MGM101H5 Lecture Notes - Lecture 4: Tim Hortons, Incident Response Team, Corporate Social Responsibility

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4 Oct 2018
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October 3, 2018
MGM101
PROFESSOR DAVE SWANSTON
LECTURE 4: ETHICS AND SOCIAL RESPONSIBILTY
Obeying law is the first step in ethical management:
o example of unethical behaviour:
West jet airlines spying on air Canada
what can be done to ensure unethical behaviour is avoided?
o Appropriate punishment for people disobeying the law
o Accounting records to be transparent
o Laws about making business people accountable
o But specifying laws means limiting the measures of acceptable behaviour in
society to whatever is specified in laws
ETHICS: is how people feel about one’s behaviour in comparison to others
It is people’s relations with one another
LEGALITY: is complying to the laws drawn by legal institutions and government
Example: gossiping about someone behind their backs is unethical but not illegal
Thus ethics can be defined as behavioural standards which is acceptable by society
Example: moral integrity, respect for human life, self control, self sacrifice are right but
cheating, cruelty are wrong
Plagiarizing is another example of unethical behaviour which is illegal as well
PONZI SCHEME:
corporate is becoming very common nowadays
under this scheme fraudsters don’t invest the money
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rather they simply pass the money contributed by new investors to old investors
after deducting a healthy sum for their own use and claiming the money to be
profits from investments
here, investors think their money is growing while in reality its is simply being
passed on from my one investor to another
ETHIC OF JUSTICE:
it is based on principles of justice like fairness, authority or equality
here people often face a dilemma between ethical behaviour and legality
but people following this way are objective and fair
ETHIC OF CORE:
Is based on sense of responsibility of reducing the harm or suffering
People often face moral dilemmas in this conflicting with their duties and
responsibilities
Advantage of this approach is the responsiveness of people during time of
suffering
Managements role In ethical standards:
People are observant and this is how they set standards or their ethical
behaviour
Trust is very important among workers and co-workers and is based on moral
principles, honesty etc.
Businesses need to be ethical in order to attract new customers, keep existing
customers, avoid lawsuits, reduce employee turnover etc.
Corporate ethical standards:
Code of conduct in companies is usually written
Ethical codes are usually classified into 2 categories: compliance based and
integrity based
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