MEMO

02 Aug MEMO

Below you will find a summary of your job description for this dilemma. Knowing what is expected of you within your role will help you understand your responsibilities better.  Chief Financial Officer  Responsible for all global financial and risk management operations of the company, including the development of a long-term financial strategy, metrics tied to the strategy, and the ongoing development and monitoring of control systems designed to preserve company assets and report accurate financial results. Works closely with the senior executives and Board of Directors to establish financial and strategic goals for the organization’s financing and investing strategies and policies that comply with legal, regulatory, and SEC requirements. Other duties include overseeing all aspects of financial planning and reporting, including the controller function, accounting, external reporting, treasury, and tax on a global basis to ensure compliance with financial reporting standards, shareholder requirements, and regulatory compliance.

There were a couple of anomalies in the Phase I study, but with a different pool of subjects and some modifications, we were able to produce some very promising results for our Phase II tests. The time has come to prepare for the move to Phase III trials, which means we’re going to need some money out here.  Haggling with the venture capitalists is your bit, but I think you’ll have a few good angles to work with based on our findings. The drug is working wonderfully for its intended market, namely recently-injured teens rebuilding muscle strength in atrophied or traumatized tissue. However, the success of the research is not so limited.  This product has secondary market potential for adults, as well as for teens needing assistance in the recovery from less traumatic injuries. You could even market it to healthy people as a muscle-building supplement.  I do enjoy having only good news for a change. Those first few tests were a bit distressing.  Elizabeth Anderson, M.D. Senior Clinical Researcher G-BioSport

The time has come for the big pitch to Ms. Thomas at Tuttle and Shray. Our initial request is going to be for 52 million, which will not only cover the funding needs of our clinic for the third round of tests, but also get us well on our way for new products. The question, of course, is what figures we can present to our investors to secure their involvement. I’m pleased to present the report from the marketing team.  The projections indicate that TotallyBuff will generate profits anywhere from 500 million to 750 million. Yet, if the secondary markets you referred to pan out, our possible income could be as high as 1.2 billion. Our sales force cannot actively market such ‘off-label’ use of the drug; however, I’ve found that in these negotiations, it’s really best to downplay that factor. We want to present the most favorable projections possible to our investors.  I have complete faith in you as we move forward with this opportunity. Without your involvement, much of this new money would not have been possible.  Patricia Morgan Senior Vice President, Business Development G-BioSport

We’re still on for lunch, right? I wanted to bring some data from our TotallyBuff tests. I know, I know, it wasn’t supposed to be a working lunch, but I just wanted you to take a quick look, because I have some concerns.  Here’s the thing. Everybody’s been raving about the research results from Dr. Anderson’s clinic, but the results from our local trials just haven’t been as stellar. Hey, I’m just a lowly research scientist, and I don’t get access to all that big picture stuff you do, but some of these results are, well, a bit less than perfect. We just can’t duplicate the results Dr. Anderson and her team have been getting.  It’s probably no big deal. Off the record, though, I think your ‘friends’ with this deal are giving you a bit more help than you paid for.  Bill

When faced with an ethical dilemma at work, we have resources at our fingertips to help us decide what to do. These resources may include our Employee Handbook, key policies and procedures, and standard operating procedures. We also have to be aware of the federal, state, and local laws that may apply to the situation. Here are the key points you should know:  Code of Ethics Investor Relations: Capital Formation Our Goals: G-BioSport strives to be honest and fair in all our business dealings. We will compete for business aggressively but fairly, complying with all laws protecting competition and the integrity of the marketplace.  Fair Dealing G-BioSport strives to outperform competitors fairly and honestly. Advantages over our competition are to be obtained through superior performance, never through unethical or illegal business practices. Acquiring proprietary information from others through improper means, possessing trade secret information that was obtained without the owner’s consent, or inducing disclosure of confidential information from past or present employees of other companies will be prohibited, even if motivated by the best intentions to advance the interests of G-BioSport. Employees are asked to consult their supervisor or Carson Nelson, our Chief Executive Officer, if they obtain information by mistake that may constitute a trade secret or other confidential information of another business, or if they have any questions about the legality of proposed information gathering.  This should help you as you work through this ethical dilemma. Good luck!  Rian

Whether to include all the information you have in the proposal to the venture capitalists, while reminding them that you cannot actively market to the newly discovered secondary application of the product.

The Shareholders
			(Correct—Primary Stakeholder) The stakeholder theory acknowledges the importance of shareholders and that maximizing shareholder value is one of the company’s primary purposes. However, it is important to remember that shareholders should not be considered the only stakeholders of any consequence.
The Board of Directors
			(Correct—Primary Stakeholder) Because the Board will have to approve the transaction if your pitch to Tuttle and Shray is successful, they are directly impacted by your decision. They could also be liable if the investment doesn’t pan out and you knowingly provide inaccurate information.
		Carson Nelson, Chief Executive Officer
			(Correct—Primary Stakeholder) The CEO is also directly involved in this setting as his job is to shepherd the financial health and well being of the company. Along with the Board he will have to review and approve your pitch, if you are successful.
G-BioSport Business Development Team
			(Correct—Primary Stakeholder) Your team will be impacted by your decision because they will be the ones to carry it out. Thus, by definition, they are stakeholders.
		You, Chief Financial Officer of G-BioSport
			(Correct—Primary Stakeholder) As before, you must remember that you are involved in the situation as well. The decisions you make impact your skills and reputation.
		Jennifer Thomas, Director, Tuttle and Shray Venture Capital
			(Correct—Primary Stakeholder) Because she will decide for the venture capital firm whether or not to fund the project, she will be directly impacted by your decision about what information to include in the pitch and how you present the information. Therefore, she is a stakeholder.

Right of investors to accurate information about financial projections and bases of those projections, including limitations.
			(Correct—Right to Notice) This is an expression of the right to notice. The hallmark of a just system is that it provides information so that individuals can make informed choices, based on their own risk tolerance.
		Right not to be lied to by those seeking investments.
			(Correct—Right to Have Contracts Honored) An implied contract exists between those seeking investment and those with capital to invest. Successful negotiations are based on this basic liberty. Where it is violated a lawsuit is likely to follow.
Right to exercise independent judgment about whether to invest capital in someone else’s business.
			(Correct—Right to Voice) Both notice and voice are implicated in this right. One must have information (notice) in order to exercise independent judgment. That exercise of judgment is participation in the process, which is what the right of voice is all about.

Good Option—Relationship Lens) Providing the VC firm with meaningful disclosure about the revenue projection limitations is important. This option is a bit heavy-handed, but you are still clearly making a sales pitch.

Fairness to investors
			(Correct—Ethical Virtue) All investors need timely, accurate and meaningful information in order to make intelligent decisions about their investments. Providing different information to different investors does not meet the requirements of this competency.
Interpersonal skills
			(Correct—Ethical Virtue) In order to effectively develop business relationships, you must relate well to all kinds of people, inside and outside the company. The leader with this competency is also able to develop rapport and diffuse tense situations.
		Negotiating
			(Correct—Ethical Virtue) This is clearly a competency necessary to develop business relationships that benefit the company. The ethical component requires coordinating the values of both groups and assuring a benefit to internal as well as external stakeholders.
Informing investors
			(Correct—Ethical Virtue) Integrity in investor relations depends on informed people making thoughtful choices. Thus, providing transparent financial information, including bases of revenue projections and the limitations of calculations allows investors make reasoned choices.
		Embody company values
			(Correct—Ethical Virtue) Those responsible for carrying out the values of the company must be committed to those values, and demonstrate that commitment in their actions.
		Self-knowledge
			(Correct—Ethical Virtue) The ability to see both your strengths and weaknesses without rose-colored glasses or shame. Finding the balance between judgment and pride is the key to a mature expression of this competency.

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