business ethics and corporate governance lecture notes pdf

To ensure that intermediaries do not manipulate the prices.To ensure accuracy in weights and measures.The following are the highlights of code of conduct of CFBP: Similarly, just because an act is illegal does not necessarily mean it is immoral.Ī code of conduct is framed by Council for Fair Business Practices (CFBP) for its members.For example, it might be unethical to lie to your family, but it is not necessary illegal. Therefore, an action might be unethical, yet not necessarily illegal. The law cannot codify all ethical requirements.The question, “Is an act legal?” is different from the question, “Is an act ethical?” Law and ethics are not the same thing.

The law is an expression of the ethical beliefs of our society.

Although all people have ethical responsibilities, higher ethical standards are imposed upon professionals who serve as social models, such as physicians, attorneys, and businesspeople.Ethics that applies to business (business ethics) is not a separate theory of ethics rather, it is an application of ethics to business situations.Although ethics provides moral guidelines, individuals must apply these guidelines in making decisions.But in doing so, businesspeople also have a responsibility to the public and themselves to maintain ethical principles.

Corporate business executives have a responsibility to their shareholders and employees to make decisions that will help their business make a profit.

Business ethics focuses on what constitutes right or wrong behavior in the world of business.

Ethics involves an active process of applying values, which may range from religious principles to customs and traditions.Ethics has to do with fundamental questions such as “What is fair?” “What is just?” “What is the right thing to do in this situation?”.Ethics is the branch of philosophy that focuses on morality and the way in which moral principles are applied to everyday life.

Business ethics and corporate governance lecture notes pdf