Lesson 3 Flashcards
Refers to the level of even-handedness in dispensing justice whereby
claims are recognized in the order of their legal and contractual priority.
Fairness
means giving each person what he or she deserves or, in more
traditional terms, giving each person his or her due.
Justice
standard of rightness
Justice
ability to judge
without reference to one’s feelings or interests, or ability to make judgements that are not overly general but that are concrete and specific
to a particular case.
Fairness
Different Kinds of Justice:
Distributive Justice
Retributive or Corrective Justice
Compensatory Justice
refers to the extent to which society’s institutions
ensure that benefits and burdens are distributed among society’s members
in ways that are fair and just.
Distributive Justice
refers to the extent to which
punishments are fair and just.
Retributive or Corrective Justice
refers to the extent to which people are fairly compensated for their injuries by those who have injured them, just compensation is proportional to the loss inflicted on a person.
Compensatory Justice
Is the obligation of an individual or organization to account for its
activities, accept responsibility for them, and to disclosure the results in
a transparent manner
Accountability
a management control process in
which responses are given for a person’s actions.
Meaning of accountability in organization
refers to the act of being accountable to the stakeholders of an organization, which may include shareholders, employees, suppliers, customers, the local community, and even the particular country that the firm operates in.
Corporate Accountability
Refers to the lack of hidden agendas and conditions accompanied
by the availability of full information required for collaboration,
cooperation, and collective decision making’
It is a the minimum degree of disclosure to which agreements,
dealings, practices, and transactions are open to all for verification
Transparency
describes the extent to which a
corporation’s actions are observable by outsider.
Corporate transparency
A person employed to manage another’s property.
Is an ethic that embodies the responsible planning and management of resources.
Stewardship
Give Specific Business Benefits of Stewardship:
- Enhanced reputations and
goodwill - Reduced risk
- Protection from their own
employees and agents - Stronger competitive positions
- Expanded access to capital, credit, and
foreign investment - Increased profits
- Sustained long-term growth
- International respect for enterprises and
emerging markets
a global company with over 88,000 employees that produces innovative
technologies to change the world for the better. The values they choose to live by reveal the deep appreciation they have for their investors, the environment, and their employees.
3M
3m guiding values include:
Act with uncompromising honesty and integrity in everything we do.
Satisfy our customers with innovative technology and superior quality,
value and service.
Provide our investors an attractive return through sustainable, global
growth.
Respect our social and physical environment around the world.
Value and develop our employees’ diverse talents, initiative and
leadership.
Earn the admiration of all those associated with 3M worldwide.
