Compare and contrast the guiding principles of the Global Business Standards Codex and the Mixed Framework principles. Global business standards codex captures eight major underlying principles in which ethical behavior can be interpreted and evaluated. The eight ethical principles are fiduciary, property, reliability, transparency, dignity. fairness, citizenship and responsiveness. Fiduciary Principle. As part of the legal structure of a business organization, each officer and director of a company has a legal fiduciary duty to act in the best interest of the stakeholders and other employees within the firm. Furthermore, there is also an implied fiduciary duty for every employee within the organization to also act in a way that generates positive benefits for the firm. Property Principle. The property principle is based on the belief that every employee should respect property as well as the rights of the owners of the property. This principle has been expanded to intangible property and now also includes the misappropriation of intellectual property or other types of information. It expected that an employee would protect the tangible and intangible assets of the firm and the employee should be a good steward to the resources the employee has access to.
Reliability Principle. It is based on the belief that it is the employee’s responsibility to honor the commitments he or she has made to the firm. It is expected that the employees will follow through with the promises and commitments that have been made between the employees and the firm. Transparency Principle. It is based on the belief that every employee should conduct business in a truthful and open manner. It is expected that the employees will not make decisions based on a personal agenda and not to act in a descriptive manner and to keep accurate and current records of all the business obligations that are currently the responsibility of the employee. Dignity Principle. It is based on the belief...
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