How Online

It's the best of times right now, says HOW Online contributor Thomas M. Kostigen. Think about it: When in modern history can you have pointed to a bottom with such assuredness? We’ve cleaned the sewage system in the finance industry; we’ve purged the subprime mortgage bankers, brokers and borrowers; we’ve blown open the biggest Ponzi scheme ever. The worst of times is behind us; there is hope — and the emblem of that hope, President-elect Barack Obama, will soon take office, says Kostigen.

Many companies are making a commitment to corporate responsibility by contributing to education. These programs often enrich curricula in everything from science and technology to literacy. This changing role of business in society moves beyond just maximizing returns to shareholders to include being good corporate citizens equally responsible to different constituencies and diverse communities.

Since the birth of the modern Internet, the Net has served as an extraordinary digital microphone, enabling companies to broadcast mostly good news about products and services. But now, amid a struggling global economy, executives are learning hard lessons in transparency about trying to keep secrets from the digital universe.

Since U.S. companies operate across vast geography, they encounter local cultural practices — some of which might be antithetical to organizational standards. How should a values-based company respond to local customs? HOW contributor and former GE general counsel Ben W. Heineman Jr. explores how the internal values and integrity of GE guide its global business and responsibilities in foreign cultures.

History has a way of repeating itself. In 1987, the markets also faced fluctuating oil prices and a credit crunch. When the tide came back with a vengeance, Mellon Bank Corp. faced its first loss in 120 years. But the money management giant recovered. The key to its rebirth was a lesson from history: A company cannot pull itself out of trouble without applying transparency and honesty.

GE, where Ben W.Heineman, Jr. served as general counsel, has become known as a sustainability pioneer with its "ecomagination" initiative. His latest book also deals with the idea of companies meeting and solving social and commercial needs, not as a PR effort but because it's good, sustainable business. In Part 2 of our continuing "First Person" series, HOW contributor Heineman discusses the role of the CEO in engaging employees in high performance while adhering to rules and ethical standards, and in creating integrity-based corporate cultures and sustainable practices.

We've heard the phrase, "give the gift of giving." But in this economy, should we give to charities instead of product manufacturers? Profit and nonprofit organizations can both use our dollars right now. We have the responsibility of keeping society afloat during hard times — and that includes businesses as well as charities; our conscience as well as our economy.

When he served as general counsel and senior vice president for law and public affairs at The General Electric Co., Ben W. Heineman Jr. was one of the top officers responsible for ensuring compliance with the law and rules set by the technology and services giant. So why does Heineman’s new book put so much emphasis on why values are vital in today’s marketplace? HOW Online's Dov Seidman asks Heineman whether it is counter-intuitive for a lawyer to advocate for what some consider the “softer” issues of business.