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Code of Ethics in Business

The document discusses the importance of ethics in business, defining business ethics as the study of morality and ethical principles in human behavior within a business context. It outlines key principles of ethical organizations, including accountability, fairness, transparency, and stewardship, and emphasizes the role of a Code of Ethics in guiding ethical practices. Additionally, it distinguishes between a Code of Ethics, Code of Conduct, and Code of Practice, highlighting their relevance across various professions and organizations.

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Anamarie Hidalgo
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4 views7 pages

Code of Ethics in Business

The document discusses the importance of ethics in business, defining business ethics as the study of morality and ethical principles in human behavior within a business context. It outlines key principles of ethical organizations, including accountability, fairness, transparency, and stewardship, and emphasizes the role of a Code of Ethics in guiding ethical practices. Additionally, it distinguishes between a Code of Ethics, Code of Conduct, and Code of Practice, highlighting their relevance across various professions and organizations.

Uploaded by

Anamarie Hidalgo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Code of Ethics

Business and Ethics are always interrelated. Ethics guides


us that we are doing the right thing. In the conduct of our
business, we need to follow ethical standards of the
company.

Ethics is derived from the Greek word “ethikos” which


means “having to do with character. The Latin word for
ethos is “mos” (or “mores”). That is why we known Ethics
as the Moral Science or Moral Philosophy. It refers to the
theory of morality of right conduct.
Definitions of Business Ethics

1.Business Ethics is the study of what is right and wrong


on human behavior and conduct in business.
2.Business Ethics is the study of perceptions of people
about morality, moral norms, moral rules, and ethical
principles as they apply to peoples and institutions in
business.
3.Business Ethics is the study, evaluation, analysis and
questioning of ethical standards, policies, moral norms,
and ethical theories that managers and decision makers
use in resolving moral issues and ethical dilemmas
affecting business.
Ethical organizations are based on these core
principles. A business with good practice of
accountability makes sure that all the financial
obligations from its debtors are paid on time.
Accountability of a company can also be shown in
proper planning, hiring, and keeping employees, and
budget management and reporting. An ethical
organization is also based on the principles of
fairness. Employees who feel secure, because there
is no impartiality, often stay with the company
organization build.
Meanwhile, transparency and stewardship also are
known characteristics of good governance in an
organization. Transparency in business builds the
trust of the employees in the company, and the
stakeholders such as the suppliers, investors, and of
course the customers. Whereas stewardship is an
ethical practice of managing the resources of the
company well.
To ensure that all those principles are practiced by all
employees in the organization, Code of Ethics, or Code of
Conduct is crafted to be the guiding light of the business in
ensuring good ethical practice.
What is Code of Ethics?
CODE OF ETHICS - are principles adopted by an
organization to assist those in the organization called upon to
decide; it is about understanding the difference between
“right” and “wrong” and to apply this understanding to their
decision.

CODE OF CONDUCT: it is a document designed to influence the


behavior of employees. They set out the procedures to be used in
specific ethical situations and delineate whether a violation of the code
of ethics occurred and, if so, remedies should be imposed.
CODE OF PRACTICE: it is adopted by a professional or by a
governmental or nongovernmental organization to regulate that
profession. It may be styled as a code of professional responsibility,
which will discuss difficult issues, difficult decisions that will often need
to be made, and provide a clear account of what behavior is considered
“ethical” or “correct” or “right” in the circumstances.

*CODE OF ETHICS is not written solely for the purpose of doing ethical
business practice. It can also be applied and practiced in school,
government, and even professional groups.

There is code of ethics for teachers, accountants, engineers, lawyers,


doctors, nurses, and all other professionals to ensure that they are following
the same ethical standards in their professional practice.

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