Business Ethics Flashcards
principles and moral guidelines that govern the behaviour and DM process of indiv and orgs
Integrity
Upholding honesty and truthfulness in all business dealings, including communication, financial transactions and relationships
Fairness
Treating all stakeholders fairly and without discrimination. This includes fair wages, pricing and competition
Respect for Stakeholders
Recognising and respecting the interests, rights and well-being of all stakeholders, such as customers, employees, suppliers and the community
Transparency
Providing clear and accurate information about business activities, performance and decision-making processes. Transparency builds trust and fosters accountability
Compliance with local Laws and Regulations
Operating within the legal framework and adhering to industry regulations and standards. Ethical behaviour goes beyond mere compliance and considers the spirit of the law
Corporate Social Responsibility
Taking responsibility for the impact of business activities on the environment, society and communities. This involves contributing positively to social and environmental causes.
Conflicts of Interest
Avoiding situations where personal interests could conflict with the interests of the business or its stakeholders. This includes disclosing and managing potential conflicts
Accountability
Taking responsibility for one’s actions and the consequences of the business decisions. This includes learning from mistakes and continuously improving ethical practices.