3. Introduction Business ethics is a branch of ethics which prescribes standards of how the business is to be carried out. Guidelines to stakeholders The responsibility of the managers and employees The application of ethical judgments to business activities.
8. Need for business ethics Introducing Socialism in Business Interest of Industry Buyers Market Better Relations with Society Advantages to Business and Society
9. Importance of ethics in business Goodwill Profitability Going concern is assured Sustainability Survival of heated competition Safety from legal perspectives.
11. Morality Derived from latin word “moralities”. It is a system of conduct which is virtuous. Refers to personal or cultural values. It refers to what is considered right or wrong by people.
14. Concept of right Legal right Human right Employee right Moral rights
15. Concept of duty Rights and duties are correlative Duties are what he/she owes to others.
16. Ethical organisation Organisation should posses ethical behaviour. Three theories provide a framework fro judging ethical nature in business. 1. theory of corporate excellence. 2. Ethics and shareholders value. 3. ethics and corporate governance.
17. Code of conduct A state of rules to guide behaviour and decisions.
18. Why Have a Code of Conduct A code is an open disclosure of the way an organization operates Codes of conduct offer an invaluable opportunity for responsible organizations to create a positive public identity for themselves Tool to encourage discussions of ethics and to improve how employees/members deal with the ethical dilemmas, prejudices and gray areas
