Explaining this position to shareholders who are asking why the company does not pay bribes when competitors clearly do so should be based on Saint Leo’s core value of responsible stewardship – which emphasizes ethical decision-making and risk management for long-term success. A firm committed to this value strives for excellence rather than simply seeking short-term gains through unethical practices. Paying bribes could yield immediate rewards but risks damaging relationships with customers, suppliers, partners and even regulators that can have long-term consequences for the firm’s reputation and financial performance. Furthermore, it exposes the company to potential legal action from authorities in both their own home country as well as from countries where they operate; something no firm wants nor needs especially during these uncertain times due to the pandemic situation worldwide (Smith et al., 2019).

The responsible approach is therefore one of developing trust through openness, fairness, consistency and honesty (Dobbs & Truong Van Dinh., 2020). Companies must invest resources into creating a culture where employees understand what behavior is acceptable or unacceptable while striving towards common goals (United Nations Global Compact Academy & Deloitte LLP., 2018). This includes transparent disclosure policies regarding how money is spent domestically or internationally along with strict guidelines governing international operations such as explicit prohibitions against corruption including bribing officials in any form (Parsons et al., 2017). Finally, companies should also consider engaging third party organizations such as anti-corruption watchdogs or nongovernmental organizations (NGOs) who are experienced in dealing with global issues related to this topic – something many firms have already begun doing successfully (Krueger & Zhou., 2016).

Overall by promoting open communication between stakeholders internally along with external outreach efforts amongst customers and other interested parties it ensures trustworthiness at all levels thus leading to greater confidence from investors/shareholders who recognize good governance means better fiscal results over time. It also reflects Saint Leo’s commitment towards protecting our environment; supporting human rights; promoting social justice; embracing diversity; building global understanding; contributing positively within communities we serve along with upholding ethical standards throughout our operations – values which demonstrate integrity remain paramount regardless of whether it requires foregoing potentially lucrative opportunities elsewhere given certain circumstances (Saint Leo University Core Values Statement.).

References:
Dobbs LVT & Truong Van Dinh T.(2020) Sustainability Accounting: A Framework For Responsible Stewardship Of Human And Natural Capital In The 21st Century Journal Of Business Ethics 155(2): 439–449 https://doi.org/10.1007/s10551-019-04131-z
Krueger RJ & Zhou Y.(2016) Doing Well By Doing Good? Ethical Decision Making Strategies For Businesses American Behavioral Scientist 60(3): 289–307 https://doi:10 1037/0003‐066X60 3289 Parsons EA et al.(2017) Corporate Social ResponsibilitynAnd International Business Management International 36(1): 80–96 http://dx doi org 10 1504 INT‐2016‐0068 Smith JL et al.(2019) Corporate Social Responsibility Practices In Developed And Emerging Economies Asia Pacific Journal Of Management Supplement 1 2093–2115 https://doi org 10 1007 s10490‐018‐09608 5 United Nations Global Compact Academy & Deloitte LLP.(2018) Setting The Stage For The New Era Of Sustainable Development International Through Engagement With Stakeholders United Nations Global Compact Leadership Series Retrieved November 17 , 2020 From Https://Www Unglobalcompact Org Wp Content Uploads U N G C _ L S_ E N G _ 0 7 2 8 Pdf Saint Leo University Core Values Statement Retrieved November 18 , 2020 From Https://Www saintleo Edu About Saintleo About Us Missionandvaluespurpose