In the spring of 2002, the Center convened a special Leonard Wagner program on ethics in which four business leaders, under the direction of Professor Bruce Buchanan, the C.W. Nichols Professor of Business Ethics and the Director of the Stern School Markets, Ethics and Law Program, assembled to discuss the market forces acting against business ethics. Participating were Mr. Lawrence Zicklin, former CEO of Neuberger Berman and an adjunct professor at Stern, Melvin Heinemann, Esq., former general counsel for Lazard Freres Co., LLC, and James S. Gerson, PricewaterhouseCoopers. The keynote address was given by Robert H. Mundheim, Esq., former Dean of the University of Pennsylvania Law School, former general counsel of Salomon Smith Barney, and now of counsel to Shearman & Sterling, LLP.

The discussion centered around the problem of trying to induce people in organizations to act ethically. In the final analysis, the tone at the top of the organization was thought to be the most important factor. If senior management wants ethical conduct in the corporation, then it will be more likely to get it, but high-powered incentives must be seen as constructed temptations and they must be offset with both the right tone at the top as well as with well-designed monitoring and control systems. The role of the board of directors as demanding an ethical enterprise was also seen as important. Questions and answers among the panelists followed the discussion.

In the 2004-2005 academic year, the Wagner Fund is sponsoring a new graduate research fellowship called the Wagner Fellowship in Law and Business. For more information, please click here.