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Write 7 pages thesis on the topic buisness ethics: the ethical dilemma of solidarity fund pension scheme.
Write 7 pages thesis on the topic buisness ethics: the ethical dilemma of solidarity fund pension scheme. The Solidarity Fund was founded in 1983 by the Quebec federation of labor with the aim of investing its members’ savings in the local Companies. The Solidarity Fund Pension scheme had two core goals. The first goal of the Solidarity Fund was to democratize access to professionally managed retirements accounts, and the second goal was to support jobs creation and growth in Quebec, either through investment in the long term and medium-sized local companies or by investing in outside companies whose activities were beneficial to the Quebec province. In selecting investment partners, the Solidarity Fund used nonfinancial criteria. the Solidarity Fund sought to invest with the Companies that had conducive working conditions, positive relations with local communities, and commitment to environmental responsibility. Before investing in a Company, therefore, the Solidarity Fund ensured that the company observed the above principles of business ethics and community social responsibility. After investing in a Company, the Company played an active role as a shareholder, often by placing their member on the board of directors. One of the Companies that the Solidarity Fund invested in was the Gildan Activewear founded by two brothers, Glenn and Chamandy in Montreal in 1984. When the Gildan Activewear contacted the Solidarity Fund for funding to finance its expansion, the Gildan Activewear had all the hallmarks of being both environmentally and socially responsible, and for that reason, the Solidarity Fund gave the Gildan Activewear a loan of $ 3 million and invested further $ 3 million. Later, the Solidarity Fund gave the Gildan Activewear more loan and invested more money in the Company. Solidarity Fund’s partnership with the Gildan Activewear proved lucrative, but the Gildan Activewear Company engaged in unethical business practices and for that reason, the management of the Solidarity Fund had to make a decision on whether or not to continue partnering with the Gildan Activewear Company. .  . .
