RSM100Y1 Chapter Notes - Chapter 2: Business Ethics, Product Liability, Equal Opportunity
Document Summary
Business ethics refers to the standards of conduct and moral values that led to our actions and decisions in the business environment. Businesses must find a balance between doing what is right and what is profitable. Firms have many responsibilities - to customers, to employees, to investors, to the environment, and to society as a whole. Serving the different needs of these groups can lead to conflict. The sabanes-oxley act of 2002 (america) and bill 198 of 2003 (canada) require companies to publish their code of ethics, if they have one, and inform the public of any changes made to it. Ethics compliance officers are responsible for conducting employee training programs that help spot potential fraud and abuse, investigating sexual harassment and discrimination charges, and monitoring potential conflicts of interest. Many companies take a three-pronged approach to ethics and social responsibility: o. Engaging in traditional corporate philanthropy, such as giving to worthy causes: anticipating and managing risks o.
