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Inter-relation Between Ethical Corporate Compliance and Legal Corporate Compliance
Contents
Introduction:    2
Importance of Legal Governance Compliance (Student 1):    2
Importance of Ethical Corporate Compliance (Student 2):    3
Inter-relation Between Ethical Decision making and Legal Corporate Compliance (Student 1 Argument):    4
Why Legal Corporate Governance Compliance is Relevant (Student 2 Argument):    6
Conclusion:    7
Reference:    8
Introduction:
In the modern day corporate environment, the process of executing a corporate governance system has changed by a huge margin because of the influence of various external factors. During the last decade, technological advancement has completely changed the process of conducting business operations, and new dimensions have opened up in front of the private entities. Advancement into the communication process has resulted in globalization, as this has helped the organizations to conduct their business operations to the larger global market place (Brockway.et.al. 2013). Though, the sudden change into the market place has forced the governing bodies to make a drastic change into the legislation which has also affected the business operations of the large multinational organizational organizations to a great extent. This change in the governing bodies has forced the large organizations to consider the legal aspect of their business operations, which has resulted in a huge shift into legal compliance as well. Legislation can impact the existing business operations of a large organization through multiple aspects, like the way they hire or treat the employees, tax legislation, and various other aspects of the business operations.
Importance of Legal Governance Compliance (Student 1):
The term legal compliance signifies the internal process of the organization, which considers the legislation of the governing bodies and helps the organization to conduct the business operations without violating the legislation. In this context, the business operations of Nike can be considered (Brammer, Jackson, and Matten, 2012). Nike is considered to be one of the major fitness product supplier and manufacture, and this organization conducts its business operations by following all the legislation of the state. Though a detailed study of the business operations of Nike reveals that this organization doesn’t manufacture all the products in their in-house manufacturing unit, rather this organization outsources the products from the third world countries like Vietnam, Bangladesh, Pakistan, and India. This organization only pays the supplier for the products, and the products need to pass their strict quality control process and then they distribute the products in their regional hubs for
anding and distribution. This organization conducts its business operations in more than 100 countries, and directly this organization has never witnessed a violation of the law. But, a detailed analysis of the business operations of Nike showcases that legal compliance is required in order to conduct the business operations in an effective efficient manner in a specific te
itory.
Importance of Ethical Corporate Compliance (Student 2):
In this context, ethical corporate governance compliance needs to be discussed as well. following the legal guidelines, or the legislation of the state don't convey the meaning that the organization is also following an ethical code of conduct or conducting their business operations with their social responsibilities simultaneously. With the globalization movement, global exposure has been opened up to the individuals and organizations as well. constant exploitation of natural resources and profit-making mentalities has not only resulted in various environmental damage, but it has caused serious damage to the society and community members as well. in this context, following only legal guideline is not sufficient to achieve a sustainable model of development and ethical method of business operations needs to be introduced (Aguilera, and Crespi-Cladera, 2016). In this context, the case of Nike needs to be analyzed. With the prior discussion, it has been seen that every organization needs to follow the legal guidelines in order to conduct their business operations in an effective manner, but this may not convey the meaning that the organization has followed its social responsibilities as well. multiple detailed reports about the business operations of Nike has revealed that this organization doesn’t reveal the list of its suppliers because of multiple reseasons. The primary reason is to maintain its competitive edge, as revealing its third...