About the World Forum for Ethics in Business

The World Forum for Ethics in Business is a registered public interest foundation ("fondation d’utilité publique" – N° 822.216.342) based in Belgium. The mandate of the Forum includes all manners of pursuing and establishing the indispensable ethical foundations of business in a globalised world. The World Forum for Ethics in Business holds a special consultative status with the Economic and Social Council (ECOSOC) of the United Nations. 

Objectives

• Provide a platform for the promotion and defense of ethical approaches to business enterprise and corporate governance
• Facilitate global dialogue and foster cooperation among the private sector, the academic world, government agencies, international organisations, the media, spiritual as well as secular communities and all other stakeholders with the end in view of fostering decency, maximizing human values and building wider public trust in business
• Recruit the broadest possible support for trends, initiatives and projects that would encourage or enhance ethical and/or spiritual motivations, practices, norms and goals in the business world.
• Assume responsibility for continuing the International Leadership Symposium on Ethics in Business Activities - Regularly convene the International Leadership Symposium on Ethics in Business as well as other pertinent public forums and conferences
• Organize meetings, trainings and workshops, including leadership seminars and summits, for the benefit of relevant stakeholders, such as the World Youth Forum for young leaders
• Undertake projects to raise awareness on the critical link between business and spirituality as well as human values
• Give public recognition and award prizes to outstanding individuals and companies for their exemplary work and service
• Raise funds and build resources in support of the mission and objectives of the foundation.
• Cooperate and work closely with the International Association for Human Values to realise common aims and objectives 

Activities

• Regularly convene the International Leadership Symposium on Ethics in Business as well as other pertinent public forums and conferences
• Organize meetings, trainings and workshops, including leadership seminars and summits, for the benefit of relevant stakeholders, such as the World Youth Forum for young leaders
• Undertake projects to raise awareness on the critical link between business and spirituality as well as human values
• Give public recognition and award prizes to outstanding individuals and companies for their exemplary work and service
• Raise funds and build resources in support of the mission and objectives of the foundation.
• Cooperate and work closely with the International Association for Human Values to realise common aims and objectives

The immediate priorities of the Forum are to:

• Increase global awareness of ethics In business
• Facilitate sharing of global best practices
• Enable and support leaders to act ethically
• Forge coalitions for collective action

On 19th November 2010 during the 7th International Leadership Symposium on Ethics in Business, participating leaders together with the World Forum for Ethics in Business adopted the Brussels Declaration for strengthening Ethical Business for Shared Value and Shared Benefits.

Recognizing that:

• In the wake of the global financial and economic crisis, ethical behavior in business has never been more important.
• Responsible business-led growth is critical to global economic recovery, as well as to ensuring sustainable impacts on the environment, local communities, good governance and the poor.
• Collective action across the private sector, civil society and government is essential to establish ethical foundations of business in a globalised world.

This pledge serves as the foundation for the following guiding principles of the World Forum for Ethics in Business:

Get Concrete: Act to promote shared value and ethical leadership at the individual, organisational, sectorial and global levels: WFEB can help deliver concrete results in a few high priority areas (such as anticorruption, extractives, and procurement) by fostering multi-stakeholder coalitions for collective action at global, sectorial, and country levels, anchored around credible codes of conduct, self-reporting, and verification mechanisms.

Serve as models of ethical and socially responsible behavior to inspire current and future generations of leaders across business, civil society and government.

Mainstream corporate social responsibility into current business practices and education: WFEB can deepen its impact by helping firms to mainstream CSR into their corporate strategy, by facilitating knowledge exchange among firms (e.g., WFEB award winners, governments and networks helping to change the corporate culture through innovative leadership programs (TLEX); and recognizing success with awards

Facilitate global dialogue and foster cooperation among the private sector, the academic world, government agencies, international organisations, the media, spiritual as well as secular communities and all other stakeholders with the end in view of fostering decency, maximizing human values and building wider public trust in business;

Share inspiring examples of the intersection of ethics and profitability to build wider public trust in business. Acknowledge and celebrate positive individual and organisational role models

Recruit the broadest possible support for trends, initiatives and projects that would encourage or enhance ethical and/or value-based motivations, practices, norms and goals in the business world.

Broaden Partnerships & Engage Emerging Players: Engage and partner with key individuals, forums, corporate sector organisations and initiatives to leverage our collective ability to deliver transformational impact: WFEB is well positioned to broaden partnerships to complementary forums and organisations and engage emerging markets

Nurture and develop the skills of transformational and ethical leadership in the youth of the world, by imparting tools, techniques and knowledge to build the character of leadership for the future

Recognise and address current trends and needs in the society and assimilate initiatives in those directors in the Key-WFEB agenda

Provide a platform for the promotion and defence of ethical approaches to business enterprise and corporate governance: Assume responsibility for continuing the International Leadership Symposium on Ethics in Business.

Monitor and report on our progress at every annual conference of the World Forum for Ethics in Business

The Vision of WFEB´s International Leadership Symposium on Ethics in Business

Through the International Leadership Symposium on Ethics in Business, the WFEB brings together leaders from all sectors of society to dialogue on the pressing need to strengthen human values and ethics in private and public sector.

As the transforming forces of globalization extend their reach to the remotest corners of the world, there seems to be a growing need to refocus on the identity of humanity as a whole and build upon the common resources available to human society to achieve progress and fulfillment for all. WFEB recognizes the pivotal role of business and the private sector in realizing these fundamental human values in a globalizing world. How wealth is generated, saved and shared in the context of globalization is also a question of individual awareness and human values.

The recent economic crisis has highlighted the challenge of establishing stability and growth in the face of global recession. It has also brought into focus the critical importance of the human dimension in leadership styles and strategies. In the turbulent and globalized corporate environment of increased complexity and speed, traditional governance styles based on unrestricted risk- and profit-taking in corporate boardrooms seem to be giving way to new approaches that are more responsive to broader societal interests. While the risks involved in corporate decision-making are increasing constantly, the economic crisis appears to be pointing to leadership techniques that improve on traditional ways of doing business.

Business and Human Values or Spirituality is often seen as two separate worlds. It is believed that those who are focusing on human values may not be competitive. Perhaps the world of business and the world of human values are no longer two separate worlds.

Emphasizing human values does not necessarily exclude a competitive attitude.

Even with increased competition in business, there are very compelling reasons why ethics should not be compromised, and why ethics could in fact be a prerequisite to profitability.

Instead of offering extra-bonuses and salary picks, leaders today seem to need to offer a sense of common purpose beyond the day-to-day tasks and needs to be able to articulate a shared vision in a way that inspires others to act. Working for the values itself rewards an employee and therefore he or she is usually not seeking further external rewards as values elevate us to act beyond what we can do, to embrace what we should do.

This symposium seeks to examine whether business and ethics are complementary or contradictory in nature, and explore new ways for business leaders to evolve leadership styles that are sustainable, yet profitable for their organizations.

Trust is the backbone of business. In the current economic downturn, as businesses face the challenge of restoring people’s faith and confidence, spirituality and human values can play a key role. Now is the time for us to come together and plan how we can build a sustainable future, and bring peace and prosperity to mankind. Human values and ethics need to be the core of any development. We have seen the flaws in communism; now we are seeing the failings of unbridled capitalism. It is time for a new ‘ism’ – humanism.” Sri Sri Ravi Shankar, Co-Founder World Forum for Ethics in Business