The Role of Ethics and Compliance in Starbuck’s Financial Organization
Starbucks Corporation is fully committed to practicing full compliance with the laws, rules, and regulations of each of the countries in which they operate. The Board of Directors oversees the exercise of corporate powers and ensures that the business and affairs are managed to meet the goals and objectives that have been put forth within the company. Starbucks contends they are committed to the highest ethical standards in all business transactions. They are adamant that all of their partners must follow all applicable laws, rules, and regulations while they are conducting any and all business related to the Starbucks Corporation. They ensure that all payments that are made to any foreign agent or government must comply with the according laws of the United States and the foreign country in which the payment is being made. Starbucks strongly contends that all payments that are made to foreign agents or government officials are strictly for services rendered under the corporation’s policies and that these payments are a reasonable amount based on the nature of the services.
In addition to the laws and rules followed in regards to payments rendered, Starbucks partners must also comply with all local and foreign laws regarding customs and trade. Starbucks ensures that all information that is furnished to any customs official or to any agent that is hired by Starbucks to facilitate imports and exports must be accurate and truthful at all times. To this end, in no way is Starbucks or its partners permitted to influence the outcome of any business transactions or decisions by offering kickbacks or gifts of any kind. Starbucks policy is to handle their dealings with government authorities honestly and fairly at all times.
In essence, Starbucks has put in place a policy of complying with all parties they deal with in domestic and international relations at all times. They are completely open to complying with any investigations, should they arise, at all times when handled in the appropriate manner. In saying this, Starbucks is intent on protecting their corporation and partners by following their internal set of rules and regulations while complying with external rules and regulations.
Procedures Starbucks Has in Place to Ensure Ethical Behavior
Ethical compliance in a company is essential. Starbucks places high value in ethics as part of their daily business practices, “Starbucks believes that conducting business ethically and striving to do the right thing are vital to the success of the company” (Business Ethics and Compliance)....