BUS 102 Ethics and Law in Business and Society Summer 2016 Section 121 Cayla Baluyot 861129450
Personal Code of Ethics
Always remember the Golden Rule: Do not do what you do not want others doing to you and vice versa. Karma is real. Always be true to yourself Always love yourself, because at the end you only have yourself Always do your best no regrets Everything is a learning experience.
Be accountable and responsible for your own actions.
Sharing is caring Stay hungry for knowledge and use it appropriately Put yourself in others shoes to understand where they are coming from Do not always focus on the what ifs Do not procrastinate. Act now. Do not take shortcuts in life. You will never learn. Follow your own personal code of ethics.
Ethics Handbook: Main Takeaways
1. 2. 3. 4. 5. 6. 7.
A dynamic environment consists of government, business, and society
Men are not angels; therefore, government is necessary Societys needs are universal principles Markets are competitive; therefor, guidelines and regulations are needed The social contract is an agreement between state and society Morals are based on our own ideas of right and wrong Ethics is about our actions and decisions
8. Not everyone is on the same same stage of Kohlbergs stage of morality
development. Therefore, good managers are able to meet each of the employees level 9. Goodness is both rare and laudable and noble Aristotle 10. Moral and political reflection can help us find our way to justice or the moral truth 11. Utilitarianism means that the right thing to do is the one that will maximize the happiness for the greatest number of people 12. Each person is born with the natural right to liberty 13. Self-ownership is critical to ones life as well as to justice 14. Kant: morality depends on the motive of the actions 15. Aristotle: The laws purpose is to cultivate habits that lead to good character 16. In finding justice, we cannot remain neutral all the time. We must consider the morality of the issues because morals are part of ones identity 17. Having respect and being open-minded are keys to finding justice 18. Good character means not only having the ability to do the right thing, but also having the appropriate desires and emotions to support ones behavior 19. Businesses have the power to influence or corrupt our morals 20. Business ethics class is necessary in providing role models 21. Corporate mission should be clearly defined and rarely changed 22. Governance is the system that defines the distribution of rights and responsibilities among different participants in the corporation 23. The job of the board of directors is not to mange, but to govern 24. The most important role of the board of directors is to set moral framework 25. Accountability is key to ethics and governance 26. Peter Druckers three dimensions of the corporation are an economic institution, a human organization, and an embodiment of values 27. Corporate social responsibility is not an obligation anymore for many businesses because businesses impact social and environment 28. The goal of CSR is to correlate a business social and environmental responsibilities with their purpose and value 29. In order for CSR to be effective, CEOs must actively engage in it 30. What defines market is societal needs 31. According to Milton Friedman, the purpose of corporation is to make profits 32. Having a narrow concept of the role of business making profits only misses the opportunity for economic development and social progress 33. Archie Carrols four levels of corporate responsibilities are economic, legal, ethical, and philanthropically. 34. Creating shared value is important because it creates a cycle of company and community prosperity 35. Creating economic and societal value through CSV will drive growth as it increases productivity and creates opportunity for innovation 36. Corporations should not lose focus of what they truly value, because this lack of focus will have great impacts on both the economy and community 37. What would legitimize business again by creating or redefining their moral framework
38. Succession planning is an important role of the board of directors
39. Corporate governance depends on the independent behavior of the board as a whole 40. Corporate governance depends on a balance of power 41. Clearly defining the boards responsibilities is important in order to have effective corporate governance 42. The boards duty is to provide oversight, and not management. 43. The board must set the tone at the top so it can have ripple effect throughout the organization 44. The goals of reforms are to increase responsibility, accountability, and responsiveness of the board, rather than mere compliance 45. The law is a mechanism that protects ethics 46. Laws exist because of market and government failure 47. Through the companion of rule and law, people can negotiate independently 48. Public policy is a response to public and private goods failing 49. Government-in-action is just as important as government action 50. Public policy provides benefits to citizens, but it has its costs