Wall Street's Ethical Behaviors: Are we not also accountable?

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I’ve been reading up a lot on ethics and corporate social responsibility (CSR) lately. For those of you wondering what CSR is, in simple terms it is an organization’s moral responsibility to positively impact society. I would also like to point out that there is also a difference between an organization’s “ethical” responsibility and CSR. Ethical responsibility is tied to an organization’s legal responsibilities such as ‘cooking the books’, bribery, child workers, etc. whereas CSR is voluntary actions on behalf of the company which leads to the betterment of society. There are many definitions out there, but these are the ones I prefer and in the end it’s irrelevant to my post.

Fortune 500 companies and others receive much criticism on their ethical and CSR practices and as a society we are quick to ostracize companies when they are found not to live up to our expectations.

Here are a few recent examples:

Apple, Samsung and Sony face child labour claims

Wells Fargo created millions of fake bank accounts

Valeant Pharmaceuticals…too many to individually point out

The media and consumers alike have jumped all over these companies due to their unethical practices. We jump on the moral bandwagon, claim to give a damn, only to see these companies continue to post record sales and profits.

Sure, you conduct surveys and you see headlines like 1 in 4 people would be willing to spend more on ethical products, or “Global consumers are willing to put their money where their heart is”, but I question the accuracy of these surveys. Why am I skeptical? I know if I was to be asked, I would answer favourably as well. But can I honestly tell you which companies engaged in CSR efforts and what those efforts entail? Nope, can’t say that I can.

Therein lies the problem.

As consumers, we are quick to talk the talk, but very few of us walk the walk. I am just as guilty of this as most. When I purchase a TV, do I research which companies have recycling programs? Which companies use less toxic chemicals in their products? Which companies help build schools in developing countries? Nope. I look at screen size, pixels, picture quality, sound quality, etc. Likewise when I purchase a new mobile device. Do I look to see who sources materials from companies that engage in child labour? Nope. The thought of a company’s ethical and CSR behaviours never crosses my mind.

Therefore it’s pretty hypocritical of me to come down on companies and talk proverbial shit about them when I don’t take make the effort myself. As consumers, where is our responsibility to the environment, the under-privileged and society as a whole? Do we not bear some accountability for the actions of these companies?

Oh but I recycle and even compost my garbage. Yay me.

Source I love this quote and it really does speak to my point.

I’ve come to the realization that I need to do more.

I have a greater responsibility than simple actions like recycling. I need to make effort to support those companies that truly engage in the betterment of society. It is not my children’s responsibility to make a better tomorrow. It is mine. I would argue, it is all of ours.

Therefore, I am making a pledge to myself. When purchasing items, I will look beyond the superficial aspects of a product and research the company’s CSR and ethical behaviours. My findings will have an equal weighting on my decision to purchase products. Let’s face it, I need to be realistic and I am not going to purchase a shit product simply because of a company’s social behavior. However, I can choose to give my hard earned money those that supply a quality product AND give back to society.

Will you join me in this pledge? Please let me know your thoughts in the comments below.

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