Afm 131 Module 12; Ethics & Social Responsibility

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ethics

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standards of moral behavior; that is behavior that is accepted by society as right vs wrong

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compliance-based ethics codes

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ethical standards that emphasize preventing unlawful behavior by increasing control & by penalizing wrong doers

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ideal (CB ethic code)

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conform to outside standards (laws and regulations)

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objective (CB Ethic code)

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avoid criminal misconduct

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leaders (CB ethic code)

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lawyers

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methods (CB ethic code)

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education, reduced employee discretion, controls & penalities

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integrity-based ethics code

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ethical stands that define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees

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ideal (IB ethic code)

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conform to outside standards (rules & regulations) & chosen internal standards

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objective (IB ethic code)

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enable responsible employee conduct

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leaders (IB ethic code)

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managers with aid of lawyers & others

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methods (IB ethic code)

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education, leadership, accountability, decision process, & penalties

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whistle blowers

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people who report illegal or unethical behavior

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corporate social responsibility (CSR)

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a business's concern for the welfare of society

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dimensions of the social performance of a company

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corporate philanthropy, corporate social initiatives, corporate responsibility, corporate policy

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corporate philanthropy

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dimension of social responsibility that includes charitable donations

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corporate social intiatives

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dimension of social responsibility that includes enhanced forms of corporate philanthropy that are more directly related to the company's competencies

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corporate responsibility

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dimension of social responsibility that includes everything from the hiring minority to making safe products

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corporate policy

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dimension of social responsibility that refers to the position a firm takes on social & politcal issues

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two different views of corporate responsibility to stake holders are?

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the strategic approach and the pluralist approach

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the strategic approach

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requires that management's primary orientation be toward the economic interest of shareholders

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the pluralist approach

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recognizes to make money but not at the expense of employees, suppliers or members of the community

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customers have 4 basic rights

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1. the right to safety

2. the right to be informed

3. the right to choose

4. the right to be heard

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inside trading

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an unethical activity in which insiders use private company information to further their own fortunes or those of their family & friends

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social audit

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a systematic evaluation of an organization's progress toward implementing programs that are socially responsible & responsive

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triple-bottom line

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a framework for measuring & reporting corporate performance against economic, social & environmental parameters

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4 types of groups that serve as watchdogs regarding how well companies enforce their ethical & social responsibility polices are

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1. socially conscious investors

2. environmentalists

3. union officials

4. customers

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socially conscious investors

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insist that a company extend its own high standards to all its suppliers, social responsibility investing is on the rise

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environmentalists

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apply pressure by publicly identifying companies that so not able by the environmentalists standards

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union officials

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hunt down violations & force companies to comply to avoid negative publicity

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customers

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take their business elsewhere if a company demonstrates unethical or socially irresponsible practices

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sustainable development

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implementing a process that integrates environmental, economic, & social considerations into decision making

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businesses should be managed ethically to

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maintain a good reputation, keep/attract customers, avoid lawsuits, reduce employee turnover, avoid government intervention, do the right thing

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social audit

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systematic evaluation of a company's progress toward implementing socially responsible & responsive programs

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fair trade

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social movement dedicated to making sure that producers in developing countries are paid a fair price for the goods we consume