Ethics, Values And Morality In The Caribbean
All business operations require trust. The acceptability of behaviour in business is determined by customers, competitors, government regulators, interest groups, and the public, as well as each individual’s personal moral principles and values.
Business ethics should be used as the principles and standards that determine acceptable conduct in business organizations and may have to make choices and decisions. The question of ‘Ethics, Values and Morality’ strikes at the heart of every social and economic institution in every country globally. For the Caribbean it is even more critical, as a conglomeration of small developing countries with severe cultural, social and economic challenges.
It is important for a business to balance the interest of its various stakeholders. When the needs of some stakeholder groups compromise the expectations of others, conflict arises. In some cases, these activities may not give immediate financial return on investment nor support ethical business’ standards. These decisions (good or bad), when applied, initiate an immediate domino effect that is felt throughout the organization. If the decisions are poor, it may lead an organization into times of financial uncertainty or even institutional collapses.
Colonial Life Insurance Company (CLICO) was the largest privately held conglomerate in Trinidad and Tobago and the largest insurance company in the Commonwealth Caribbean region. It was the flagship of the parent company, CL
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