BUSINESS ETHICS AND CORPORATE RESPONSIBILITY
Week 1
Ethics is derived from a Greek word ‘ethos’ which means, customers, conduct or character. The things
people should be doing or shouldn’t be. It's very much concerned with morals and values like what are
the moral beliefs that should be upheld. It branches to virtuousness which does not only focus on
people’s behaviour but also the motive for doing things.
Ethical Theories are the rich web of theories derived from people debating about ethical issues and
deciding what's right or wrong. They are the rules and principles as a guide.
Corporate social responsibility is “the responsibility of enterprises for their impacts on society”. To
fully meet their corporate social responsibility, enterprises should have in place a process to integrate
social, environmental, ethical, human rights and consumer concerns into their business operations
and core strategy in close collaboration with their stakeholders, with the aim of:
–maximising the creation of shared value for their owners/shareholders and for their other stakeholders
and society at large;
–identifying, preventing and mitigating their possible adverse impacts.”
Challenges of this concepts
1) Demand for transparency and disclosure which means stakeholders should know what and with
whom the company is doing the business with. Business need practices that prioritise effective
ways to collect, organise, analyse, and manage their data for clear, accurate, and complete
reporting of financial and business activities
2) Uncertainty which means some plans can work now but not in the future hence True corporate
responsibility requires a plan to address your company’s approach to not only current hot button
issues, but the challenges that lie on the horizon.
Why CSR is important for a business
1) Can help retain employees which means CSR also means treating people right. Treating
employees kindly will enhance their productivity and positive efforts from them.
2) Social media which means everything is so exposed, everyone gets to know everything quickly
hence being socially responsible is crucial.
3) Changing customer’s perception which means if the company is socially responsible, they can
improve their brand image or perception in customer’s mind as a positive thing.
4) Acts like a sign of accountability which means investors will be more attractive to the company
who is CSR hence they’ll invest more in the company.
Week 1
Ethics is derived from a Greek word ‘ethos’ which means, customers, conduct or character. The things
people should be doing or shouldn’t be. It's very much concerned with morals and values like what are
the moral beliefs that should be upheld. It branches to virtuousness which does not only focus on
people’s behaviour but also the motive for doing things.
Ethical Theories are the rich web of theories derived from people debating about ethical issues and
deciding what's right or wrong. They are the rules and principles as a guide.
Corporate social responsibility is “the responsibility of enterprises for their impacts on society”. To
fully meet their corporate social responsibility, enterprises should have in place a process to integrate
social, environmental, ethical, human rights and consumer concerns into their business operations
and core strategy in close collaboration with their stakeholders, with the aim of:
–maximising the creation of shared value for their owners/shareholders and for their other stakeholders
and society at large;
–identifying, preventing and mitigating their possible adverse impacts.”
Challenges of this concepts
1) Demand for transparency and disclosure which means stakeholders should know what and with
whom the company is doing the business with. Business need practices that prioritise effective
ways to collect, organise, analyse, and manage their data for clear, accurate, and complete
reporting of financial and business activities
2) Uncertainty which means some plans can work now but not in the future hence True corporate
responsibility requires a plan to address your company’s approach to not only current hot button
issues, but the challenges that lie on the horizon.
Why CSR is important for a business
1) Can help retain employees which means CSR also means treating people right. Treating
employees kindly will enhance their productivity and positive efforts from them.
2) Social media which means everything is so exposed, everyone gets to know everything quickly
hence being socially responsible is crucial.
3) Changing customer’s perception which means if the company is socially responsible, they can
improve their brand image or perception in customer’s mind as a positive thing.
4) Acts like a sign of accountability which means investors will be more attractive to the company
who is CSR hence they’ll invest more in the company.
