Ethics and Cororate Responsibility
Ethics and Corporate Responsibility in the Workplace and the World
Tomicka Parker
Professor Judy Tompkins
Law, Ethics, and Corporate Governance
February 24, 2014
Ethics and Corporate Responsibility 1
Abstract
“It is the responsibility of companies to promote responsible business practices at every level of the company. Business should be conducted ethically and honestly. Companies should also encourage environments that promote ethical conduct and comply with all requirements of the law that they fall under.” (Ethics and Corporate Responsibility in the Workplace and the World, 2014). I will be discussing one of the world’s most successful pharmaceutical companies, PharmaCARE, of examples how it conducts business practices as well as determine all its stakeholders.
Ethics and Corporate Responsibility 2
Ethics and Corporate Responsibility in the Workplace and the World “The stakeholder theory suggests that the purpose of a business is to create as much value as possible for stakeholders. In order to succeed and be sustainable over time, executives must keep the interest of customers, suppliers, employees, communities, and shareholders aligned and going in the same direction. Innovation to keep these interest aligned is more important that the easy strategy of trading off the interests of stakeholders against such other. Therefore, by managing for stakeholders, executives will also create as much value as possible for shareholders and other financiers.” (Stakeholder Theory, 2014). PharmaCARE is a pharmaceutical company with a reputation of being caring, ethical, and well-run. It has produced high-quality products that saved millions of lives as well as enhanced the quality of life for millions of others. It has also offered free and discounted drugs to low-income consumers and its foundation sponsored healthcare educational programs and scholarships. Recently, PharmaCare launched “We
Tomicka Parker
Professor Judy Tompkins
Law, Ethics, and Corporate Governance
February 24, 2014
Ethics and Corporate Responsibility 1
Abstract
“It is the responsibility of companies to promote responsible business practices at every level of the company. Business should be conducted ethically and honestly. Companies should also encourage environments that promote ethical conduct and comply with all requirements of the law that they fall under.” (Ethics and Corporate Responsibility in the Workplace and the World, 2014). I will be discussing one of the world’s most successful pharmaceutical companies, PharmaCARE, of examples how it conducts business practices as well as determine all its stakeholders.
Ethics and Corporate Responsibility 2
Ethics and Corporate Responsibility in the Workplace and the World “The stakeholder theory suggests that the purpose of a business is to create as much value as possible for stakeholders. In order to succeed and be sustainable over time, executives must keep the interest of customers, suppliers, employees, communities, and shareholders aligned and going in the same direction. Innovation to keep these interest aligned is more important that the easy strategy of trading off the interests of stakeholders against such other. Therefore, by managing for stakeholders, executives will also create as much value as possible for shareholders and other financiers.” (Stakeholder Theory, 2014). PharmaCARE is a pharmaceutical company with a reputation of being caring, ethical, and well-run. It has produced high-quality products that saved millions of lives as well as enhanced the quality of life for millions of others. It has also offered free and discounted drugs to low-income consumers and its foundation sponsored healthcare educational programs and scholarships. Recently, PharmaCare launched “We