DSST Business Ethics and Society-Study Guide 3 - DSST Business Ethics Society 5 principles of business ethics Do no harm Make things better Respect

DSST Business Ethics and Society-Study Guide 3 - DSST...

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DSST Business Ethics & Society 5 principles of business ethics Do no harm Make things better Respect others Be fair Be compassionate The Kenan Institute for Ethics’ unique approach to ethics advising focuses on improving an organization’s overall culture based upon the Five Principles of Ethically Engaged Organizations ™. Candor – How open, informed, and reciprocal is your communication? Transparency – How transparent are the organization’ governance structures, decision-making processes, policies and procedures? Commitment – How committed are the organization and its people to ethical behavior? Courage – How do the organization and its people do what is right when risk is involved? Accountability – How well do the organization and its people hold themselves accountable for anticipating and responding to ethical challenges? Five Basic Principles for a Worldwide Code of Business Ethics Companies will ensure the safety of their products and services. Companies will encourage transparency in public tenders, in order to minimize incentives for corruption. Multinational companies will pay their workers in every country a wage sufficient for maintaining a life of dignity. They will not practice any form of discrimination, and they will accept the principle of equal pay for equal work. Companies will seek to minimize environmental damage from their activities and will report progress \ Companies will not conduct business with governments that refuse to support these ethical principles, and they will report to the international media any efforts by public officials to subvert or undermine them. Gifts in Kind – (Nonmonetary) When companies make donations of their goods and services to charitable organizations - products manufactured by the firm, technical support, recycling and reuse of obsolete equipment are all examples. A noisy withdrawal ( a proposed rule under the Sarbanes-Oxley) is the public withdrawal of legal representation in which the lawyer, having knowledge of the client's existing or potential improprieties, such as a serious breach of securities law, disavows work done for the client and notifies the proper authorities of his/her withdrawal. Critics who opposed the rule claimed that it would violate attorney-client privilege. Command and control regulations - legislatures mandate specific behavior and establish a regulatory agency to monitor and enforce compliance. Command and control regulation is commonly used by governments to enact social policies. Policies for example related to public housing, state education, welfare etc Focus on preventing environmental problems by specifying how a company will manage a pollution- generating process - generally relies on detailed regulations followed up by an ongoing inspection program. In the US, the Resource Conservation and Recovery Act (RCRA) is a prime example of this kind of regulation.
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  • Winter '12
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  • Business Ethics, Ethics, Political action committee, Ethical egoism, Corporate Ethics Officer

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