MGM101H5 Chapter 4: Chapter 4 (Ethical Management & Corporate Social Responsibility) - MGM101 Swanston

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Ho(cid:449) to beha(cid:448)e ethi(cid:272)ally, ethi(cid:272)al standards, corporate so(cid:272)ial responsi(cid:271)ility. How to restore trust in the free market & leaders: those who break laws need to be punished accordingly, potentially, new laws that increase requirements of accounting record & business transparency might help. Understand that ethical behaviour requires more than simply following the law. A lot of unethical & immoral actions are completely legal. However, a lot of unethical behaviour also is illegal. For example, insider trading is an unethical and illegal activity in which insiders use private company information that they should not have to increase fortunes of themselves or people around them. Andrew rankin was the first person in canada to be sent to 6 months jail for insider trading. Ethics are standards of moral behaviour; behaviour that is accepted by society as right versus wrong. Basic moral values: integrity, respect for human life, self-control, honesty, courage, self-sacrifice are right.