Business Ethics and Corporate Governance

Satisfactory Essays
BUSINESS ETHICS &
CORPORATE GOVERNANCE

BUSINESS ETHICS

Distinguishing:
• Ethics
• Ethics in Business
• Business Ethics
• Governance
• Corporate Governance
• Good Corporate Governance

In brief:

• Ethics: code of conduct for personal behaviour. • Ethics in Business: Applying personal ethics into business. • Business Ethics: Ethics of business, what is good & bad, right or wrong for business. • Governance: Methods and practices of doing business in any organisation • Corporate Governance: Set of practices business is carried on in corporate business organisation. • Good: A code of best management Corporate practice which leads to Governance achievement of corporate mission.

Ethics – Definition

• Greek word “Ethos” – refers to character • A code of conduct for personal behaviour • Driving force – guide – value content • A moral Code based on generally accepted standards • Personal Ethics Vs. Ethics of Society • Role of Ethics to discipline thoughts based on god and religion • Role of law to regulate external behaviour

Developing personal Code of Conduct

• For developing self-confidence/ personality/ Courage – Need to know what is Good’ & ‘Bad’ for you • For avoiding conflicts/ trauma and for achieving success • Code should be built around your personal goals

Business Ethics

• It is Ethics of Business, study of what is good or bad, right & wrong, just & unjust, fair & unfair in the business as against in personal life. • Code of conduct for businessman for carrying on business consistent with what others follows. • Different from Personal Ethics.

Historical perspective of Business Ethics

• Historically, businessman was not respected for his ethical behaviour. Example of catholic Pope and businessman, going to Christian heaven where St. Peter – 423rd Pope – 1st Businessman to show up. •

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