Business Ethics

Business Ethics
Ethics
The principles of conduct governing an individual or a group
Guidelines for human behaviorEthical
Knowing the difference between right and wrong and choosing to do what is right
Conforming to the accepted standards of conduct
Morals
Means by which individuals judge their actions and the actions of othersIntegrity
Integrity is feeling comfortable that your actions were morally ‘right’
Integrity Is Doing The Right Thing When No One Is Looking.
(Abraham Lincoln)
“To see what is right and not to do it is want of courage.” (Confucius)
The reputation of a thousand years may be determined by the conduct of one hour.
Japanese proverb
Definitions of Business Ethics as…
‘The study of what constitutes right and wrong (or good or bad) human conduct in a business context.’ (Shaw and Barry, 2007)How do we define ‘good or bad’
‘Principles and standards that guide behaviour in a world of business.’ (Ferrell et al., 2002)

The Purpose of Business
Ethicists do not always agree about the purpose of business in society – some see the main purpose of business is to maximise profits for its owners or its shareholders.Business and Moral ResponsibilityOthers consider that businesses have moral responsibilities to their stakeholders; including employees, consumers, the local community and even society as a whole.Social contractOther ethicists have adapted social contract theory to business, so that employees and other stakeholders are given a voice as to how the business operates
What are Ethics in BusinessMoral behaviour (doing the right thing)Fair and honest.Business Ethics v. Profit
How do we define ‘the right thing’Company Definitions
Companies interpret ‘business ethics’ as they like
Law provides minimum ethical standards:
– No stealing/cheating/deceiving
Do not discriminate because of:
race/gender/disability/sexuality
– Any kind of harassment is illegal (racial,…