Professional Ethics

Professional Ethics - Code of Ethics: Three general...

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Code of Ethics: Three general principles are to be included in a company's Code of Ethics: 1-honest and ethical conduct. 2-full, fair, accurate, timely and understandable disclosure in SEC filings. 3-compliance with applicable governmental rules and regulations. In practical terms, business ethics standards distinguish between desirable and undesirable behavior and actions in relation to the following, as well as among other considerations: • General understanding of what is considered to be right or wrong, • Compliance with laws and regulations, both external and internal, • Resolution of conflicts, • Conflict of interest, • Whistle-blowing, • Bribes and kickbacks, and • Social responsibilities. Despite the existence of various acts, codes and regulations addressing issues of business ethics on national, corporate and individual levels, there are always external and internal factors that may encourage unethical behavior. • On the individual level, the personal judgment of an employee often depends on his or her personal life experience, educational background and social status. All of these are different for everyone and as a result, each individual may react differently to the same situations. • On the organizational level, organization-specific features such as management style, group dynamics, remuneration/promotion systems and practices, performance evaluation, budgeting and reporting processes as well as overall condition of the business, are all important factors impacting the behavior of individuals in more or less significant ways. • Outside of the organization, external pressures and influences such as those of competitors, investors, partners, customers, governments (especially in a different country) and other stakeholders may compel individuals to compromise their ethical standards. Ethical principles HFOR Members of IMA shall behave ethically. A commitment to ethical professional practice includes overarching principles that express our values, and standards that guide our conduct. Honesty means fairness and straightforwardness of conduct. It is the quality of being upright, having integrity, truthfulness, sincerity, frankness, and freedom from deceit or fraud. Fairness
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This note was uploaded on 08/16/2011 for the course MGMT 301 taught by Professor Hisham during the Spring '11 term at McMaster University.

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Professional Ethics - Code of Ethics: Three general...

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