The Importance Of Ethics In Business

1331 Words6 Pages
“While ethics have long been of relevance to business, what seems like an epidemic of ethic breaches in recent years has placed ethics in the mainstream of management thought today” Business Ethics can be defined as “The study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance”. Although Ethics have been relevant to business for a long time, interests in ethical companies and ways of doing business increased dramatically in the 1980’s and 1990’s both within businesses themselves and with the public and customers who can also be defined as stakeholders to a business. The majority of medium to large companies in the modern business environment set out their own standards and have a code of ethics that employees should adhere to. A code of ethics sets out guidelines for staff in their business conduct. Businesses have a Corporate Social Responsibility whereby a company ensures its compliance with laws, ethical standards and international norms. Ethical example: There are many companies that behave in an ethical way in how they conduct themselves and their business, one such example is Kenco (originally known as the Kenco Coffee Company), who started
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