Overview Flashcards
What is ethics?
The study of what is morally good and bad and morally right and wrong.
What is building a culture of trust?
Creating an environment where ethical beliefs are carried out through words and deeds.
How is trust gained in an organization?
When employees understand, respect, and follow the ethical intention of the organization with ethical action.
What is the relationship between ethics and trust in the workplace?
Building trust is required to maintain good ethics.
What impact does promoting ethics in the workplace have?
Improves the morale of the organization and the employees.
What is Environmental Responsibility?
The belief and responsibility of corporations to protect the environment and promote sustainability.
Give examples of programs for Environmental Responsibility.
- Proper waste disposal and recycling programs
- Tree planting activities
- Use of renewable energy sources like solar and wind energy
- Energy efficient programs
What is Human Rights Responsibility?
The commitment to practice and promote equality, diversity, and inclusion in the workplace.
What does Human Rights Responsibility protect against?
- Labor rights violations
- Unfair trade practices
- Discrimination
- Child labor
- Health and safety issues
What are examples of Human Rights Responsibility initiatives?
- Workplace policies protecting human rights
- Volunteer programs promoting human rights
- UN’s Guiding Principles on Business and Human Rights
What is Philanthropic Responsibility?
The commitment to make society and the world a better place through donations and community support.
Provide examples of Philanthropic Responsibility activities.
- Donating money to community programs
- Food and school supply donations
- Building donations for schools and health facilities
- Scholarships for students
What is Economic Responsibility?
The commitment to improve operations for profitability while ensuring positive societal impact.
What are examples of Economic Responsibility practices?
- Investing in alternative energy sources
- Training and education programs for employees
- Funding local charities and donation drives
How should you respond if a CEO is distracted during a presentation?
Observe their behavior, slow down the presentation, and assess if you should continue or pause.
Why is corporate governance important?
It sets rules, practices, and processes for managing a company and checks the interests of stakeholders.
What are some key cornerstones of effective corporate governance?
- Transparency
- Accountability
- Diversity at the board level
- Flow of information
- Control functions
- Effective delegation
Which cornerstone of corporate governance is often violated?
Transparency.
Why is transparency often violated in corporate governance?
It relates to the availability and accessibility of information, which can lead to corruption and misinformation.
What does accountability in corporate governance entail?
Holding the organization responsible for actions and decisions affecting people and the environment.
What can lead to issues of accountability in organizations?
Varying degrees of authority and independent decision-making in silo organizations.
