The word 'ethic' always comes with a lot of heated discussion, probably because standard ethics cannot be practically be defined. They vary at every level. Let us have a look on business ethics that should be administered in a corporate environment.
Contents
Introduction
Meaning and definitions of business ethics
Sources of business ethics
Characteristics of business ethics
Importance
Principles of business ethics
Introduction
Business is a part of society and its functions in the society.
It is the application of ethics to business.
It is the study of good and evil, right or wrong and just and unjust actions of businessmen.
Every business should be guided by ethics.
Ethics helps to survive and succeed their ventures.
Meaning and definition
It refers to the “moral principles which are considered right by the society.
It is the study of morality.
These are the moral principles and rules of conduct which govern and guide the activities of business.
According to David Fritzsche, “it is the process of evaluating decisions, either pre or post, with respect to the moral standards of society’s culture”.
The institute of global ethics defines, “the term ethics as obedience to the unforceable”.
Sources of business ethics
Religion
Culture experience
Legal system
Characteristics/features of business ethics
.The presentation is all about How the Code of Ethics helps in the organization effectively. Code of Ethics is a guideline for the employee's organization that is regarding decisions related. It is a practice that is seen in the code of conduct. It shows a clear picture & difference between the Code of Ethics and the Code of Conduct.
Business Ethics and the Accounting Department v1.1Donny Shimamoto
When working at a CPA firm, ethical standards and requirements are pretty straight forward: independence, standards of practice, etc. But once you move outside of the firm, how does the term “ethics” apply to CPAs who are now in finance departments, internal audit, or other leadership positions in business & industry? This thought provoking session will take a look at the results of the 2012 AICPA & CIMA survey on business ethics and highlight the important role that CPAs in business & industry play in helping their organizations to manage their businesses ethically. Learn about the changing role of the accounting department and how you can help ensure that your organization stays out of the news headlines for being “unethical”.
Ethics impact in business, Ethical issues in capitalism and market
systems, Ethics and social responsibility, Ethics and marketing,
Ethics in finance, Ethics in human resource, Ethics in information
technology, Intellectual property rights, Designs, Patents, Trademarks
and copyrights.
Quote’s
Definition
Why business ethics?
4P’s
Case Study-1 (Fraud)
Case Study-2 (Non Ethical Governance)
Case Study-3 (Good Ethics)
Promote Good Ethics
Our Responsibility
Conclusion
A set of rules about good and bad behavior
A code of ethics is a set of principles and rules used by companies, professional organizations and individuals to govern their decision making in choosing between right and wrong
This slide gives information about the
MEANING OF BUSINESS ETHICS
MEANING OF ETHICAL MODEL
PERFORMANCE OF ETHICS IN BUSINESS
ADVANTAGES OF ETHICS IN BUSINESS
FACTORS INFLUENCING ETHICS
TYPES OF MODEL
THIS INCLUSIVE OF M.COM AND FOR B.COM STUDENTS
THIS TOPIC IS INCLUSIVE OF BOTH SYLLABUS.
Contents
Introduction
Meaning and definitions of business ethics
Sources of business ethics
Characteristics of business ethics
Importance
Principles of business ethics
Introduction
Business is a part of society and its functions in the society.
It is the application of ethics to business.
It is the study of good and evil, right or wrong and just and unjust actions of businessmen.
Every business should be guided by ethics.
Ethics helps to survive and succeed their ventures.
Meaning and definition
It refers to the “moral principles which are considered right by the society.
It is the study of morality.
These are the moral principles and rules of conduct which govern and guide the activities of business.
According to David Fritzsche, “it is the process of evaluating decisions, either pre or post, with respect to the moral standards of society’s culture”.
The institute of global ethics defines, “the term ethics as obedience to the unforceable”.
Sources of business ethics
Religion
Culture experience
Legal system
Characteristics/features of business ethics
.The presentation is all about How the Code of Ethics helps in the organization effectively. Code of Ethics is a guideline for the employee's organization that is regarding decisions related. It is a practice that is seen in the code of conduct. It shows a clear picture & difference between the Code of Ethics and the Code of Conduct.
Business Ethics and the Accounting Department v1.1Donny Shimamoto
When working at a CPA firm, ethical standards and requirements are pretty straight forward: independence, standards of practice, etc. But once you move outside of the firm, how does the term “ethics” apply to CPAs who are now in finance departments, internal audit, or other leadership positions in business & industry? This thought provoking session will take a look at the results of the 2012 AICPA & CIMA survey on business ethics and highlight the important role that CPAs in business & industry play in helping their organizations to manage their businesses ethically. Learn about the changing role of the accounting department and how you can help ensure that your organization stays out of the news headlines for being “unethical”.
Ethics impact in business, Ethical issues in capitalism and market
systems, Ethics and social responsibility, Ethics and marketing,
Ethics in finance, Ethics in human resource, Ethics in information
technology, Intellectual property rights, Designs, Patents, Trademarks
and copyrights.
Quote’s
Definition
Why business ethics?
4P’s
Case Study-1 (Fraud)
Case Study-2 (Non Ethical Governance)
Case Study-3 (Good Ethics)
Promote Good Ethics
Our Responsibility
Conclusion
A set of rules about good and bad behavior
A code of ethics is a set of principles and rules used by companies, professional organizations and individuals to govern their decision making in choosing between right and wrong
This slide gives information about the
MEANING OF BUSINESS ETHICS
MEANING OF ETHICAL MODEL
PERFORMANCE OF ETHICS IN BUSINESS
ADVANTAGES OF ETHICS IN BUSINESS
FACTORS INFLUENCING ETHICS
TYPES OF MODEL
THIS INCLUSIVE OF M.COM AND FOR B.COM STUDENTS
THIS TOPIC IS INCLUSIVE OF BOTH SYLLABUS.
Career Development. its about you identifying your potentials and developing them no matter the circumstances.
its best to do want you love doing best so that you can working hours in your lifetime than feel miserable doing something you don't like for about twenty years.
believe in yourself and don't let any thing discourage you.
Elizabeth Homes offered the world a miracle technology which would have changed medicine forever in the same beautiful package as many other Silicon Valley giants.
Ethics help building supremacy of organisations - Amit Das, Director-Human Re...Anil Kaushik
Given the speed of innovation and technological disruptions, many companies are finding it difficult to sustain the pressure of change hence number of cases of unethical business practice are coming to light these days.
BSCI (Business Social Compliance Initiative) Code of Conduct & it’s practical...Amatun Noor
A guide-line is prepared according to BSCI Code of Conduct & Check list, update amendment, 2014 which may be needful for RMG factories to implement BSCI standard.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The increased focus on the implementation of the business practices to comply with the principles will lead to extra time consumption of the management and more resources will be required to ensure the compliance.
Workplace ethics is a complex – but important – subject. It has become an increasingly crucial differentiator. Learn the techniques to promote ethical behaviors within your organization with the help of these slides.
Related Party Transactions - An Audit PerspectiveJRA & Associates
Related Parties could be any KMP (Key Managerial Personnel), stockholder or a related corporation. The existence of a large number of family owned business houses in India has also contributed to the natural occurrence of related party transactions. At their very outset, contracts or agreements with related parties are viewed sceptically, the reason being preconceived notion of being entered into on account of non-commercial considerations. After all, relationships do play an influential role in businesses as well.
Further, transactions with related parties are taken as one of the most common tool of 'tax management'. At times, the Company’s funds get diverted for personal gains of the directors & other related persons. Few cases such as Enron, Satyam and WorldCom have clearly highlighted the potential conflict of interests between the Company and its stakeholders as a result of undisclosed RPTs.
Though effective laws and regulations have now been implemented to ensure better transparency, but keeping a closer check over such transactions still remains the need of hour.Most of the provisions under the dealing Section 188 of the Companies Act 2013 are quite similar to the ones laid down under Sections 297 and 314 of the Companies Act, 1956. Some of the key changes envisaged in the Act 2013 include a broader ambit of transactions such as leasing of property of any kind, appointment of any agent for purchase and sale of goods, services or property. Compulsory disclosure requirements have now been laid down under the new Act, failing which, stricter provisions of penalty & imprisonment would be applicable.
Let us try to understand the audit perspective of identifying the checks & reporting of related party transactions under various Indian laws - Companies Act 2013, Accounting Standard 18, SEBI’s Corporate Governance norms and the Income Tax Act, 1961.
This is a presentation created by our team on the new upcoming transfer pricing field. Please view and leave your comments. brainstorming is always welcome.
A Director is a person who leads or supervises a certain area of a company, program, or project. With respect to directors there have been a lot of changes in the companies act 2013. A public company will now have a minimum of 3 directors. 2 In case of a private company and 1 in case of a one man company. A maximum of 15 directors are allowed to be present on the board. Duties of a director, Mandatory disclosure of interest and other such important concepts have been discussed in this presentation.
Intellectual Property Rights In India: Patents Trademarks And Copyrights JRA & Associates
Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
IP is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.
Let us try and understand the basics of these intellectual property rights, how they can be applied for in India and understand how and why they are litigated so fiercely.
Fraud is a deception deliberately practiced in order to secure unfair or unlawful gain. As a legal construct, fraud is both a civil wrong (i.e., a fraud victim may sue the fraud perpetrator to avoid the fraud and/or recover monetary compensation) and a criminal wrong (i.e., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities). Fraud has become a big topic of discussion with the coming of the new Companies Act '13. It is now vital that the companies understand the need for fraud mitigation. This presentation provides a brief idea as to what the new provisions with regard to fraud are and what are the penalties applicable in case such a fraud is detected. Hence fraud management should be put under a zero tolerance banner by the top management of any company.
Companies Act 2013 has ushered in lot of changes. Right from One Person Company to Secretarial Audits. Also special emphasis has been laid on Corporate Social Responsibilities and Corporate Governance in the Companies' Act 2013 In this presentation we will try and understand some of these changes. Our main objective is to understand what these changes are and what effect do they have on the working and the administration of a company.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
2. ORIGIN IN GLOBAL SCENARIO -
Approximately in early 1970s, the term
'business ethics' came into common
use in the United States. Originally, this
term was used in academy and
research.
As the term entered more general
usage in the media and public
discourse, it often became equated with
either business scandals or more
broadly with what can be called "ethics
in business”.
After the mid-70s, business ethics
became institutionalized at many levels.
By the mid-1980s, there were at least
100 courses in business ethics taught
across the country to more than 40,000
students.
‘Business ethics’ involves applying
ethical principles to the activities of
business and to the relationships
between businesses and various
stakeholders. It applies to a wide
range of business activities such
relationship with suppliers,
employees, consumers as well as
the overall governance system by
which a company is directed and
controlled.
Business ethics, as a movement,
referred to the development of
structures internal to the
corporation which are likely to help
it & its employees to act ethically,
as opposed to the structures that
provide incentives to act
unethically.
JRA & Associates
3. LEGALIZING BUSINESS ETHICS -
Foreign Corrupt Practices
Act, 1977
Established after a series
of scandals involving
bribery by U. S. firms
abroad
Sarbanes-Oxley Act,
2002
Passed as a result of a rash of
scandals involving Enron,
WorldCom, Arthur Andersen
and other prominent
corporations
The Act requires, that the CEO
and CFO certify the fairness
and accuracy of corporate
financial statements (with
criminal penalties for knowing
violations) and a code of ethics
for the corporation's senior
financial officers, as well as
requiring a great deal more
public disclosure
First piece of legislation
that attempted to control
the actions of U.S.
corporations in foreign
countries
20 years later, the OECD
countries agreed to adopt
similar legislation
JRA & Associates
4. FUNDMENTAL PRINCIPLES OF
BUSINESS ETHICS -
• All rules & norms should
be equally applicable to
all
• In other words,
favoritism and partiality
should not be allowed
Standardized
• The prospective effects
of business ethics
should be objectively
available to all in the
form of stated policy
statements
• As such, ‘others’ are so
important for its
successful
implementation
Workable
• Commitment on top
management’s part is
critically important
• Only when the top
management
demonstrates its
commitment to
business ethics, then
only it is likely to work
Driven from
the Top
JRA & Associates
5. CASE STUDIES
(ETHICAL FALLOUTS) -
Nike –
Since the mid 90’s, Nike has
faced a barrage of criticism
from labour rights activists,
media and others for human
rights violations in their
factories in the third world
countries
Ernst and young,
commissioned by Nike to audit
one of its factories, reported
presence of unacceptable
standards of chemicals and
cases of employee health
problems
Primark –
The BBC's Panorama program,
which carried out a six-month
investigation, alerted Primark to
the problem of the suppliers sub-
contracted smaller firms, which
were using child labour to carry
out embroidery and sequin work
New code of practices for
suppliers were established which
prohibited the use of child labour
in its manufacturing chain
JRA & Associates
6. PREVALENT CORRUPTION…!!
BIGGEST CHALLENGE AHEAD
In the past years, India has witnessed
several scams of unprecedented
magnitude. Amongst the ones are-
• 2G spectrum
• Adarsh Housing Society
• Commonwealth Games
• Land scams in Karnataka
These scams have established a
dangerous nexus between politicians-
administrators-businessmen.
“State practices exhibit substantial legal and policy incoherence and gaps. The most
common gap is the failure to enforce existing laws”
- John Ruggie
SOLUTION?? …“Stringent Code of Ethics for Indian Industry”
JRA & Associates
7. CORPORATE GOVERNANCE -
Corporate Governance
&
Business Ethics
Both have cognate interests
Both promote greater transparency of functioning &
accountability within business houses
Need of external Chairman in the
Board of Directors
Regular meetings of the Board
Accurate financial reports and
extensive disclosures in this
regard
Norms of Corporate Governance -
With this in view, corporate governance would do well
to be more proactive on management issues & take
within its ambit the following tasks as well-
Evaluation of Company’s strategic planning
process
Assessment of the level and clarity of upstream
and downstream communication
Implementation of a risk management mechanism
that would safeguard interest of stakeholders
Conducting orientation & educational workshops
JRA & Associates
Section 134 casts responsibility on the Board of Directors to disclose in Board’s report-
Composition of CSR Committee
Details of CSR policy
CSR related initiatives taken during the financial year
8. India At Work (SURVEY) :
What Our Employees Think Of Job Ethics..??
*Source: Hindustan Times, C-Fore
Certain number of working professionals across sectors and salary brackets were
quizzed to analyze the level of honesty and dedication that Indians felt towards their
professional lives. Extracts are hereunder-
11%
28%
23%
38%
“How much time is it okay to
waste time at work..?”
1 hour
Taking a short break of 15 minutes
every few hours is okay
I believe in completing work first
before thinking of leisure
I see no harm as long as I'm
completing my duties on time
JRA & Associates
9. 66%
11%
18%
5%
“Do you think it is important to report to
work on time..?”
Yes Absolutely
No
Only on days where there is some
meeting deadline
Only juniors/trainees should report
on time
Findings :
More than half (52%) of working professionals in India do not enjoy their work and do not
look forward to new challenges at work. About 29% of the work force in both organised as
well as unorganised sectors feels that wasting time at work has become an unwritten office
culture.
The majority is working because of compulsions; obviously there is a little chance of them
putting their best foot forward. It's often also the lack of a happy work atmosphere that
results in compromised work ethics.
JRA & Associates
10. NEED FOR ETHICAL WHISTLE
BLOWING -
JRA & Associates
Whistle blowing is a necessary facet within an organization. Without it, fraud,
misconduct, and failure become prominent within an organization.
Thus, by promoting clear communication, keeping the organization's goals in focus for the
entire organization, one can certainly minimize their chances of reaching an organizational
disaster
Section 177 of the Companies Act,
2013 requires every listed company
to establish a vigil mechanism for
the directors and employees, thereby
providing a framework for
responsible and secure whistle
blowing/vigil mechanism
Provision for direct access to the
chairperson of the Audit Committee
in appropriate or exceptional cases
has also been made
With effect from Oct 1, 2014-
Clause 49 of the Listing Agreement
between listed companies and the
Stock Exchanges, inter alia, provides
for a non-mandatory requirement
for all listed companies to establish
a mechanism called ‘Whistle Blower
Policy’ for employees to report to the
management instances of unethical
behaviour, actual or suspected,
fraud or violation of the company’s
code of conduct
11. PROMOTING AN ETHICAL
WHISTLE BLOWING CULTURE -
JRA & Associates
Creating a Policy -
Formal mechanisms for reporting violations, such as hotlines and mailboxes
Clear communications about the process of voicing concerns and bans on retaliation
Getting Endorsement From Top Management -
Demonstrating a strong commitment to encourage whistle blowing
Communicated by line managers at all levels, who are trained continuously in creating an
open-door policy regarding employee complaints
Publicizing the Organization's Commitment -
Publicly acknowledging and rewarding employees who pinpoint ethical issues is one way to
send the message that management is serious about addressing issues before they become
endemic
Assess the Organization’s Internal Whistle blowing System -
Finding out employees' opinions about the organization's culture vis-à-vis its commitment to
ethics and values
Investigate and Follow Up -
Managers be required to investigate all allegations promptly and thoroughly, and report the
origins and the results of the investigation to a higher authority
12. CONCLUSION -
Stakeholders want to be associated with responsible organisations. Operating with
integrity must be a key part of sustainable success for business. More recently, the
concept of sustainability has become important in the notion of ethical and responsible
business. By definition, this adds a long term dimension
Having clearly articulated values and an ethics policy is seen to be good governance
practice; it is one of the hallmarks of a well-run business
Companies Act, 2013 mandates increased corporate transparency and
accountability in order to strengthen corporate governance and provides for
provisions to ensure ethical and vigilant activities of directors and other
professionals in the company
JRA & Associates
Ethics go far beyond the legal requirements for a company and is, therefore,
about discretionary decisions and behaviour guided by values