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Ethics and Compliance

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Ethics and Compliance
Ethics and Compliance
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March 18, 2013

Ethics and Compliance
Ethics is important for any corporation to succeed. Walt Disney Company is no exception. The Disney Company started October 16, 1923, as The Disney Brothers Studio (The Walt Disney Company, n.d.). This was before the Sarbanes-Oxley Act, or SOX Act, was in existence. The Securities and Exchange Commission (SEC) is the one to implement rulings to comply with the laws. In 2011, Disney started a cruise line and broke ground on Shanghai Disney Resort. Compliance training, including training regarding the Company’s Standards of Business Conduct and ethics, is provided to employees and Cast Members worldwide through the Company’s learning management system known as Disney Development Connection (The Walt Disney Company, n.d.).
Roles of Ethics and Compliance
The Walt Disney Company understands the importance the ethical social responsibility to communities and shareholders. In an effort to maintain ethical company standards, the Walt Disney Company created an independent board of directors and commissions independent registered accountants to ensure an ethical financial environment (The Walt Disney Company, 2012). The independent board of directors consists of nine to 21 members, normally no more than 13. The Walt Disney Company demands the board of directors to adhere to Corporate Governance Guidelines noting the importance of ethically representing the shareholders. The board of directors’ duties includes reviewing proper management, evaluating and approving the company’s major financial goals, plans, and actions, evaluating and approving compensation of the Chief Executive Officer, and evaluating major senior executives (The Walt Disney Company, 2012). The Chief Executive Officer discusses and obtains approval from the board of directors prior to taking major action. Any significant changes to financial structure control of company, acquisitions or dispositions, or entering into a


References: Iger, R. A. (2012). Standards of Business Conduct. Retrieved from http://cdn.media.ir.thewaltdisneycompany.com/forms/DIS-SBC-CM.pdf Stock Analysis on Net. (2013). Short-term (Operating) Activity Analysis. Retrieved from http://www.stock-analysis-on.net/NYSE/Company/Walt-Disney-Co/Ratios/Short-term-Operating-Activity#Average-Receivable-Collection-Period The Walt Disney Company. (2012). Corporate Governance Guidelines. Retrieved from http://thewaltdisneycompany.com/content/corporate-governance-guidelines The Walt Disney Company. (n.d.). Business and Ethics Standards. Retrieved from http://thewaltdisneycompany.com/about-disney/business-ethics The Walt Disney Company. (n.d.). Disney History. Retrieved from http://thewaltdisneycompany.com/about-disney/disney-history U.S. Department of the Treasury. (2012). Resource Center. Retrieved from http://www.treasury.gov/resource-center/Pages/default.aspx U.S. Securities and Exchange Commission. (2012). The Laws that Govern the Securities Industry. Retrieved from http://www.sec.gov/about/laws.shtml
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