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Ethics and Governance

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  • March 2013
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1.Ethical Theories are useful in guiding company decisions. Based on your research, which ethical theory is the most useful in guiding company decisions and why?

Introduction
In this essay, We will start off with a detailed analysis of the five normative theories used as guiding principles. Then after, a case will be thrown in with debate on the most useful ethical theory. The essay will then be finally summed up with a conclusion.

What is ethics?
Ethics is the study of what ought to be done (Kerridge, Lowe and McPhee 2005). It focuses on the notions of right and wrong, and is categorized into two main moral perspectives, namely teleological and deontological approach.

Teleological approaches are also known as result based systems; Judgment on whether an action is right or wrong is determined by the consequences the action reaps and not by principles (Rae 2009). Deontology as Carreira, Guedes and Aleixo (2008) describes, is ‘the science that sets the guiding norms of professional activities under the sign of morality and honesty’. Unlike teleology, deontological approaches are bind by moral principles which have no regards for the consequences (Trevino and Nelson 2007).

Egoism
Debeljak and Krcac (2008) terms egoism as the exclusivity of addressing concerns in satisfying one’s own desires and wants. It is the act in accordance with one’s own desires for self-preservation, self-interest, or preference for satisfaction. Advantages

Egoism is based on the view that each individual or corporation has their own wants and needs. It empowers employees to feel that they are important, and adds value to their own their self- interest and importance. Disadvantages

As egoism is centered upon one’s self, the needs of others, as to the user/agent may not be evaluated, thus, individuals may have no intentions to pursue the needs of others (Rachels 1986). Analysis

In terms of guiding company decisions, egoism can be seen as an offensive act of play as it may...