2. Ethics refers to code of conduct that guides an individual in dealing with others Ie. Personal conduct with moral duty and concern human relation with respect to Right & wrong. Ethics rule – not enforced by public authority ETHICS INTERNAL EXTERNAL
3. INTERNAL ETHICS Be honest with oneself Be straightforward Treat other as one wants treatment with oneself Fairness in competing with competitors Right of privacy ( corruption index +time taken to complete the business proceeding) Level of purposeful political interference
4. A Management discipline, which has gained much awareness and important in recent Years, is Business Ethic. Manager across the globe, now realize that the reputation and success of organizations are linked to their compliance with ethical standards. Organisation that are trusted and respected by their stake holders including Employees Customer at large are likely to be more successful in long term
5. It involves complying with company, legal, professional, and regulatory standards and abiding by principles like fairness, honesty, respect and truth. It implies right or wrong in the work place.
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8. Fraud in banks / Telecom. LG bribes for export sale France demands for 20% of telecommunication market in exchange of aid European aerospace company threatens to block EU membership for Turkey and Malta unless their national airlines purchase their aircrafts
9. US used $ 75 billion for bribes $28 billion spent during cold war Indian skirt _ contain phosphorus France has legalized foreign payment as middle man payment. Ancient time interest rate were different (24/36/48/60)
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11. Making Business Ethical 1.Drawing up the code of conduct 2. Familiarizing the employees 3. Implementation of code Ethical dilemmas
12. Business ethic code plays important role in building corporate reputation. According to Wallace “ An ethic code or credo generally describe the highest value to which the company aspire to operate. A code of ethic specifies the ethical rule of operation “ An ethic code has several tangible and practical benefit for a business, an individual as well as the society.
13. Written ethic code can serve following purpose: Develop trust and confidence among public for businessmen Build an environment that ensure that employees and their Companies will behave ethically during the time of crises. Define clear boundaries and standards that can be measured by individuals, other businessmen and society.
14. A rich rubric of ethics Defined by a deeply rooted set of values and beliefs, corporate governance in the Tata Group rests on the twin pillars of trust and integrity
15. Group chairman Ratan Tata's views on the issue are illuminating. Speaking in an interview in 2002, he said: "Business, as I have seen it, places one great demand on you: it needs you to self-impose a framework of ethics, values, fairness and objectivity on yourself at all times. It is easy not to do this; you cannot impose it on yourself forcibly because it has to become an integral part of you. What has to go through your mind at the time of every decision, or most decisions, is: does this stand the test of public scrutiny…? As you think the decision through, you have to automatically feel that this is wrong, incorrect, or unfair…" #####
