1. Name:- Vaishnavi Prakash Waghmare
Std :- TYBFM
Subject :- Business Ethics and Corporate
Governance
Topic :- Business ethics
Roll no:- 314
2. What is business ethics? Explain its need
and nature of business ethics ?
Meaning :-
Business ethics refers to the application of everyday
moral and ethical norms to business . It requires an
awareness of how the product and service of
organisation and the action of its employee can affect
the stakeholder and society as a whole either positively
or negatively.
Definition:-
Business ethics is the study of what constitutes right or
wrong and good or bad in human conduct in business
context.
3. Need and Objectives of business ethics :-
Act as moral standard
Developing socially responsible and conscious
business
Principle of business conduct
Social Contract
Resolving ethical dilemma
Reconcile conflicting interest
4. Nature of ethics :-
Act as a guiding principle of business
Provides code of business conduct and basic
functional frame
Lays support to social welfare function
It develop dignity to stakeholders
It is as old as human civilization and deep rooted to
society
Related to human aspects and conduct of business
5. What is the role of government in ensuring
business ethics ?
Governments corporations and organisations across the
world are taking numerous majors to prmote to the
concept of good business ethics which has lead to the
increased adoption of the same.Being one of the key
emerging economics of the world, India is not left
unaffected by the developments worldover.Corporate
can no longer afford to ignore good business ethics
practices.
6. Business Ethics and dilemma ?
Business ethics can be important tool in building
business reputation . The importance of business ethics
to an organisations can be listed as :-
Helps in creating strong independent board
Regulates ethical behavior of industry as whole
Value bases leadership creates ethical practices
Improves Standard of behavior
Ethical principles lead to a more effective business
practices
7. Unethical practices of Citibank
Deciding to spend $50 million on a new private jet after
taking $45 billion in taxpayer funds to stay afloat, as
Citibank did is a textbook example of bad business
ethics. To make matters worse for CitiBank, CEO Vikram
Pandit lied to Congress that he received a compensation
of one million a year when the actual figure was $11
million. Companies indulge in unethical buiness
conduct primarily to maximize profits. However,
rubbing customers and other stakeholders the wrong
way in the quest to maximize profits can be self-
defeating and lead to loss of valuable patronage.
