topic 5 Ethics, CSR & Sustainability Flashcards
what are ethics
moral principles that underpin behavior’s.
what dose Malpractice mean?
this is when you deliberately act unethical
what is Enlightened self-interest?
acting in a way helping others but ultimately helping your own interests
what is philanthropy
contributing wealth to charity’s and organizations
what is Unethical behavior?
its behavior that is unexpectable/ morally wrong in the work place
what is antisocial behavior?
any behaviors’ that brings harm to stakeholders and the business
what are the 3 Philosophical Approaches To Ethics?
Utilitarianism-achieve most favorable outcome for the greatest number of people
Individualism (Egoism)-acts promote individual’s self
interest in long term,
Moral rights approach-fundamental rights and liberties that cannot be taken
away by an individual’s actions
what are the 3 Ethics -
Levels of Application
group and professional ethics
Organisational ethics
whole economic system
what is Corporate Social
Responsibility (CSR)
it enables an organization to be accountable for the impact that its actions have on people and the world
what is a stake holder
any group or individual who can affect your business’
types of stake holders
Investors
Employees
Customers
Suppliers
Communities
Governments
Trade associations
what are the Benefits of Ethical, Business Practice & CSR
increase brand image
human capital
increase revenue
types of CSR approaches for mangers
Obstructionist- not responsible
Defensive-do the bare minium in the law
Proactive-actively engage in CSR activities
Whistle-blower - person reporting illegal acts
types of washing (green & blue washing)
Greenwashing=use images of the environment for false advertising
Blue washing= similar to greenwashing but linked towards SDGs more
Whitewashing=deliberately hide wrong-doing
what is the Triple Bottom Line Referred to as (3Ps)
People-social responsibility
Plant-environmental sustainability
Profit-financial bottom line
