AFM131 Lecture 11: Ethics_and_Corporate_Social_Responsibility_Study_Notes

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Bob Sproule

Document Summary

Laws don"t make people honest, reliable and truthful but those who break the law should pay the consequences. Problem with writing laws to correct behaviour makes people think that any behaviour within the law is acceptable. Ethics: standards of moral behaviour; that is, behaviour that is accepted by society as right versus wrong. Ethics reflects our relations with one another standards of moral behaviour. Integrity, respect for human life, self-control, honesty, courage, self-sacrifice. Situational ethics (utilitarian model) - few morale standards, each person needs to work out what is right, whatever works out best for them (individually) Each stakeholder"s cost and benefit is subjectively assessed. Ethical behaviour needs to be exhibited in our daily lives. Students and ethical behaviour what is practiced in school is practiced at work once someone finishes school. Keeping ethics in mind when making a decision is not always easy.