Group 1:

Evangelista, Edelle Louiefe D.

Evangelista, Julie Ann M.
Evangelista, Krizmar M.
Labis, Georgina Gladdys B.
Tamsi, Pericles Z.

REFLECTION PAPER

We have learned a lot of important topics during our last meeting. First off, there were
two laws that were introduced to us in response to some “big-time corporate scandals”. In the
United States, Sarbanes-Oxley Act was signed into law last July 2022 in response to the Enron
corporate scandal. This law established sweeping changes dealing with financial reporting,
conflicts of interest, corporate ethics, and oversight of the accounting profession. Some of the
important aspects we took note of this law include establishment of a public company accounting
oversight board, auditor communications with audit committees, creation of audit committee
standards, several certification requirements, forfeiture of certain bonuses and profits by the CEO
and CFO, and prohibitions of personal loans to officers and directors.

In the late 1980s, there was a series of sensational business scandals in the United
Kingdom. Of special importance, there was a public outrage at the plundering of pension funds
by Robert Maxwell, at the failure of auditors to expose the impending bankruptcy of the Bank of
Credit and Commercial International, and at the apparently undeserved high pay raises by senior
business executives. In view of this, the Cadbury report emerged and the corporate governance
committee was set up in response to continuing concern about standards of financial reporting,
accountability, and the London Stock exchange. The Sarbanes-Oxley Act and Cadbury report
have similar stipulations designed to prevent corporate scandals which lead to macro-economic
disasters from happening ever again.
 Ethical issues were again discussed thoroughly to remind us that business ethics are
complex and multi-faceted and that decisions can be extremely tricky. There are three pillars of
ethical organization – ethical individuals, ethical leadership, and the ethical structures. The
diagram model for the three major responsibilities (ethical, legal, and economic) was also
presented to aid us in ethical decision making. This is a useful guide and will surely come in
handy when we become managers who will make important hospital decisions one day.

Next, let's talk about something that is equally important - sustainable management in
hospitals. You might be wondering, what's the big deal about sustainability, right? Well, let us tell
you, it's a game-changer! Imagine a hospital that's like a big energy-eating monster, using tons of
electricity, water, and creating mountains of waste every day. Sounds scary, doesn't it? That's
where sustainable management comes in. It's all about finding ways to run hospitals in a way that
doesn't harm the environment and saves resources for the future.

Now, why is this so important? Think about it - hospitals are there to heal people and
save lives. But if we don't take care of our planet, how can we ensure a healthy future for
everyone? By being sustainable, hospitals can reduce their impact on the environment and make
sure they have enough resources to keep helping patients for years to come.

So, how can hospitals achieve sustainable management? It's not as hard as it sounds! One
simple step is to use energy-efficient equipment and light bulbs. This can help reduce electricity
usage and lower the hospital's carbon footprint. Another cool idea is to set up recycling
programs. By recycling paper, plastic, and other materials, hospitals can cut down on waste and
protect natural resources.

Water is another important issue. Hospitals use a lot of water, from washing hands to
cleaning equipments. To be more sustainable, hospitals can fix leaks, use water-saving devices,
and educate staff on the importance of conserving water. Every drop counts! But it's not just
about the technical stuff. Sustainable management is also about spreading awareness and getting
everyone on board. Imagine if every doctor, nurse, and patient in a hospital understood the
importance of sustainability. We could all work together to make a difference, one small step at a
time.

By making sustainable choices in everyday operations, hospitals can be superheroes for

the planet and their patients. It's like a win-win situation! So, let's all join hands and support
sustainable management in hospitals. Together, we can create a healthier, greener future for
everyone.

The concept of corporate governance was also introduced to us. Corporate governance is
the system by which business corporations are directed and controlled. It specifies the
distribution of rights and responsibilities among different participants in the corporation, such as
the board directors, executive and non-executive managers, shareholders, and other stakeholders.
Corporate governance spells out the rules and procedures for making decisions on corporate
affairs and provides the structure through which the company objectives are set, and the means
of attaining those objectives and monitoring its performance.

As what we understand, a good corporate governance has a positive link to economic

development and good corporate performance. Funds will flow to entities which are seen to have
internationally accepted standards of corporate governance. It is sad to note that foreign investors
do not invest in the Philippines as much as they do in other countries. Investors are not willing to
invest in countries that are corrupt, prone to fraud, poorly managed and lack sufficient protection
for investors’ rights. Corporate governance is a broad topic to digest in just one class sitting and
we humbly acknowledge our limitations with regards to this new concept. Nevertheless, we have
somehow grasped the fundamental ideas needed to pursue this course and we hope that we can
all put the CSR concepts into good use in our respective institutions.