Role of Ethics and Compliance in Pepsi-Cola PepsiCo has a deep commitment to bring forth sustainability in growth by the empowering of its people (PepsiCo Inc. , 2011). PepsiCo employees embrace a culture that promotes responsibility and provides the building blocks to trust (PepsiCo Inc. , 2011). The company prides itself on being both environmentally responsible and socially conscious this pride is garnered by six guiding principles (PepsiCo Inc. , 2011).
PepsiCo set forth principles that encompass total care of both consumers and customers, offering the highest quality products, conducting business truthfully, creating an equal balance of short-term and long-term goals, being victorious through inclusion and diversity, and being respectful of others and succeeding as a team (PepsiCo Inc. , 2011). PepsiCo has in place a compliance committee that oversees the compliance program at PepsiCo (PepsiCo Inc. , 2011).
The compliance committee makes recommendations that are upheld by the utilization of issue resolution strategies (PepsiCo Inc. , 2011). Four sub-committees make up the compliance committee, they are Anti-trust- whose emphasis is on sales; Safety and Environment- this committee gives oversight to fleets, plants, and the personnel that staffs them; Human Resources- they cover labor issues and employment; Finance- their umbrella covers all financial integrity, Sarbanes-Oxley, and the requirements that has been placed on the company. Ensuring Ethical Behavior
Laws and regulations are imposed by the various state, local, and federal governmental bodies within the United States and beyond its borders. As with any laws and regulations the way that they are interpreted are subject to dramatic change (PepsiCo Inc. , 2011). Changes that are brought about are more often than not, political, economic, and social implications (PepsiCo Inc. , 2011). The affect of food and drug laws; how the products are labeled; practices used in marketing and advertising; the importation and exportation of the various ingredients used to create the product (PepsiCo Inc. 2011).
Many laws are geared toward the reduction of certain ingredients including but not limited to sugars, fats, and sodium (PepsiCo Inc. , 2011). PepsiCo has many policies and procedures in line to ensure regulatory and legal compliance, however, suppliers or an occasional employee may commit serious violations that could institute enforcement of civil and criminal actions this could adversely affect business at PepsiCo (PepsiCo Inc. , 2011). In terms of accounting, strict policies are in place and are necessary to gain a understanding of financial results (PepsiCo Inc. 2011). The policies at PepsiCo call for management to make sometimes difficult decisions in regards to uncertainties that may have an impact on the financial results of the company (PepsiCo Inc. , 2011). PepsiCo does not involve themselves in any alternative accounting methods, other than in terms of pension plans (PepsiCo Inc. , 2011). Estimation methods and critical accounting policies are applied on a consistent basis and are reviewed upon by the Audit Committee at PepsiCo (PepsiCo Inc. , 2011).
Critical accounting policies are upheld in conjunction with pension and retiree medical plans, intangible assets including goodwill and other assets, accruals and income tax expense, and revenue recognition (PepsiCo Inc. , 2011). SEC Compliance at PepsiCo Corporate accountability plays a big role at PepsiCo and all steps have been taken to promote that (PepsiCo Inc. , 2011). PepsiCo uses a formal process for approval as outlined in the Political Contributions Policy (PepsiCo Inc. , 2011). Contributions made by PepsiCo are a reflection of business and strategic interest at PepsiCo (PepsiCo Inc. 2011).
Contributions are not made in the areas of the company’s individual officers or directors; There are no reimbursements to employees for contributions made on their own behalf; an official act with not promote anticipation or the recognition of a contribution; and there is full disclosure of all contributions on the corporate website (PepsiCo Inc. , 2011). Periodic reviews of practices and policies dealing with expenditures and political contributions and are conducted by the Board of Directors at PepsiCo (PepsiCo Inc. 2011). Activities concerning lobbying can be found at http://disclosures. house. gov/ld/pdfform. aspx? id=300437081 (PepsiCo Inc. , 2011). References PepsiCo Inc. (2010). PepsiCo. Retrieved from http://www. pepsico. com/Company/Corporate-Governance. html PepsiCo Inc… (2010). Pepsico. Retrieved from http://www. pepsico. com/Investors/SEC-Filings. html PepsiCo Inc. (2010). PepsiCo. Retrieved from http://www. pepsico. com/Company/PepsiCo-Values-and-Philosophy. aspx
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