Le Magazine du Trésorier - n°61 - 1er trimestre 2008 - (Page 20)

DOSSIER a need to give a very precise account of the difference, and its context, in order to avoid any abuse or misinterpretation by employees or the possibility of it being used as a defence in the event of a dispute. They must also apply to the majority without exception (except for the legal exceptions referred to above). «The rules of ethics apply to everyone », just like the law. It is also clear that codification can be counter-productive, if it alters previous modes of operation. Ethical rules can put a stop to long-standing traditional practices. And what about the choice of the less well-established path, a fiscal principle often put forward to justify sidestepping a more unfavourable local law? A Cornelian dilemma can arise, in which the Compliance Officer or Internal Auditor may have to step in. consists of summarising the essential basic rules in a few pages. There are examples illustrating our ideas, produced by large companies, to which we refer you. Once prescribed, the rules must be explained, transmitted and accepted by staff before they are enforced. This process will take a little time and will cost money, but the result is worth the effort. It must not be forgotten that at times this is even a necessity, an unavoidable regulatory or market requirement. Therefore, whether we like it or not, the rules of morality in the world of business and finance are becoming applied with ever increasing frequency. Their formalisation clarifies grey areas and prevents risks, while enabling punishments to be applied to wrongdoers. Even if you are not obligated or forced to comply, a treasury department should have laid down its internal rules so that it can set an example to other financial departments. A treasurer handles vast sums of money, a fact which in itself justifies a higher degree of ethical conduct than that of other people. Treasurers can show that they have become more virtuous than ever, and that the phenomenal developments which have affected their jobs over the past few years have forced them to become so. Moreover, every manager must transmit his or her own style and ethical principles, if they are valid. Reminders are often necessary to ensure that nobody forgets to comply with the basic rules of professional morality in the world of business. CONCLUSIONS Complete and exhaustive codification of rules is probably not the ideal. The right path lies, as is often the case, somewhere between the two extremes. A small amount of codification is better than none at all. However, if done to excess, it can also cause harm to the extent that operations become impossible. The art François Masquelier Honorary Chairman of EACT Chairman of ATEL Le Magazine du Trésorier - N° 61

Table des matières de la publication Le Magazine du Trésorier - n°61 - 1er trimestre 2008

SOMMAIRE
EDITORIAL
LA PAROLE À ... : PASCAL FINET FINANCE DIRECTOR ERNST & YOUNG
DOSSIER : Management of Weather Risks
Ethics in Treasury
MIF - Customer Classification
15 MINUTES AVEC...
LA PAROLE AUX ANNONCEURS
VIE DE L’ASSOCIATION
IGTA
BRÈVES

Le Magazine du Trésorier - n°61 - 1er trimestre 2008