Ethics and Social Responsibility

What are ethics?

Laws or guidelines that dictate or highlight how a person should behave.

How to know if a org is behaving ethically?

1. Treat stakeholders freely

2. Hold stakeholders accountable for their action

3. Rewarding integrity from all members

4. Good communication of core principles

What are 4 ethical issues faced by businesses?

1. Discrimination

2. Whistleblowing

3. Nepotism/favouritism

4. Unhealthy working environment

What are 6 ethical responsibilities of businesses?

1. To keep true records

2. Balance desire for profit against needs of society

3. Comply with the laws of the land

4. Provide value for products/services

5. Treat employee/client fairly

6. Ensure of proper waste management

The customary code of polite behaviour in business setting

Business Etiquette

What are three business etiquette practices?

1. Being on time

2. Small chat

3. Shaking of hands

What is CSR?

CSR refer to thecontrolling/managing of an organization ensuring their practices/activities not only the business itself but the economy and the environment, as it really focuses on the triple bottom line.

What is the triple bottom line?

Social, Eonomic and Environmental

What are the four dimensions of CSR?

Philantrophic,Legal,Ethical and Economic

Give 3 areas each bottom line focuses on

Social- training, fair treatment and proper working environment

Economic- payment of expenses, budgeting and bulk purchase for economies of scale advantange

Planet- implementing waste management practice, reducing paper trails, working online

Ways to demonstrate CSR

1. Community outreach/events

2. Implementing waste practices

3. Developing public facilities

4. Sponsoring events

5. Correct pricing and high quality goods

The way how a company is managed, monitered and held accountable.

Good Corporate Governance

Elements of good corparate governance

1. Having organizational structure

2. Ensuring laws are followed

3. The interest of all stakeholder is taken into consideration

4. Selection of Board of Governor

Principles of Corporate Governance

1. Responsibility

2. Accountability

3. Fairness

4. Transparency

Requirements for gcg

1. Equitable treatment of shareholders

2. Diversity in the board

3. Right of shareholder to financial statement

4. Transparency

Forms of SOE

1. Social Enterprise

2. Community based organization

3. Philantrophic orgs

Business Ethics

This refers to the guidelines, rules or standard set in place in a business to help with decion making, safer working environment or even to enusre business behaviour in the workplace is one of integrity, social responsibilty and faireness which helps the buisness provide services in acorrdance to the law.