Business Ethics PDF

Here’s a simplified and clear summary of the key topics from your slides, designed to help you study efficiently within 3 hours: 1. Moral/Ethical Values  Moral/Ethical Values guide decisions about what is right and wrong.  They reflect personal beliefs and societal norms. 2. Instru...

Here’s a simplified and clear summary of the key topics from your slides, designed to help you study efficiently within 3 hours: 1. Moral/Ethical Values  Moral/Ethical Values guide decisions about what is right and wrong.  They reflect personal beliefs and societal norms. 2. Instrumental vs. Normative Ethics  Instrumental Ethics: Focuses on actions that achieve a goal (e.g., making profits while following the law).  Normative Ethics: Focuses on doing the right thing based on moral duties, regardless of outcomes. 3. Ethical Theories  Utilitarianism: Do what brings the greatest good for the most people. (Outcome-focused)  Deontology: Follow moral rules and duties, no matter the result. (Duty-focused)  Virtue Ethics: Act according to good character traits like honesty and kindness.  Ethics of Rights (Veil of Ignorance): Make fair decisions by imagining you don’t know your own status in society. 4. Ethical Decision-Making Influences  Individual Factors: Personal values, moral development, past experiences.  Situational Factors: Company culture, pressure from others, and rewards. 5. CSR vs. Corporate Governance  Corporate Social Responsibility (CSR): Companies' responsibility beyond profit: o Economic: Be profitable. o Legal: Follow the law. o Ethical: Do what’s right. o Philanthropic: Support social causes.  Corporate Governance: Rules and systems to ensure companies act ethically and transparently (includes accountability and control). 6. Stakeholder vs. Shareholder Theory  Shareholder Theory: Companies should focus on maximizing profits for shareholders.  Stakeholder Theory: Companies must consider the needs of all stakeholders (employees, customers, communities, etc.). 7. Sustainability (Triple Bottom Line)  Economic: Financial health.  Environmental: Protect the planet.  Social: Support communities. 8. Sustainable Frameworks  UN Sustainable Development Goals (SDGs): 17 global goals for sustainable progress.  Triple Bottom Line: Focus on profit, people, and the planet.  ESG Score: Measures company performance in Environment, Social, and Governance.  Doughnut Economics: Balance between an ecological ceiling (avoiding harm to Earth) and a social foundation (ensuring basic human needs). 9. Globalization and Ethical Considerations  Cross-Cultural Ethics: o Cultural Relativism: Follow local customs. o Universalism: Stick to universal moral rules.  Social & Political: Companies must respect human rights and adapt to different political systems. 10. Ruggie Principles (UN Guiding Principles on Business and Human Rights)  Protect: Governments must protect human rights.  Respect: Businesses should respect human rights.  Remedy: Victims must have access to solutions when rights are violated. 11. UN Global Compact  A voluntary agreement where companies commit to sustainable and socially responsible policies in human rights, labor, environment, and anti-corruption. 12. Ethical Corporate Culture & Leadership  Core Ethical Values: Shared beliefs about right and wrong in a company.  Ethical Leadership: Leaders model ethical behavior and guide employees to do the same.  Ethics Program: o Compliance: Follow rules and laws. o Values-Based: Focus on core principles. o External: Address public and stakeholder expectations. o Protection: Prevent legal issues.  Codes of Ethics/Conduct: Guidelines for expected behavior.  Mandated Boundaries: Required by law.  Private Practices: Internal company rules.  Voluntary Boundaries: Going beyond rules for ethical reasons.