Read the article and answer the questions related to Steve Wynn’s corporation and its myriad ethical issues (harassment, executive compensation corporate governance)
Wynn Resorts Board Faces Scrutiny Following Allegations Against Steve Wynn
What changes would you recommend?
The concept of business ethics has become quite relevant in last two decades, as studies infer that when ethics are applied, in a systematic manner, in a typical corporate system, it not only produced the desired results, for both companies and consumers/clients, but also for the system itself, as it allows it to evolve and expand. However, any corporate system, which is not fair and lacks credible/inherently a system of checks and balances, it starts to implode. Not only it creates a business environment, which promotes negative work deviance, but also it allows the power to abuse their power. Therefore, a corporate system must have an inherent system of checks and balances. Organizations must be able to identify and resolve issues that appear. The selected article also points out towards the lack of an effective intra-organization institution, at Wynn Resorts. The Chief Executive, of Wynn Resorts, was accused by an employee, of sexual misconduct and to resolve this issue, Mr. Wynn had to settle that issue. The issue, which this article has identified, is that intra-organizational institutions failed to identify and resolve the issue. Also, no appropriate measure was taken to ensure that issues may not appear in future.
The immediate or short-term measure should be to substitute board of directors with an indecent body, which could take appropriate measures. The measure must include better scrutiny of Mr. Wynn’s history of the company and explore whether there are other victims of Mr. Wynn’s sexual misconduct. Secondly, the process of electing board members must be altered; it should be made fairer. Thirdly, an intra-organizational system of checks and balances is essential to avoid such instances in future.
Should the Republican Party return the funds that Wynn contributed?
Republican Party should return the funds as it would send a clear and loud message that companies that are dismissive of business ethics and don’t implement them sincerely are undesired.
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