ACE group sets up ethics hotline

Old Mar 23, 05, 12:41 pm
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ACE group sets up ethics hotline

From the Daily:

The ACE group of companies will start an ethics reporting hotline April 1 to encourage employees to report financial wrongdoing and workplace fraud, theft, conflict of interest and other unethical financial behaviour. The program will provide employees with an easy-to-use, confidential and anonymous tool to report unethical financial behaviour. Starting April 1, reports can be made on www.clearviewconnects.com, or by calling toll-free 1-800-840-1809 within Canada and the U.S. For hotline numbers outside of Canada and the U.S., and for more information about the program, click on the link on the Aeronet homepage.
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Old Mar 23, 05, 1:52 pm
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Intersting notion, airline executives with ethics. Wonder if WS starting a similiar toll-free hotline.
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Old Mar 23, 05, 1:54 pm
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This is a hot topic in the business world.
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Old Mar 23, 05, 2:08 pm
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Why limit to unethical financial behaviour? Why not anything unethical, such as poor decision making?
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Old Mar 23, 05, 2:16 pm
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Why don't we have Sarbanes-Oxley like legislation in Canada?

These sorts of telephone lines should be mandatory in all large Canadian corporations.
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Old Mar 23, 05, 5:27 pm
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As far as I know I could also file an ethical report on Air Canada... The website seems quite 'open' to me...
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Old Mar 23, 05, 5:36 pm
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Originally Posted by tcook052
Intersting notion, airline executives with ethics. Wonder if WS starting a similiar toll-free hotline.

Where do you get the impression this is targeting executives?

My guess is, it's the opposite: that this will be used lower down the totem pole while executives will be left alone. Executives, ethics? Isn't that the oxymoron of the day? Why do we have lawyers? To tell us how far we can go and still get away with it. All for the benefit of the corporation, of course, which is the ultimate (ethical) "good," the ultimate justification for trying to get away with anything. Business "ethics" in a nutshell.

Also, not sure opening a line to denonciation of your colleagues will be all that good for employee morale though?
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Old Mar 23, 05, 5:59 pm
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I'd like to report all the times I have the FA's in J steal the Extra chocolates off the trays and put them in their bags. J pax would certainly enjoy eating them,,,
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Old Mar 23, 05, 6:07 pm
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Originally Posted by pitz
Why don't we have Sarbanes-Oxley like legislation in Canada?
We do, It's OSC Bill 198 but it is only starting to be implemented this year. SOX legislation also has a requirement for foreign filers (which AC may be one) but that has been extended to July 2006 from July 2005.
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Old Mar 23, 05, 6:08 pm
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Originally Posted by mtacchi
I'd like to report all the times I have the FA's in J steal the Extra chocolates off the trays and put them in their bags. J pax would certainly enjoy eating them,,,
Ask for another chocolate next time. They'll probably give you one. Not that they should be taking them in their bags but I can imagine someone starting a thread saying the F/A's gave out the 3 extra chocolates left over and wondering why they didn't get one, accusing the F/A's of playing favourites.
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Old Mar 23, 05, 6:17 pm
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Originally Posted by YOWkid
Why limit to unethical financial behaviour? Why not anything unethical, such as poor decision making?
How do you prove a poor decision is unethical vs. just plain stupid? Just leave it to good old capitalism to take care of them. The markets are pretty good at punishing public companies that make stupid decisions and private ones, like say Jetsgo, require consumers to have confidence in their products to stay in business.
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Old Mar 23, 05, 6:47 pm
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Originally Posted by yycguy2
We do, It's OSC Bill 198 but it is only starting to be implemented this year. SOX legislation also has a requirement for foreign filers (which AC may be one) but that has been extended to July 2006 from July 2005.
The deadlines and extensions you speak of are still US lead legislation. The SEC has decided to delay S-Ox for foreign companies due to some compliance issues in Europe. Basically the European companies are considerably farther behind than Canadian companies and required extra time to get their documentation in order. Currently ACE is not considered a foreign filer but will be once the new share offering is initiated. ACE will have a December 2006 reporting date for S-Ox compliance.

Bill 198 is only part of the solution. In short order Canada will have full equivalency with US Sarbanes Oxley Act. Multi-lateral Instrument 52-111 will be the equivalent term and is required for all Toronto listed clients. The start date is staggered and based upon market capitalization. Companies with a market capitalization over $500 million must report in fiscal 2006. There is currently no S-Ox type requirement for Venture listed companies. The Canadian S-Ox rules will be finalized in June 2005 and go into immediate effect. Companies with non December filing deadlines with a fiscal year end in the later half of year (such as Shaw Cable and the major Banks) will be among the first to report under Canadian Rules.

In what is a big twist for ACE, they will lilely not have to report under Canadian Rules for S-Ox. The 52-111 rules have an exemption for companies who must report under S-Ox, so ACE will not have to file with Toronto but will report to New York.
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Old Mar 24, 05, 9:10 am
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Originally Posted by Stranger
Where do you get the impression this is targeting executives?

My guess is, it's the opposite: that this will be used lower down the totem pole while executives will be left alone. Executives, ethics? Isn't that the oxymoron of the day? Why do we have lawyers? To tell us how far we can go and still get away with it. All for the benefit of the corporation, of course, which is the ultimate (ethical) "good," the ultimate justification for trying to get away with anything. Business "ethics" in a nutshell.

Also, not sure opening a line to denonciation of your colleagues will be all that good for employee morale though?
Ohhh baby, you don't know what you're talking about. Gonna be a lot of denonciation of colleauges, but if you've got the brains, that's where you start to pick up the trail. Becauseit's the lower downs who are doing the leg-work in any theft/fraud on the orders of the higher ups. You go from the little guy, to the middle guy, to the broad at the top, and from there, who knows? And my experience is, that people are so terrorized by their colleagues involved in these doings, that giving them an anonymous outlet might just open the flood-gates.
I do hope my former colleagues enjoy the surprise party I've so carefully planned for them. It seems I've been missing a lot while working so hard on preparing and mailing the invitations....
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Old Mar 24, 05, 9:45 am
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Originally Posted by the happy booker
to the broad at the top
Good to see your respect for women continues to be at an all-time high. And this from someone who complained about AC execs being sexual harassers, IIRC.

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Old Mar 24, 05, 11:38 am
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Originally Posted by yycguy2
How do you prove a poor decision is unethical vs. just plain stupid? Just leave it to good old capitalism to take care of them. The markets are pretty good at punishing public companies that make stupid decisions and private ones, like say Jetsgo, require consumers to have confidence in their products to stay in business.
Well, for example, let's say you're my father and you are the big chief at YYC airport manager. You are about to retire and you promote me to your position so that I can take over when you leave.

Is that not unethical?
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