The theme of the event organized by the Labor &Ethics Committee at the American Chamber of Commerce was “Ethics in Business in a Changing World – Practical Aspects.” A distinguished panel consisting of Committee Chairman Roden Pajaj, AmCham Vice President Edlira Muka, President of the Abraham Lincoln Foundation Paul Lofquist, and the leader of the Group of Associations focusing on trade, banking, and financial misconduct in England, David Mcilroy, engaged with Chamber members in a thought-provoking discussion on the concept of ethics in business decision-making.
In today’s business landscape, companies face the challenge of maintaining a delicate balance between pursuing profit and fostering fair, ethical relationships with employees, clients, and partners. This challenge formed the core of the discussion, drawing insights not only from the panelists but also from the attendees present at the meeting.
Roden Pajaj emphasized that acting with integrity is not an unattainable ideal but a reality that can be achieved through a well-thought-out long-term plan. He expressed, “Ethical conduct not only safeguards a company’s reputation and sustainability but also nurtures trust among stakeholders, leading to enduring partnerships, talent retention, and customer loyalty.”
Edlira Muka, Vice President of AmCham Albania, underscored the idea that ethical practices bring rewards in the long run. Decisions grounded in ethics help build strong, authentic relationships that contribute to productivity and loyalty in the workplace.
A pivotal part of the discussion revolved around Paul Lofquist’s insights. He serves as the President of the Abraham Lincoln Foundation in Albania, an organization dedicated to upholding ethical principles in business practices. Mr. Lofquist brought forward the American experience in establishing sustainable institutions that rely on ethical decisions to create a lasting legacy. These principles of ethics and integrity were embedded in the American Constitution by the founding fathers over two centuries ago, and they continue to guide and refine ethical practices today. Complex business decisions often bring ethical dilemmas to the forefront, making the values applied by leaders in business more critical.
Dr. David Mcilroy illustrated the practical application of ethics in business and decision-making, using examples from the involvement of banks in the financial crisis of 2008-09. For Mr. Mcilroy, the model adopted by a business and the values it embodies are of paramount importance. They not only influence decision-making but also define the ethical foundation upon which a business operates, thus steering it towards a choice between profit and ethical integrity.
AmCham members engaged in a vibrant exchange of thoughts and opinions with the panelists on the challenges they currently face in their pursuit of building successful businesses guided by values in a dynamic and increasingly competitive society.