2006-07-22 19:14:03 · 6 answers · asked by m_junielz 2 in Politics & Government ➔ Law & Ethics
Well, ethics makes sure people follow the rules.
There can only be so many laws. Where there are gaps, ethical codes cover the additional professional requirements. That's why so many professions have their own ethical code: lawyers, doctors, therapists, etc.
Corporations are artificial entities, with their own rights and liabilities under the legal system. Corporations are also a huge influence in the commercial arena, both as participants and through stock transactions. Ethical requirements, backed up by legal requirements for the most severe issues, ensure that the wheels keep running and people don't get cheated.
2006-07-22 19:17:50 · answer #1 · answered by coragryph 7 · 0⤊ 0⤋
Ethics codes in corporations are just for the sake of appearance. You cannot complain to a corporation and win. You cannot complain to their professional organizations who set the ethics codes. Corporations, including hospitals, only care about ethics as to how they can work around them. They write Ethics Codes, and their professional associations write Ethics Codes. It does not mean that anyone really has to follow them. Don't be fooled by their Codes of Ethics. They are meaningless, when you get right down to the subject of answering a complaint.
Their bottom line is profit, not taking care of consumer's needs.
2006-07-22 21:51:36 · answer #2 · answered by heart_focus 2 · 0⤊ 0⤋
Just Look at the following examples of unethical corporate practices:-
Examples of unethical business practices
GE, Enron
Ads and promotions for products
- HLL Vs P &G
- Ad for Fair and Lovely(a fairness cream for ladies) in India
According to Alan Greenspan, 1990s is an era of “infelicitous greed”, “irrational exuberance of the markets” and outsized increase in opportunities for avarice”.
Reaction by public & politics against exercise corporate greed and corruption has led to 20 year joint sentences to offending senior executives in US, when the average term for murder is 12 years.
The system of business is built upon the foundation of trust. If the trust is broken, the system will fail. Same applies to the economy also. If more corporate scams are occuring, The public will loose the trust in capital market and they will not put their money in capital market and it will lead to an economical disaster.
So it becomes the responsibility of government and authorities to ensure the ethical behaviour of corporations to protect the interest of the economy and citizens. So it becomes compulsory for the corporates to comply with ethical regulations.
2006-07-26 03:30:45 · answer #3 · answered by unni 2 · 0⤊ 0⤋
CSR is important and crucial both to the image of the company and for larger public good...Almost all major corporates now stress on compliance, ethics and CSR.
2006-07-22 19:36:58 · answer #4 · answered by tls.bhaskar 3 · 0⤊ 0⤋
Compliance is needed for the organization to have credibility, without credibility the organization will not be able to attract debtors, creditors or investors. Ethics are needed to ensure a work force that will allow the organization to prosper rather than flounder or fail due to misappropriations and/or fraud.
2016-03-27 03:43:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
IT IS IMPORTANT IN THE INTEREST OF THE PUBLIC
2006-07-22 19:18:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋