Question

Business Ethics: Ethical Decision Making and Cases. Chapter 10 Globalization of Ethical Decision-Making : Table 10-6 list Global Principles for Ethical Business Conduct! What's missing, redundant, can be added or deleted from this list? Why?

TABLE 10–6 Global Principles for Ethical Business Conduct Source:

Global principles are integrity statements about foundational beliefs that should remain constant as businesses operate globally. These principles address issues such as accountability, transparency, trust, natural environment, safety, treatment of employees, human rights, importance of property rights, and adhering to all legal requirements. The principles are designed to focus on areas that may present challenges to the ethical conduct of global business.

1. Require accountability and transparency in all relationships. Accountability requires accurate reporting to stakeholders, and transparency requires openness and truthfulness in all transactions and operations.

2. Comply with the spirit and intent of all laws. Laws, standards, and regulations must be respected in all countries as well as global conventions and agreements developed among nations.

3. Build trust in all stakeholder relationships through a commitment to ethical conduct. Trust is required to build the foundation for high integrity relationships. This requires organizational members to avoid major international risks such as bribery and conflicts of interest. Laws supporting this principle include the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, OECD Convention, and UN Convention against Corruption.

4. Be mindful and responsible in relating to communities where there are operations. The communities where businesses operate should be supported and improved as much as possible to benefit employees, suppliers, customers, and the community overall.

5. Engage in sustainable practices to protect the natural environment. This requires the protection of the long-term well-being of the natural environment including all biological entities as well as the interaction among nature, individuals, organizations, and business strategies.

6. Provide equal opportunity, safety, and fair compensation for employees. Employees should be treated fairly, not exploited or taken advantage of, especially in developing countries. Laws supporting this principle include equal opportunity legislation throughout the world.

7. Provide safe products and create value for customers. Product safety is a global issue as various governments and legal systems sometimes provide opportunities for firms to cut corners on safety. All products should provide their represented value and performance.

8. Respect human rights as defined in the UN Global Compact. Human rights are a major concern of the UN Global Compact and most other respected principles statements of international business.

9. Support the economic viability of all stakeholders. Economic viability supports all participants in business operations. Concerns such as fair trade and payment of a living wage are embedded in this principle.

10. Respect the property of others. Respect for property and those who own it is a broad concept that is an ethical foundation for the operation of economic systems. Property includes physical assets as well as the protection of intellectual property.

Answer 1

Some business ethics can be added as a business requirement:

1. Independence: Directors and advisors should be free from any influence by others.

2. Effective management and wealth distribution: Judiciously use of wealth and provide benefits to all stake holder and increase their wealth capacity to maintain sustainability.

3. Communicate our values: We should communicate our values to others via verbal and non verbal communication.

4. Communicating Clearly: Use comprehensible language to average readers. Language should be short in sentences and simple in words.

5. Rotary international test of ethics: Is it truth ? Is it fair for all ? Will it build better understanding ?

You can add these 5 points as business ethics. And no need to delete any ethics in given question.