... Thermo Electron due to the fact that the final version of the Code of Ethics as well as a complete online Ethics training program was recently implemented. The events that lead up to the implementation of this company wide ethics program are discussed throughout the remainder of this paper. Thermo Electron is a large manufacturing and distribution company in the pharmaceutical industry. The shareholders have always placed great emphasis on the cash flows generated to sustain the company's operations. Although no contractual agreements are in place, the company regularly pays generous bonuses to the management team based on positive operating results. Therefore, the managing director, Mark Ellis, is particularly interested in the size of the increase in cash flow operations. Just before the end of the current year, Mark approached the company's accountant to get an idea of how the cash flow position for the year is shaping up. ...

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