Oaths Of Ethics In Business Case Study

Within the recommendations to policy makers and industry leaders made by Llewellyn, Steare and Trevellick (2014), is the adoption of a bankers oath. Oaths of ethics within business such as the MBA Oath, Dutch Bankers Oath and the Banking and Finance oath are gaining in popularity. These are based on the premise of instilling professionalism and social responsibility in the industry. However, adoption of an oath alone is not a persuasive argument of its effectiveness.

De Bruin (2016), while examining the technical form and content of oaths, uses this form and content to explore the potential value of oaths in business. While this is a useful guide and allows a qualitative comparison between existing codes, Bazerman and Tenbrunsel (2011) make compelling points about the psychology of business ethics that needs to be considered in the analysis of oaths as a means of challenging unethical behaviour in business.

Bazerman and Tenbrunsel draw on behavioural economics to explore how practices that are clearly unethical when viewed impartially can seem like rational

The strength of the oath lies in the principles and moral norms embedded in it. Principal among these norms required in financial services is objectivity. Very few within the financial services industry come face to face with those impacted by their conduct. The MBA oath acknowledges this with a pledge to recognise that the decisions of the oath taker “affect the well-being of individuals inside and outside my enterprise, today and tomorrow”. An oath that caused the oath taker to objectively consider his/her motivations in decision making may benefit the industry as a whole by increasing awareness of the factors that can influence the decision, such as the creation of personal wealth, lack of clarity of implications, time constraints or “group think”. Thus helping to avoid the negative consequences of poor