Business Ethics and The law

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Question 1 (i ) Ethical business conduct is defined under the Ethical Business Conduct Code . According to Francis (2003 : 75 , it refers to a guide for all directors , officers and employees in a business organization . The code stipulates the policies that should be adopted in carrying out company activities , while adhering to the spirit and letter of the stated legal requirements , and to maintain the highest quality of ethical business conduct

Boroughs (2003 : 67-74 ) posited that , ethical business conduct in simple term refers

to the moral principles touching on the unacceptable and the acceptable behavior for the business people . Business executives are expected to demonstrate a high sense of conduct and values , fair and honest practices while dealing with the public

Anyone who is involved in a business whether a big or small , or whether they get involved as directors , employees or as the owners , often face the challenges of moral or ethical dilemmas in their working place James (2004 : 245 ) observed that , making of business decisions is a complex issue , it requires that a person does a proper consultation on the likely effects that the decision may have to the organization , the people involved , and to the decision maker himself . If a good decision is made , it definitely produces the best results for the organization If a wrong decision is made , this may lead to a conflict of operation within the organization , and the corporation may be led towards the wrong direction

Francis (2003 : 264-266 , expressed that when faced with moral dilemmas , reaching the right conclusion can be a vexing and bewildering proposition . He expressed that people involved in business should always focus on the fundamental principle of fairness , and that this would often lead them to making sober decisions guided on moral principles . The business people who get carried away by issues of legality and profitability in gouging business decisions , often attain skewed ethical choices (ii ) The proponents of business ethics have shown the importance of ethics , for the success of any business operation . It has been argued that , ethics make a good sense of business for any managers . According to Dickson (2003 : 32-36 , without having the value of ethics competition among the companies may be ineffective , either at the international or at the national levels . Though the exercise of ethical management may not be directly associated with special indicators of the financial profitability , it is not easy to avoid a direct conflict between a firm 's objective of making profit , and ethical practices . It is believed that , implementation of ethical practices in any business supports the development of overall organizational health in three major areas of business . These include , productivity , attraction of customers and minimizes government and agency regulations

Francis (2003 : 123-128 ) stated that , management practices affect employees as the stakeholders of the corporation . Where the decisions of the managers are done in an ethical manner , the employees would obviously be affected in a positive manner . For instance , a corporation may make ethical...