UK Business Ethics under the microscope
UK business ethics under the microscope.
Sebastian Coe, the current president of the IAAF, has reluctantly quit his controversial £100,000 a year role as a Nike ambassador but vehemently maintains that the position was not a conflict of interest.
The double Olympic gold medalist, under mounting pressure to sever his long-established tie with the US sportswear giant, commented that he had made the decision because “the current noise level” was becoming a distraction from his mission to save his crisis-hit sport.
Besieged by allegations of state-sponsored doping in Russia and corruption claims leveled at his predecessor, Lamine Diack, Coe said the Nike issue was interfering with his attempts to lead athletics out of its current malaise. “The decision I chose to take in the last few weeks is one that reflected my absolute intention to focus as long and as hard as I can on steadying the ship that has been rocking rather badly recently,” he said.
However, some parties, most notably the Head of the select Commons committee, questioned whether this stand down is sufficient given the string of allegations made against Lord Coe over the recent weeks.
There have also been concerns raised by the wider business community, as to whether this series of allegations, whether justified or not, will have a ‘knock-on’ effect on how UK businesses are perceived by international investors and markets.
Brand Great Britain and the British industry as a whole has long championed itself as a business/investment ‘oasis’, seemingly immune from international corruption and unscrupulous business practices.
However in the spate of these recent allegations, which have garnered front page headlines across the globe, there can be no doubt that the integrity and trustworthiness of Britain as a whole has been brought into question, if not disrepute.
Will British businesses now start seeing an economic impact as a result of the cloud of murkiness shrouding the IAAF president?