Integrity, conscience and service.

• Author: Cunningham, Colleen
• Position: President George W. Bush's speech on financial services industry

The second inauguration of President George W. Bush has just taken place--with all the pomp and ceremony we do so well. It is helpful to be reminded every four years of the exceptional manner in which our country dissects and reinvents itself on a regular basis. We continue to have our disagreements, to be sure, but once every four years we peacefully gather to restate the ideals our country stands for.

In his address, the President made a powerful and passionate plea for the idea of freedom as the right of all peoples.

"In America's ideal of freedom, the public interest depends on private character--on integrity and tolerance toward others, and the rule of conscience in our own lives. Self-government relies, in the end, on the governing of the self." President George W. Bush, Second Inaugural Address, Jan. 20, 2005 I found it interesting that the President included in this treatise on freedom the above statement, which drills the global notion of freedom down to an individual level. He links together public and private accountability, and makes it clear that conscience and integrity are the underpinning of self-government.

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They are also the underpinning of responsible corporate environments. We have seen all too clearly the negative effects on consumer and investor confidence of a severe lack of conscience and integrity, and we have made enormous strides since the days of Enron and WorldCom. I would hate to think, however, that the spotlight on ethics, which has ruled corporate finance for the past few years, will eventually fade away as just another fad of the moment. There is always the danger than an idea that becomes highly popular--even becomes a "buzzword"--can later be discredited as just a passing phase in popular culture. It is critical to our profession and to the health of our economy that the sea change in corporate ethics awareness remains the norm, and not a passing fancy.

Although we believe that integrity cannot be legislated, we must continue to encourage and motivate our members to take active leadership roles in their organizations and to promote a proper ethical tone at the top. That is where good governance starts.

I have always maintained that the majority of financial executives are ethical and conduct themselves and their businesses with integrity. It is important that we continue to dedicate ourselves to this ideal. FEI has been, and must continue to be, a defining force...