The Collapse of a European Bank in the Financial Crisis: An Analysis from Stakeholder and Ethical Perspectives |
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Authors: | Yves Fassin Derrick Gosselin |
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Institution: | 1.Department of Management, Innovation and Entrepreneurship,Ghent University,Ghent,Belgium;2.Vlerick Leuven Gent Management School,Ghent,Belgium;3.Department of Marketing,Ghent University,Ghent,Belgium;4.Green Templeton College,University of Oxford,Oxford,U.K.;5.Oxford Martin School, Institute for Science, Innovation and Society (InSIS),University of Oxford,Oxford,U.K. |
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Abstract: | Fortis, the leading Benelux financial group, had been a success story of successive mergers of bank and insurance companies,
with leadership in corporate social responsibility (CSR). One year after the acquisition of the major Dutch financial conglomerate
ABN AMRO, the global financial crisis caused the collapse of the Fortis group. The purpose of this article is to use the case
study of Fortis’s recent fall as a basis for reflective considerations on the financial crisis, from stakeholder and ethical
perspectives. A selected number of key events of the history of the dramatic crisis at Fortis will be analysed from different
ethical frameworks. Special consideration will be given to fairness of communication, shareholder activism and conflicts of
interests of CEO’s mergers opportunities. A confrontation between the CSR policy and the reality raises the fundamental questions
why the powerful CSR guidelines and ethical principles did not help in the assessment of the risks. |
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