shareholder extremely happy and satisfied. Shareholders believed in Mr. Andreas blindly and never bother to questions his actions. Mr. Andreas had an immense power and control over the board of directors and shareholders. In one of the board meeting, Mr. Andreas even exploded over shareholders to enforce his dominance to run ADM by his rules. Mr. Andreas behaviors show that ADM was ruled under theocratic hegemony system where he sees himself as the God of the company and rule in every division. Moreover, Dwayne Andreas build a system in the company that he had high secrecy of his deals, disclosed and shared limited information with ADM investors. Additionally, there was a majority presence of Andreas family in ADM board of directors which explains why ADM board members were ineffective to question Mr. Andreas. On the other hand, it was not easy for fa mily members to earn their places in the management. Dwayne Andreas pushed his son Michael Andreas to his limits and basically Mike Andreas had to work his way up to the top. Lastly, Dwayne Andreas had many politically powerful friends such as Mikhail Gorbachev (the seventh and last undisputed leader of the Soviet Union) and Bob Dole (Kansas State Senator from 1969 to 1995) which gave him reference, reputation and confidence to his international expansion campaign. Facts in the Case On October 15, ADM pleaded guilty over price-fixing charges and agreed to pay $100 million. Moreover, ADM agreed to help government to build a case against specific ADM executives such as Dwayne Andreasà ¢Ã¢â€š ¬Ã¢â€ž ¢ son Michael D. Andreas. Mark Whitacre, ADM executive, helped government by taping executive-room conversations specifically price-fixing related conversations to provide evidence for the lawsuit. Mr. Whitacre was a key player in this case and helped government to file the biggest international cartel case for the history. Ironically, ADM fired Mr. Whitacre on August 1995; accused of peculating ADM funds over $9 million while gathering price-fixing information for the government (Staff, 1996). ADM and four other Asian organizations, two from Japan and two from South Korea, accepted the charges for price-fixing. Scott R. Lassar, a highly reputable attorney from Chicago, was appointed as the U.S. attorney to prosecute Terrance S. Wilson, former vice president, a nd Dwayne Andreas. On the other hand, Mr. Wilson and Mr. Andreas were represented by two famous white collar lawyers. Mr. Lassar was successfully enforced some Asian executives to testify against Mr. Wilson and Mr. Andreas as well as he convinced Barrie R. Cox, president of ADM food-additives division, to give testimony about Mr. Wilsonà ¢Ã¢â€š ¬Ã¢â€ž ¢s price-fixing actions for citric acid, a commodity other than lysine. Legal Concerns Section 1 of the Sherman Act: à ¢Ã¢â€š ¬Ã…“[e]very contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegalà ¢Ã¢â€š ¬Ã‚  (Bagley Savage, 2010, p. 644). ADM and four other Asian companies violated Sherman Act Section 1 directly by forming a trust and enforce lysine prices to increase and gain unjustified benefits by dominating the market. ADMà ¢Ã¢â€š ¬Ã¢â€ž ¢s lysine price-fixing is an example of a à ¢Ã¢â€š ¬Ã…“horizontal price-fixingà ¢Ã¢â€š ¬Ã‚  which different retailers form a pact and manipulate a productà ¢Ã¢â€š ¬Ã¢â€ž ¢s price (Bagley Savage, 2010, p. 649). Aftermath ADM had to pay $70 million fine for lysine and $30 million for citric acid price-fixing penalty, totaled $100 million in 1996. This was recorded as the largest antitrust fine in this U.S. history that should signal organization as a good lesson. Additionally, Coca-Cola Co., PepsiCo Inc. and other ADM customers filed lawsuits separately and they won in 2004 which made Archer Daniels Midland Co. penalized to pay another $400 million in total (Manor, 2004). Internally, ADM board of directors approved new governance policies after Dwayne Andreas accepted the price-fixing. Moreover, activist shareholders were not happy with their board of directors at that time and reduced member number from 17 to 12 and discharged board members who were also in management. Later on, Mr. Andreas left his executive VP position, but surprisingly still worked as a consultant for the company. Interestingly, in 1995, U.S. Justice Department revised its International Guidelines for antitrust laws. With the renewed guidelines, U.S. had enforced its antitrust laws to reach extraterritorial regions. Conclusion There are two side of this case. On one hand, there are organizations have responsibilities to their owners and shareholders and also to stakeholders. Profit companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ common goal is to provide cash in return of investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ money, and that makes greedy executives to go wild and aim illegal actions. Ideally, shareholders elect board of directors to prevent executivesà ¢Ã¢â€š ¬Ã¢â€ž ¢ such actions to break the law. However, it is observed in ADM case that an executive, who provides stable cash return, can take over control and have power over board of directors and even over shareholders. Who has the blame here? On the other hand, government has a responsibility to prevent illegal actions. Unfortunately, history proves that the law is not perfect and it has to be revised and renewed constantly. Right now, U.S. justice department have multiple sections in its antitrust law. Sherman Act section 1 is against on trusts have more than one companies an d can be done horizontal price-fixing or vertical price-fixing, section 2 prevents monopolies to have market power and price dominancy, and so on. In short, these antitrust laws are in place; however, just the law itself is not enough to spot these price-fixing operations. Unfortunately, the system requires an informant or a whistleblower to alert the government officials or even to collect the evidence internally to have enough proof to prosecute the responsible people. Bibliography Bagley, C. E., Savage, D. W. (2010). Managers and the Legal Environment (6 ed.). Mason, OH: South-Western Cengage Learning. History. (n.d.). Retrieved May 6, 2014, from Archer Daniels Midland Company: https://www.adm.com/en-US/company/history/Pages/default.aspx Kilman, S. (1998, February 9). In Archer-Daniels Saga, Now the Executives Face Trial. Wall Street Journal. Manor, R. (2004, June 19). ADM settles price-fixing charges for $400 million. Retrieved May 6, 2014, from chicagotribune.com: https://articles.chicagotribune.com/2004-06-19/business/0406190182_1_lysine-and-citric-acid-mark-whitacre-corn-syrup Staff. (1996, November 18). It Isnt Dwaynes World Anymore. Business Week, 82-83. 1 | Page

Racism and Desmond Mpilo Tutu - 1077 Words

Desmond Tutu says â€Å"I am not interested in picking up crumbs of compassion thrown from the table of someone who considers himself my master. I want the full menu of rights.† Desmond Mpilo Tutu is an honorable man who became increasingly frustrated with the racism corrupting all aspects of South Africa. Through this quote, he incorporates the message of freedom and how humanity doesn’t serve others because of their race, skin color, or complexion. Desmond Tutu believes that everyone should be equal and should be considered as one big family, a family that isn’t separated by segregation. As in any family, we think that as brothers and sisters, we will not let our family be discriminated or alienated. Desmond Tutu is saying that he doesn’t†¦show more content†¦The Population Registration Act separated the colored-people into sections based on your ethnicity- white, colored, Native, or Asian. The last law that was put into action was the Bantu Ed ucation Act. This act meant that black students would receive poor education in comparison to white students, as they weren’t taught math or science. Desmond Tutu put an end to these laws as he used his religious views against apartheid and had earned equal rights for all of the citizens of South Africa. This allowed colored people to have the right to use public transportation, to have mixed-race marriages, and to live freely. They would no longer live in shacks without water or electricity, and would have the right to live among each other, black and white together. In 1944, Desmond Tutu and all the other people of color that live in South Africa could vote together. This would embark the first time the white people would vote with people of other color, and would commence the start of an unknown freedom. Through this action, the first black president of South Africa was elected, Nelson Mandela. Allowing colored people to vote prevents history from repeating itself, and ensures that everyone will have an opinion on which government should rightfully be in power. This led to a bright future for South Africa, and made it an even better day for Desmond as he said â€Å"it was the day of liberation for all of us, black and white together.† Tutu voicedShow MoreRelatedPutting Beliefs About Racism into Action Essay707 Words   |  3 PagesPutting Beliefs About Racism into Action Christians have always taught that Gods love and salvation are freely available to all people and all racial groups. In the gospel of John, it records that Jesus died on the cross because God loved the whole world (John 3:16). Also, Jesus talks about the Second Coming And this gospel of the Kingdom will be preached to the whole world as a testimony to all nations and then the end will come. By this Jesus meant that when

Proposal Tax Policy For A New Er Promoting Economic Growth...

In Kevin Milligan’s proposal Tax Policy for a New Era: Promoting Economic Growth and Fairness, a dual income tax system has been introduced that would boost economic growth and increase tax fairness. The new system contains a single, low rate on all capital income, coupled with a higher top tax bracket on wages. This essay, however, will focus on analyzing Miligan s arguments in reforming the tax system. In this report, Milligan mentions two trends that raise concerns for current Canadian tax system. The first one is the increasing income concentration. More and more money was earned by relatively small portion of people. This has triggered some equity issues because the proportional tax that high earners pay does not higher that those†¦show more content†¦To reform the system, there are three steps. First, the tax base should be cleaned: focusing on taxing labor compensation stocks and cutting unnecessary tax costs such as tax credits. Compensation can be divided in to several options including employee stocks and wages etc. Now if stock options are tax exempted, people are likely to choose stocks instead of salaries. Therefore tightening employee stocks tax can prevent tax avoidance and lead to efficiency. Besides, cutting tax credits can save huge amount of revenue for government. However, he mentions that high salary earners tend to have high responsiveness in terms of rising tax. Now if they cannot find a way to avoid taxation of their compensation, it is more likely for them to ask for higher compensation (in this case, more stocks) from their companies. Once companies agree to increase the amount of their stocks, this tax on stocks is ineffective because income of high earners will remain unchanged. Another critic here is that politically speaking, tax credits can be considered as strong instruments to attract voters’ support. Simply reducing tax credits could collect extra revenue, however parties may not want to sacrifice their v ote-getting techniques. Therefore the dual tax system may not gain support from politicians. Second, in terms of simplifying the capital gain tax, Milligan suggests a flat-rate tax should be established and with a range between dividend and capital income

Ict Ethics Issues in Malaysia - 638 Words

The development of technology which is getting greater and advance often leads to complex ethical, illegal, and societal issues. Thus there were many ethic centers developed in order to examine the implication of the moral principles into various fields that raise throughout the development of the technology such business ethics, engineering ethics, computer ethics, and medical ethics. Computer ethics or ICT ethics are not so much different of the human ethics, the different is how it is perform via the technology has to offered to unethical human. Obviously the world of communication and technology has affected the cultures, values, and social responsibility for good and for harm. The unethical way of using the facilities of ICT may or†¦show more content†¦7) Digital division: May cause an increase to the gap between rich and poor. 8) Professional Ethics: The ICT professional may not well-train and ethical enough to perform tasks. Problems may occur caused by their faulty and useless system. All of these issues may take places in Malaysia if the ICT society is lack of ethical awareness. The cyber crime that had happened in Malaysia that statistically recorded by NISER (www.niser.org.my) since 2003 are hacking, virus, spam, intrusion, harassment, forgery, Denial of Service, mail bomb, and destruction. Pornography is a very serious concern in the Malaysian society, it is strongly define as moral crime in Malaysia, and hence, there lots of cases reported regarding this issue in Malaysia, and the religion organization took taken these cases seriously. Lately, the child pornography issues is quiet a concern in Malaysia, since in global, this is the major seriousness regarding ICT and humanity ethics. Other ICT issue that is serious to the Malaysian government is the piracy issues. Malaysia did not contribute a lot to these matters worldwide but it is a huge concern to the Malaysian society. It cause by the poor economic spending on the technology and the originality or licens ing which is too expensive for the society. There is lot of other ethical issues that rose in any other country that has infectious to this country. It is still depending on the technology level that we have. 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Contract and Chou free essay sample

The case scenario under review by our team includes a contract law situation involving a board game company and a game inventor. Big Time Toymaker (BTT) is a board game company which develops, manufactures, and distributes board games, and Chou is the name of the inventor of a new strategy game. In this scenario, what began with a payment made from BTT to Chou for exclusive negotiating rights for 90 days, ended in a change in management at BTT, leading to their company no longer having interest in distributing Chou’s game. Several questions will be asked about the validity of the terms agreed upon by the parties involved, including at what point did the parties have a contract, and what role does the statute of frauds play in this contract? Our objective is to analyze the case scenario, including the previously stated questions, and provide the answers to those and other questions pertaining to the scenario and contract law. Question 1 At what point, if ever, did the parties have a contract? There was mutual agreement between Chou and BTT via verbal agreement, and a subsequent email verifying that an agreement had been tentatively reached. According to the terms of distribution between Chou and BTT a contract was only valid if formalized in writing. An argument may be made that three days prior to the 90 day time limit a mutual agreement was reached and valid via an E-contract law. There was mutual assent between both Chou and BTT. The argument for the other side will state there was never a formalized written contract from either Chou or BTT, only an email with a subject heading stating Strat Deal. Is the email a valid contract? Question 2 What facts may weigh in favor of or against Chou in terms of parties’ objective intent to contract? Facts show that BTT sent an email with a subject heading of Strat Deal with information stating that Chou and BTT have reached an agreement. The writing states that after months of no response from BTT and with no management in place the company no longer wishes to distribute Chou’s intellectual property. Chou was in compliance with BTT at all times regarding issues pertaining to Strat. Chou will allege that there was a contract between himself and BTT that was of mutual assent and under E-contract law the emails were valid. Question 3 Does the fact that the parties were communicating by email have any impact on your analysis in questions 1-2 above? According to CA Civil Code 1624, b 3, a, online contracts are endorsable even if writing is required by the statute of frauds. Communication of contracts is valid under E-contract law. There is no impact on analysis made of above stated questions because of online communication. Question 4 What role does the statute of frauds play in this contract? A key factor in any contract is acceptance, and in this case a verbal agreement had been reached three days before the exclusive negotiation right was expired. Chou then said he was going to draw up the contract. Big Time Toymaker (BTT) then sent Chou an email outlining all of the things that they had agreed upon that would be included in the contract. Seeing the email, Chou then assumed that this was the contract to be enforced and did not respond to BTT. Even though Chou received the email, he did not respond to it, thereby giving Chou the defense that silence is never acceptance. However, in E-contact law dictated by CA Civil Code 1624, b, 3, a, it says that online contracts are endorsable even if writing is required by the statute of frauds. In addition, the â€Å"Click On† or â€Å"Click Wrap† agreement clause states that these agreements are enforceable since the opportunity to read and acknowledge was given. The statutes of frauds do play a part in this contract due to the Uniform Commercial Code requiring that the statute of frauds applies to any contract for the sale of goods for $500 or more. However, the exact amount of â€Å"Strat† units that Big Time Toymaker (BTT) will sell or at what cost of each unit is unclear to the reader, it was described in detail in the email BTT sent to Chou. Question 5 Could BTT avoid this contract under the doctrine of mistake? Explain. The new management at BTT cannot avoid this contract under the doctrine of mistake because a mistake was not made by both Chou and the old management team. The mistake by Chou was accepting the email outline of the contract terms as an actual contract agreed to by both parties. Scienter applies to Chou in this case by accepting a seemingly legitimate contract. Would either party have any other defenses that would allow the contract to be avoided? The change of management brought about individuals bound to the same company as the old management team was, therefore, scienter applies to the new management team in privity. The draft sent from Chou and received by BTT is a negotiable instrument. BTT thereby becomes a holder in due course. The inaction of BTT after the draft was sent is in violation of the UCC requirement that all offers are to be open for a reasonable period of 90 days. Chou was under the impression that a contract had been made before that 90 days had expired. Chou has real defense as well as personal defense due to breach of contract and fraud. Question 6 Assuming, arguendo, that this e-mail does constitute an agreement, what consideration supports this agreement? By law, statute of frauds would support this agreement. Due to the terms, there cannot be a lawsuit that can be upheld on particular contracts or arrangements, except if it is written and signed by the authorized party or representative. Under the statute, certain kinds of contracts have to be in writing in order to be enforceable in a court of law (Contracts: Statute of Frauds, 2013). The writing also has to be signed by the person who is held responsible for the contract or by that persons agent. To evade the justification of the Statute of Frauds, one would need to make sure the contracts are in text and signed by the other party; so, if the opposing party does not hold his or her end of the agreement, one would gain from that particular party. Question Assuming BTT and Chou have a contract, and BTT has breached the contract by not distributing the game, discuss what remedies might or might not apply. It is obvious BTT’s manager did not think clearly about protecting BTT from liability. He carelessly wrote the emails, and his careless actions put BTT at risk. This led Chou to believe that this e-mail was meant to replace the earlier notion that he should draft a contract. Although the word contract was not ever used in the e-mail, it said that all of the terms had been agreed upon. The compensation would be awarded to Chou by the court in a civil action due to the wrongful conduct, being the breach from the other party, BTT. If the contract is breached by BTT, Chou will be granted equitable relief by the court, which comes in the form of specific performance, injunctive relief, or reformation. Monetary damages could also be in effect, in which they can be compensatory, resulting from a loss due to nonperformance. Also, consequential, which are indirect but to be expected from non-completion. Restitution would also take place that would be equivalent to total the party has been unfairly supplemented by the non-breaching party, and liquidated, which damages are a preset value rendering from the agreement. The compensatory damages for recovery Chou suffered by the non-breaching party would be the damages that would be awarded to the party in the same situation he would have been in if the other party had executed as agreed upon (Melvin, 2011). After review of the case scenario involving Big Time Toymaker and Chou the game inventor, we have concluded that not only was there a contract agreement between the parties, but that according to E-contract law, Chou may be bound by the terms included in the original email sent from BTT. In addition, the doctrine of mistake cannot be used in this situation because of scienter toward Chou and the old and new management of BTT. Several questions were asked of our team in accordance with contract law and the scenario provided by the textbook. This completes our analysis of the scenario and answers to the questions we were presented.

Promotional Feedback Survey Report Social Media Marketing

Question: Describe about the Promotional Feedback Survey Report for Social Media Marketing. Answer: Introduction This study provides a promotional feedback survey report of launching of IKEA cabinetry in order to understand the consumers response against the promotion of new product in the market. Assessment 3: Promotional feedback survey report Survey instruments: According to McDonald (2013), it can be mentioned that survey instrument is a procedure, which is essential to implement a scientific protocol in order to measure the collected data of the respondents. In case of social and the behavioural surveys, the survey instruments include a set of questions. The survey instruments consists questions, which can address the business objectives and can collect the demographic data for evaluating the weight of the survey. In this context, it can be mentioned that survey questions consist the major idea of product promotion. Therefore, in a synopsis, it can be stated that survey instruments will be able to measure the conducted campaign in case of promotion of products (Ikea.com. 2016). Analysis the feedback: According to Hollensen (2015), it can be mentioned that IKEA will aim to receive their feedback from the consumers by conducting online surveys, by maintaining feedback boxes, by conducting the usability tests. Survey questions are asked to the respondents with the help of phone interview, online interview. This will provide a greater understanding of the responses of the respondents. As a result, the management of IKEA also able to find out the consumers view regarding the service of new product (Ettouzani, Yates and Mena 2012). On the other hand, from the responses of the non users of the product, the management can identify their requirements, which can be added in their products later. Moreover, it can be identified that what price they would like to provide in case of purchasing of the goods. Conclusion This study is also very important to identify the characteristics of the survey instruments and how it works. Lastly, this study tried to collect feedback from the consumers, based on which the service of the products can be improved. References Bayne, K.S. and Cianfrone, B.A., 2013. The Effectiveness of Social Media Marketing: The Impact of Facebook Status Updates on a Campus Recreation Event.Recreational Sports Journal,37(2). Ettouzani, Y., Yates, N. and Mena, C., 2012. Examining retail on shelf availability: promotional impact and a call for research.International Journal of Physical Distribution Logistics Management,42(3), pp.213-243. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Ikea.com. (2016).AODA Customer Service Standard - IKEA. Available at: https://www.ikea.com/ms/en_CA/customer_service/ikea_services/IKEA_AODA.html [Accessed 2 Dec. 2016] McDonald, M.H., 2013. Ten barriers to marketing planning.Journal of Product Brand Management.