BUS-294 Chapter Notes - Chapter 1: Fiduciary, Surface Mining, Wield
9 Oct 2020
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In solving an ethical problem one must try to balance the interests of all stakeholders. Employees fair wages, health and safety, job security. Creditors financial interest in the success of your business. The community effects that the presence of your business has on the local economy, stable employment, municipal institutions, property values, infrastructure. In resolving an ethical problem one tries to promote a win-win situation. Win-win does not mean that every stakeholder has to be happy with the final decision. Win-win refers to the fact that every stakeholder should be given the opportunity to be heard and to express their views on the issues. Professional standards: professional associations adopt these ethical standards. Promotes public trust in the organization and in the integrity of its members. Informs all members as to what their duties and obligation are to both organization and to their clients. Members have to act in objective fashion when rendering. Any information gathered from client cannot be used.
