GFC Nieuws ? Column: Towards Excellence

Professor Hubert Rampersad

Business Ethics (1)

Alan Greenspan said: Our market system depends critically on trust ? trust in the world of our colleagues and trust in the world of those with whom we do business?. I am saying that the state of corporate governance to a very large extent reflects the character of the CEO.

Business ethics defines how a company integrates its shared ambition and the personal integrity of individuals into its policies, practices, and decision making. In my previous article I have introduced a practical framework for the development of personal integrity. The next step is to integrate the personal integrity of individuals into a system called shared integrity. The scope of business ethics has expanded in this process to encompass a company?s actions with regard to the nature and quality of the relationships it wishes to have with all stakeholders. Stakeholders should care about ethics and corporate social responsibilities, and ensure that their actions reflect integrity and high ethical standards. Ethics concern human duty and the principles on which this duty is based. It should be? recognized that every company has an ethical (and legal) duty to its shareholders, employees, customers, suppliers, the community, the environment, indigenous peoples, and even future generations. Each of these stakeholders affects the organization and is, in turn, affected by it.

The duty to shareholders arises out of the expectation of a superior return on investment and improved dividend payment. It is the moral duty of business executives and employees to pursue a profitable organization based on owner investment. A company?s ethical duty to its employees arises out of respect for the worth and dignity of individuals who devote their energy to the business. Business executives also have the moral duty to promote employee interests such as competence development, career opportunities, job security and good working conditions. The ethical duty to the customer encompasses the provision of adequate products or services according to liability laws, based on high ethical standards. Organizations also have the moral duty to protect customers by, for example, voluntarily informing them about the ingredients in their products and whether they have potential harmful effects, and by recalling products they suspect have faulty parts or defective designs. The duty to suppliers arises out of the partnership with them that is needed to realize high product quality.

Companies confront several ethical issues in their supplier relationships. For example, is it ethical to purchase goods from suppliers who employ child labor, pay low wages or have poor working conditions? The ethical duty of the company to the community at large arises out of the fact that, as a member of the society, the organization is expected to be a good citizen. This is demonstrated by, for instance, paying taxes, having eco-consciousness, supporting community activities and creating job opportunities. To quote N. R. Narayana Murthy, Chairman of? Infosys Technologies Limited: ?We are all aware of our rights as citizens. Nevertheless, we often fail to acknowledge the duty that accompanies every right. Our duty is towards the community as a whole, as much as it is towards our families?.

1. Pay attention to your spiritual development so as to reach a higher self-confidence level.
2. Give attention to the development of spirit, health, and useful activities; you cannot do good unless you feel good. When you are serene, relaxed and enthusiastic you are also more productive, creative and dynamic.
3. Maintain self-control and self-coaching, eliminate your fears, and eliminate roadblocks according to the PBSC approach.
4. Dedicate yourself to higher knowledge and to the development of a higher level of consciousness.
5. Continuously pursue your personal objectives.

For more information I refer to my books and weekly master classes (http://bit.ly/eTY8U6 ; http://bit.ly/cA9YI7 ; http://bit.ly/w0VvVz ).

Professor Hubert Rampersad

Hubert Rampersad is president @ Business School of the Americas, www.bsa-edu.org. He can be reached at tpsi@live.com . His interview in Fortune Magazine: http://bit.ly/bUWQQd His interviews in BusinessWeek: http://bit.ly/19foBq , http://bit.ly/OAUG2 Some of his books: http://bit.ly/2EIQS6 , http://bit.ly/A0mOj , http://bit.ly/KPd6tO , http://bit.ly/1bG4I7 , http://bit.ly/K29EKt , http://bit.ly/IUHqOY , http://bit.ly/IWs5PB .? His life story http://tinyurl.com/c7udjm Join his Personal Branding Suriname group on LinkedIn http://linkd.in/GT9KmT

Source: http://www.gfcnieuws.com/?p=124278

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