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Business Ethics Assignment

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Definition of Business Ethics Business ethics are ethics that refer to the moral rules and regulations governing the business world. In other words, they are the moral values that guide the way corporations or other business make decisions. Some business ethics are imposed by law. For example, the Securities and Exchange Commission governs the way investment bankers and stock brokers do business, and court rules dealing with attorney client privilege dictate some ethical decisions for attorneys.
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    Definition of Business Ethics   Business ethics are ethics that refer to the moral rules and regulationsgoverning the business world. In other words, they are the moral valuesthat guide the way corporations or other business make decisions. Somebusiness ethics are imposed by law. For example, the Securities andExchange Commission governs the way investment bankers and stockbrokers do business, and court rules dealing with attorney client privilegedictate some ethical decisions for attorneys. However, there are alsobusiness decisions that do not fall within the guidelines of the law, inwhich ethical or moral judgments must be made. Business ethics as an academic area is defined by the interaction of business and ethics,and the set of related problems thus generated. At its broadest, it studies the moral justification of economic systems, whether national or international. Within a given system itstudies the moral justification of the system's structures and practices. Since corporations area dominant feature of the free-enterprise system, a good deal of work has focused on thestructures, governance, responsibilities, and activities of corporations. Within the corporation business ethics deals with the moral responsibilities and rights of individual managers andemployees—the more traditional focus of previous work on ethics in business.Those who work in business ethics tend to engage in four types of activity. The first andmost common are the development and discussion of case-studies that raise some moral issuein business. These are used to sensitize students, those in business, and the general public tothe need for ethical considerations in business. Although at first these cases tended toillustrate unethical behavior on the part of large corporations, in recent years there has also been a growing literature on positive cases presenting exemplary corporate or individualactivity. Cases-studies in turn have led to the investigation of the morality of particular  practices, to the responsibility of corporations with respect to consumers and the public, product safety, the rights of workers, environmental degradation, and similar issues. A thirdkind of research considers how corporations might be structured so as to reinforce ethical behavior and discourage unethical behavior on the part of both workers and managers. Afourth kind of activity can be called meta-ethical. This looks at the appropriateness of applying moral language to entities other than human beings, e.g. to corporations, corporatestructures, economic systems. There has been lively discussion of whether corporations canrightly be said to have moral obligations or responsibilities. Terms such as ‘responsibilities’,  ‘conscience’, ‘rights’, & ‘virtue’ mean something different when applied to corporations thanwhen applied to human individuals, as do notions of praise and blame, reward & punishment.The importance of international business has led to discussions of international business ethics and to a reconsideration of moral and cultural relativism, which take onspecial significance when considering doing business in societies with corrupt governmentsand in the absence of many traditional restraints. Work in international business ethics hascalled into question whether Western-type approaches to ethical theory actually enjoy theuniversality which they claim or to which they aspire. The primary focus of international business ethics has been on the actions of multinational corporations from developedcountries operating in less developed countries. Issues include bribery, the use of child labor,and the degradation of the environment, the exploitation of workers, and the increasing gap between rich and poor countries. Global issues involve the justice or fairness of policies of global institutions such as the World Trade Organization and the World Bank, the depletion of the ozone layer, and the appropriate role of corporations and nations in halting or reversingthe process, and the depletion of non-renewable natural resources. The growth of the Internetas a medium of commerce that easily crosses national boundaries has also generated newconcerns about the ethical dimensions of privacy violations by businesses, control of commercial pornography, and protection of intellectual property available in digitalized form.‘Morality’ and ‘ethics’ are terms often used as synonyms: an ethical issue just is amoral issue. Increasingly, however, the term ‘ethics’ is being used to apply to specializedareas of morality, such as medicine, business, the environment, and so on. Where professionsare involved, a governing body will typically draw up a code of ethics for its members.‘Ethics’ in this sense can be thought of as a subset of morality, being that aspect of moralityconcerned with the moral obligations pertaining to the practice of a profession.   2  The main purpose of the Ethics and Business Conduct program is mentioned below: ã Communicate the Boeing Values and standards of ethical business conduct toemployees ã Inform employees of company policies and procedures regarding ethical businessconduct ã Establish companywide processes to assist employees in obtaining guidance andresolving questions regarding compliance with the company's standards of conductand the Boeing Values ã Establish companywide criteria for ethics education and awareness programsThese are the major features of ‘Ethics’ and ‘Business Ethics’. I would try my best for represent these topics. Now I want to show the practical situation of maintaining businessethics of business firms.Here, I show two documents of two companies about the maintaining of ‘Business Ethics’.These two companies are: - 1)Bangladesh Bank &2)The Unilever Ltd. 9th Nurul Matin Memorial Lecture on  Ethics in Banking  Organized by Bangladesh Institute of Bank ManagementBallroom of Dhaka Sheraton HotelRounding up comments by  Dr.  Atiur Rahman , Governor, Bangladesh Bank  Chairman of the Event3  We are deeply thankful to Dr. Akbar Ali Khan for his paper on banking ethics presented before this audience representing the banking community in Bangladesh. In hiserudite and important contribution on the subject Dr Khan has delved deep into theepistemological roots of the notion of ethics in banking identifying various strands of thoughts; recounted recent episodes of ethical lapses and slippages in the global and domesticscene; and suggested ways for deepening and safeguarding ethical conduct in banking business in Bangladesh. Drawing from the divergent strands of thoughts and approaches his paper identifies integrity of financial intermediation as the primary ethical obligation andreduction of ‘manifest injustice’ (following Amartya Sen’s  Idea of Justice, 2009 ) as thesecondary ethical obligation in banking, both ‘conventional’ and ‘alternative’(Islamic banks,MFIs, cooperatives etc.).The urge for ethical conduct srcinates from the core values of civilized social life(including justice, fairness and trust) that are common across varied structures of socialorganization (religious, secular, democratic, totalitarian, capitalist, socialist andso forth); usually enshrined in state constitutions. Regulated and supervised financialService providers of all descriptions including ‘conventional’ and ‘alternative’ banksOperate in the same market and therefore need a common set of ethical codes, Drawn fromthe core values of civilized social life.Ethical banking behavior at the institutional level is enjoined by standards of goodcorporate governance with transparency and safeguards against collusive dealings betweeninsiders or with connected/related interests. Clearly laid out accountabilities and mandatorydisclosure requirements facilitate the watchdog role of market discipline, besides usualsupervisory oversight. Ethical conduct in banks at the personal level is enjoined by bindingclauses in service regulations/employment contracts, with clearly laid out accountabilities anddisclosure requirements about connected/related interests as and when occasions arise.Besides the basic ethical concerns for integrity and trust in financial dealings, financialinclusion opening up blocked advancement opportunities for the poorer population segmentsis a social obligation based on ethical concern for fairness and justice. Conducting business inenvironmentally sustainable ways is likewise another obligation based on ethical concern for fairness to our younger and future generations. Banks in Bangladesh are yet to embracefinancial inclusion and environmental sustainability wholeheartedly as an ethical and socialimperative. Even in traditional financial intermediation, although the quality of bank lendinghas been improving steadily; episodes of improper collusive lending and undue favors toinfluential connected/related parties, driven by perverse incentives, still show up quite often inoffsite and onsite supervision routines; evidencing deficiencies and lapses in ethical codes and practices. We in BB shall be very happy to see and support collective initiative of banks andfinancial institutions in Bangladesh in revisiting their vision/mission statements and their corporate governance, lending and environmental policies and practices towards clearer,sharper restatement and observance of ethical goals and standards at institutional and personallevels. To be inspiring and effective, the initiative will need to be bold and ambitious, aimingat matching, and where feasible even surpassing current international best practices. Clauses4

RK_Sinha

Apr 20, 2018
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