COMM 315 Chapter Notes - Chapter 2: United Nations Global Compact, United Nations Convention Against Corruption, Fiduciary
7 Jul 2016
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Law cannot touch on all aspects of business because businesses are very diverse. Takes long for laws to adapt to new businesses/industries (ex: internet & lack of regulation) Law is founded in moral concept: vague to cover a multitude of situations. When you"re dealing with ethical principles in business, you almost don"t need laws. Unions target the big bad businesses that are not ethical. Sometimes cannot be avoided but should be disclosed, dealt in the open, and managed properly. Comply with professional standards of practice, company policies and the law. Reputation of a business has a lot of value. If you are an ethical business it reflects a good image for the company. Examples: paying bills on time, being good to your employees. Globalization makes it impossible to practice business law. People prefer to rely on ethics instead of law because of this.
