Discussion on the gray area

The Gray Area

  • Ethics can be complicated and hard to define
  • Right and wrong is not always clear
  • Ethics depends on an individual’s idea of business
  • Individual morality
  • Moral—one complies with society’s system of beliefs
  • Amoral—one does not always comply, acting in a fashion that is neither good or bad
  • Immoral—one does not, acting in violation of proper behavior

Business Ethics and
Corporate Social Responsibility

Business Ethics

Corporate Social Responsibility

  • Guidelines for the conduct of business based on notions of what is right, wrong, and fair.
  • A business philosophy which stresses the need for firms to behave as good corporate citizens, not just obeying the law but conducting their production and marketing activities in a manner which avoids unnecessary environmental stressors.
  • CSR – the idea that businesses should self regulate and provide a benefit to their communities

CSR is part of ethical business practices…

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Corporate Social Responsibility

QUESTION –

Is it important to you as a consumer? Why or why not?

 

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2017 Forbes – The World’s Top CSR Companies

    • 170,000 company ratings from respondents in 15 countries
    • Tracks social responsibility reputations by zeroing in on consumer’s perceptions of company governance, positive influence on society and treatment of employees

 

Question – Name your top 3 companies…

https://www.forbes.com/sites/karstenstrauss/2018/02/08/the-companies-with-the-best-csr-reputations-in-2017/#405824913873

The top 2017 CSR Company

  • Reach every child in every country…
  • Make a global difference on product safety and quality…
  • Through UNICEF, strengthen child protection governance by implementing the Children’s Rights and Business Principles
  • In collaboration with World Wildlife Fund, create solutions for reducing supply chain carbon emissions
  • Search for sustainable alternatives to current oil-based raw materials and packaging
  • Live up to the highest standards for business conduct with respect for international labor and human rights
  • Employees are extremely important
  • Reach local communities with family activities

Lego – Our Aspirations

Corporate Social Responsibility

  • CSR is related to business ethics.
  • Accounting scandals
  • Enron – Jeffery Skilling and staff of executives hid billions in debt through unethical accounting practices. Chief Financial Officer Andrew Fastow mislead Enron’s Board of Directors. $591 million in losses/$628 million in debt- Sarbanes Oxley Act 2002 direct result of Enron.
  • Mortgage and insurance scandals
  • American International Group (AIG) an insurance company, bailed out for $85 billion – Recently removed from the US Financial Stability Oversight Council as no longer a risk.
  • Scams of financial moguls
  • Bernie Madoff – Former Chairman of the NASDAQ, stock exchange operated a Ponzi scheme (fraudulent investments). In 2009, pleaded quality to 11 felonies and admitted to defrauding thousands of investors of billions of dollars.
  • BP oil spill
  • The Deepwater Horizon oil spill – considered the largest offshore spill in the Gulf of Mexico that resulted from the April 20, 2010 Deepwater Horizon drilling rig explosion. Recent study came out that the dispersant they used harmed human health (Pittman, 2017)

 

 

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