Textbook Notes (368,035)
Canada (161,583)
RSM100Y1 (431)
John Oesch (214)
Chapter 2

RSM Chapter 2 note.docx

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Department
Rotman Commerce
Course
RSM100Y1
Professor
John Oesch
Semester
Fall

Description
RSM Chapter 2 note: Concern for ethical and societal issues  Business ethics: the standards of conduct and moral values that lead to our actions and decisions in the business environment  CSR: corporate social responsibility - Enhance society’s well-being through philosophies, policies, procedures, and actions The Contemporary ethical environment  Local sourcing (Walmart) - Lower cost - Support local economy - Lower emission  Sarbanes-Oxley and Bill 198 (C-SOX) - Deter and punish corporate and accounting fraud and corruption - Protect the interests of workers and shareholders by requiring enhanced financial disclosures, criminal penalties for CEOs and CFOs who defraud investors, and safeguards for whistle-blowers - Engaging in traditional corporate philanthropy - Anticipating and managing risks - Identifying opportunities to create value by doing the right thing  Individuals make a difference - Unethical acts by anyone in the field may effect the firms itself  Development of individual ethics - Shape differently  Family  Educational  Cultural  Religious backgrounds  On-The-job ethical dilemmas - H&M – destroying unsold garments - Refuse to import goods and services from certain places  Conflict of interest - Situation when businessperson has to choose between a business’s welfare and personal gain  Lawyers - Bribing - How to handle  Avoiding them  Disclosing them - Honesty and Integrity  Behaving according to one’s deeply felt ethical principles in business situations  Build long term relationship with customers, employers, suppliers, the public  Employees  Lie on their resumes or job applications  Steal from workplace  Internet during work hours  Monitoring and surveillance to ensure employees are acting according to their work policies - Loyalty versus truth  Decide between loyalty to the company and truthfulness in business relationships - Whistle-Blowing  Disclosure to company officials, government authorities, or the media of illegal, immoral, or unethical practices committed by an organization  Bill C-25  Whistle-blowers protection law  How organizations shape ethical conduct - Ethical awareness  Code of conduct: defines how the organization expects its employees to resolve ethical questions - Ethical reasoning/education  Tools that employees need to evaluate the options and arrive at suitable decisions  Ethics training programs - Ethical action  Structures and approaches that allow decisions to be turned into ethical actions  Employee hotline - Ethical leadership  Ethical mavericks  Use clear, explicit language rather than euphemisms for corrupt behavior  Encourage behavior that generates and fosters ethical values  Practice moral absolutism, insisting on doing right, even if it proves financially costly  Acting responsibly to satisfy society - Social Responsibility: Business’s consideration of society’s well- being and consumer satisfaction, in addition to profits - Social audits  Formal procedures that identify and evaluate all company activities that relate to social issues  Conservation, employment practices, environmental protection, and philanthropy  CBSR – the Canadian Business for Social Responsibility - Responsibilities to the general public  Public health issues  Tobacco, alcohol o Restrained smoking areas  Heart disease, diabetes, obesity o Diet  Substance abuse o Athletes  Protecting the Environment  Pollutions  Fossil fuels o Sulphuric acid rains o Violated dumping  Clean energy and developing sustainable agriculture  Green marketing
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