1.2 Explain how the new board of Dithaba Construction is displaying responsibility and transparency for ethics in the company as part of the King IV “ICRAFT” leadership characteristics.
The new board of Dithaba Construction is displaying responsibility and transparency for ethics in the company by actively embracing the leadership characteristics outlined in the King IV "ICRAFT" framework.
1. Integrity: The board is committed to upholding ethical standards and conducting business with honesty and integrity. They lead by example and ensure that all employees adhere to the company's code of ethics.
2. Competence: The board members possess the necessary skills and knowledge to make informed decisions that align with ethical standards. They actively seek to educate themselves on ethical issues and stay updated on industry best practices.
3. Accountability: The board holds themselves accountable for their decisions and actions, taking responsibility for the ethical practices within the company. They establish clear roles and responsibilities to ensure accountability at all levels of the organization.
4. Responsibility: The board recognizes their duty to act in the best interest of all stakeholders, including employees, customers, and the community. They prioritize ethical considerations in decision-making and ensure that the company's operations do not harm any stakeholders.
5. Fairness: The board promotes fairness and equality in all aspects of the company's operations, including hiring practices, compensation policies, and decision-making processes. They strive to create a diverse and inclusive work environment that values all perspectives.
6. Transparency: The board is committed to being transparent in their communications and decision-making processes. They openly share information with stakeholders and are accountable for their actions. They regularly communicate with employees, shareholders, and the public about the company's ethical standards and practices.
Overall, the new board of Dithaba Construction is demonstrating a strong commitment to ethics by embodying the ICRAFT characteristics outlined in the King IV framework. Their focus on responsibility and transparency is essential for building trust with stakeholders and creating a positive corporate culture based on ethical values.