3.4.4 - business ethics

whistleblowing

when someone in the business discloses something negative about the business that could impact it

csr

corporate social responsibility - companies’ commitment to ethical behaviour

ethics

behaving in a morally correct manner

ethical code of practice

an internal document that outlines a guide for ethical practices to ensure all employees are aligned

remuneration

payment/compensation an employees receives for their work, including both monetary and non-monetary benefits

sanctions

good/bad enforcement of penalties for firms/countries

trade embargo

a government-imposed restriction/ban on the exchange of goods/services/tech w/ a specific country/entity

what are trade embargoes used for

political/economical pressure used to influence a country’s policies or behaviour

national minimum wage

the minimum amount to pay an employee

issues that require strategic decisions based on ethics

the environment, animal rights, workers in developing countries, corruption, new technologies, product availability, trading issues

environment ethical decisions

recycle material even if lowers profits, pollution/environmental damage

animal rights ethical decisions

using animals to test products, damaging habitats, endangering animals

workers in developing countries ethical decisions

exploitation, the extent to which low costs should be at the expense of the worker

corruption ethical decisions

bribes to make customers sign contracts

new tech ethical decisions

nuclear power generation, genetically modified crops

product availability ethical decision

pharma companies charging high prices in developing countries

trading issues ethical decisions

countries condemned internationally for policies pursued by their government