When Kamay Met Hill: Organisational Ethics in Practice |
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Authors: | Jonathan A Batten Igor Lon?arski Peter G Szilagyi |
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Institution: | 1.Department of Banking and Finance,Monash University,Caulfield East,Australia;2.Faculty of Economics,University of Ljubljana,Ljubljana,Slovenia;3.CEU Business School,Central European University,Budapest,Hungary;4.Judge Business School,University of Cambridge,Cambridge,UK |
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Abstract: | The Kamay and Hill insider trading conviction in Australia highlights many of the issues and problems involved in the prevention, detection and prosecution of insider trading. The case uniquely highlights how ethical behaviour is instilled at home, in school and in society, and the need for ethical responsibility at the personal and organisational level to complement legal rules and enforcement. We use the Kamay and Hill case to explore the reasons behind the failure of the traditional top-down approach to insider trading prevention, where institutional ethical codes of conduct largely reflect and rely upon national rules, norms, and regulation. We propose a bottom-up approach to ensure that individual and organisational behaviour is ethical, where emphasis is not on compliance but on a set of core ethical values that allow individual and corporate expression. It is our strong belief that compliance cannot replace ethics. |
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