Flor G. Tarriela The FINEX book “Ethics: Black, White (or Gray)?” launched last year by the FINEX Ethics Committee has gone a long way. A second edition already printed and now, a Face to Face Campus Series. In partnership with the Ateneo Graduate School of Business (AGSB) and through the Gov. Jose Fernandez Jr. Ethics Center headed by Dr. Oscar Bulaong Jr., the First Ethics Campus Series entitled “Ethics: Black, White (or Gray)? on DISCLOSURE” successfully kicked off on August 1, 2019 at Ateneo Rockwell moderated by Coco Alcuaz. The forum featured leaders of three, yes three, of the top business organizations in the country: Edgar Chua, Makati Business Club Chair; Riza Mantaring, President of the Management Association of the Philippines and Eusebio “Ebot” Tan, FINEX President. Riza Mantaring said that Ethics Disclosure is defined as a “self-initiated action, with the intent to be honest, accurate and complete, to provide personal and professional information in order to remain ethically compliant with the Code.” An ethical company should always disclose to clients, emphasizing that if we have doubts whether to disclose or not, it is always better to disclose. She further cited different situations that call for proper disclosure: “When the firm aims to expand its business, when insufficient disclosure opens opportunities for fraudulent activities and when information asymmetries lead to impaired decision.” She also gave samples of fraudulent disclosure (WorldCom, Enron, WasteManagement, Inc.), companies that are now non-existent. Ed Chua shared various scenarios based on his experiences where ethical standard was tested. He demonstrated various ways to address such scenarios and ending with the advice of “not give into it because when you do, there’s no end to it.” Ebot Tan presented his ethical case by defining the word ethics and citing several studies made on business ethics. He highlighted that “what is legal is usually ethical and what is illegal is obviously unethical. But the challenge is what to do in situations that are not clearly good or ethical, or bad or unethical.” Now, what do you do when you are given an order by your boss which you find unethical? Riza’s immediate response: Refuse and resign if your boss insists. She narrated the story of her cousin who had the dilemma, didn't follow and resigned. This later turned to be the best because if she followed, she would have landed in jail. Ed Chua suggested a more diplomatic approach which is, first explain to your boss why it’s not right and therefore won’t do it. And yes, if all else fail, leave when you can’t reach an agreement. Atty. Ebot suggests to follow and takethe Sleep Test. Will you be able to sleep peacefully at night when you do it? “The softest pillow to have a good night’s sleep is a clear conscience.” He also reminded us of the Rotary’s four-way test: “Is it the truth? Is it fair to all concerned? Will it build goodwill and better friendships? Will it be beneficial to all concerned?” Now, what do you do if a government official asks you something in return for an approval or for your business? For example, say if you're requested to help or donate to the mayor’s wife’s foundation with the charitable project of “greening the plaza by planting trees”? Ed provided four options: Advise the government official that it is against your company’s policy to give to what may be perceived as bribery. Sometimes it works and they understand. If he still insists, go to higher level, to his boss even higher as the President of the Philippines to explain the situation. Evaluate the project of the mayor’s wife if it is consistent with your company’s CSR or sustainability project and see if that your company can do the project directly. If yes, then advise the Mayor that your company can assist the greening project directly without passing thru the wife’s foundation. If he agrees then that means he is really after helping the community. If not,and your approval is delayed, another option is to... File a case or formally report to the Ombudsman. Ethics nowadays is becoming gray instead of just being either black or white. The face to face Campus Series on Ethics was organized to help guide us all to clearly distinguish what is white, what is black and not fall in the gray area. Let us always do the right thing right all the time even when no one is watching.

* Ms. Flor Gozon Tarriela is the Chairman of the Philippine National Bank. She is former Undersecretary of Finance and the First Filipino Vice President of Citibank N.A. She is a Go Negosyo 2018 Woman Intrapreneur Awardee. She is a FINEX Foundation Trustee and an Institute of Corporate Directors (ICD) Fellow. [email protected]