Environment Magazine

Dr. Noreena Hertz, one of the world’s leading political economists, will tonight warn organisations across the globe that they risk self-destruction if they continue to focus on short-term gain.
Dr. Hertz, who will be addressing over 200 senior decision makers at the CIMA (Chartered Institute of Management Accountants) global ethics debate, will further state that organisations perceived to be acting against the public good will face a mounting public backlash.
CIMA panellist, Dr. Hertz, will issue the following warning: “Business decisions are not made in a vacuum. As recent events highlight, they have the power to harm individuals, societies and the planet itself. Business practice based solely on myopic short-term gain actually risks corporate self-destruction. This is now the case more than ever.
“With public anger at corporate venality on the rise, it will soon not only be banks that are vilified. Any corporation that is perceived to be acting against the public good, will potentially be caught in the crossfire."
CIMA’s ethics debate, ‘Is Global Ethics A Myth?’ will take place tonight from 18.30 at One Birdcage Walk, SW1H 9JH, and will be chaired by broadcaster Jon Snow. Dr. Noreena Hertz will be joined by fellow panellists James Caan and Andrew Neil for an energetic discussion on whether corporate ethics will be the first casualty of the credit crunch and to what extent short-termism has created the current economic crisis. See www.cimaglobal.com/ethics for more information.
Glynn Lowth, CIMA Global President, will open the event by stating that: “Short termism got us here. It is clear from recent spectacular failures that if we want businesses to last, boardroom rhetoric is not enough. Organisations must have explicit, not implicit, commitment to ethical sustainable practices - articulated, demonstrated and measured all the way across an organisation. This is much easier said than done, but management accountants are playing an increasingly important role in making sure it does.”