Ethics And Social Responsibility Analysis

1316 Words 6 Pages
Ethics and Social Responsibility
MGT/498
February 26, 2013

Ethics and Social Responsibility Companies, such as Enron and WorldCom brought new awareness of the terms ethics and social responsibility. Thus, corporations are including ethics as part of the company’s strategic planning objectives (Cato Institute, 2013). This writing will assess the role of ethics and social responsibility in developing a corporate strategic plan. Further, the considerations of stakeholder needs, and agendas while developing said plan will also be addressed. In addition, an assessment of the Martha Stewart and ImClone scandal, along with preventative measures against similar future scandals is also provided. Exemplifying
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These are the same aspirations that drove the leaders of the banking industry to the lengths of subprime lending, which consequently created a global financial crisis (Ferrell Fraedrich, & Ferrell, 2005). To illustrate ethics in business the company should address three primary entities to include company standards, purpose, and values. One must first understand the core values of the company and the legal ramifications for unethical behavior before devising a strategic plan. One primary ethics objective in regard to strategic planning is the concerns of the stakeholder. The Sarbanes-Oxley Act of 2002 employs every business large or small to submit to mandates to protect the shareholder, and stakeholders from unethical accounting errors and fraudulent practices in business (Sarbanes-Oxley Act, 2002). Ethical conduct also extends the walls of justice, as sound ethical behavior contracts trust among family, friends, constituents, and promotes confidence in each stakeholder (Richards, …show more content…
C., Fraedrich, J., and Ferrell, L. (2005). Business ethical decision making and cases, 6th ed. Retrieved February 25, 2013 from http://highered.mcgraw-hill.com/sites
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Richards, E. (2013). Developing socially responsible business leaders: The lubrizol experience. Retrieved February 25, 2013 from http://www.bsu.edu
Sarbanes-Oxley Act. (2002). A guide to the sarbanes-oxley act. Retrieved February 25, 2013 from http://www.soxlaw.com/
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