The Importance Of Business Ethics

Is it possible for an individual with strong moral values to make ethically questionable decisions in a business setting? Business ethics is a specialized study of moral right and wrong that concentrates on moral standards as they apply to business institutions, organizations, and behavior. Such a perspective makes ethics moot, and as such must be considered of no value to ethics.

I cannot go so far as to say to society,” as society” lacks definition and includes parties for whom an action has no consequences. Since it is internal to an individual, its would seem to be of little relevance to social ethics. A business also should strive to enhance local community service and also facilitate better living conditions for its employers.business ethics

This includes self-control, consumer protection and welfare, service to society, fair treatment to social groups, not to exploit others, etc. The kind of moral responsibility we are discussing here should not be confused with a second but distinct form of moral responsibility.business ethics

Margolis, J.D. & J.P. Walsh, 2003, Misery Loves Companies: Rethinking Social Initiatives by Business”, Administrative Science Quarterly, 48(2): 268-305. Our Code of Business Ethics defines our commitment to legal and ethical conduct, the environment and human rights.business ethics

In addition, all employees are required to report suspected misconduct within financial fraud, quality issues, Novo Nordisk Way and business ethics to the Audit Committee Secretariat through internal reporting lines. My aim is to consider the circumstances in which the standards of ethics may conclude that an individual is obligated to act for the benefit of another party. Nigel: And yet Milton Friedman famously said the social responsibility of business is to increase profits”.