This document discusses ethics, morals, and values in business. It defines values as a deep-rooted system of beliefs that judge right and wrong, morals as specific rules that emerge from values to govern behavior, and ethics as external standards provided by groups and institutions that an individual belongs to. Ethics ensure a basic level of trust between consumers and businesses and can vary between contexts, while being governed by professional guidelines. Warren Buffett's rule for ethical conduct in business is to consider if an act could appear publicly in the local newspaper.

1. RESPONSIBLE BUSINESS
ETHICAL PERSPECTIVE

2. ETHICS , MORALS AND VALUES
• VALUES :
Values are the foundation of a person's ability to judge between
right and wrong.
Values include a deep-rooted system of beliefs.
They have intrinsic worth, but are not universally accepted.
It is related to individual
• MORAL :
Morals are formed out of values.
Actual system of beliefs that emerge out of a person's core values.
Morals are specific and context-driven rules that govern a person's
behavior.

3. ETHICS , MORALS AND VALUES
• ETHICS
The rules of conduct recognized in respect to a particular group
or culture or organisation
Ethics are dependent on others for definition.
Consistent within a certain context, but can vary between
contexts.
Ethics are governed by professional and legal guidelines within a
particular time and place
Ethics are external standards provided by institutions, groups,
to which an individual belongs
Business ethics ensure that a certain basic level of trust exists
between consumers and market participants .

4. ETHICS , MORALS AND VALUES
Individual or collective behaviour that is in accordance with accepted
written and / or unwritten codes of principles and values that govern
decisions, actions and conduct within a business in the context of a
particular situation and is consistent with accepted norms of behaviour.
( National Guidelines on Responsible Business Conduct)

5. Warren Buffet’s rule of thumb for ethical conduct
• “…I want employees to ask themselves (when they are in doubt about
whether a particular conduct is ethical or not) whether they are
willing to have any contemplated act appear the next day on the front
page of their local paper – to be read by their spouses, children and
friends – with the reporting done by an informed and critical
reporter.” [Berkshire Hathaway’s code of ethics]

6. 6
Business Ethics: Today vs. Earlier Period
Ethical Problem
Ethical
Problem
Society’s
Expectations
of Business
Ethics
Actual
Business
Ethics
1950s Early 2000s
Time