MGMT630 Business Ethics & Corporate Governance Assignment Sample UAEU, UAE

This course assesses the importance of values and business ethics in today’s organizations. It is the background of Corporate Governance and enlists the benefits of Business Ethics.

In this assignment, we will cover topics like the Importance of Business Ethics. We will discuss characteristics of ethical organizations, and strategies to promote ethical behavior.

 

 

MGMT630 Business Ethics & Corporate Governance Course Learning Outcomes

1.1 Defining Corporate Governance

Corporate Governance is the assimilation of processes, laws, or rules. It governs how business processes get controlled, regulated, or operated. Corporate governance revolves around the external and internal factors in which the customers, suppliers, shareholders take interest.

A framework of corporate governance ought to be formed by the board of directors. Corporate governance outlines disclosure practices, performance measurement, action plans, and dividend policies. It includes measures for resolving conflict of interest, implicit and explicit contracts between the shareholders and authorities.

1.2 Significance of Business Ethics

Business ethics is the process of applying ethical principles to solve more complex dilemmas. It is also known as normative science as it is concerned with norms of human behavior.

It is all about developing and maintaining trust so that a business flourishes profitably. You can consider a business as legal only when it establishes a trade-off between social and economic obligations.

Importance of Organizational Ethics

Trust acts as an intrinsic factor in business ethics. A three-dimensional trust exists. Authorities should win the trust of suppliers, consumers, and employees.

An ethical organization maintains trust with its customers, employees, and shareholders. For instance, Tata Steel, J&J, and Boeing are all ethical businesses.

It protects a business against harms caused by unethical employees. It likewise maintains the reputation, thereby enabling the businesses to sustain in the competitive environment.

 

 

2.Identifying issues in Corporate governance.

2.1 Conflict of Interest

A Conflict of Interest within the Corporate Governance framework becomes evident when an officer or member of a committee has financial interests that diverge from the organizational objectives. For instance, a board member of a solar company owns a share in an oil company.

She might have a conflict of interest. While the board serves the improvisation of sustainable energy, he/she has a personal interest in the success of the oil industry. Conflict of interest causes deterioration in the trust of consumers and stakeholders.

It makes the business vulnerable to corruption.

2.2 Violations of Business ethics

It is the responsibility of the members of the committee to make decisions that serve the best interests of stakeholders. Furthermore, it is the moral obligation of the corporation to safeguard the social well-being of others.

It includes the community of which they constitute. Reducing environmental pollution and abjures production techniques that don’t comply with the US labor standards are examples of how corporate governance and social wellbeing interrelate.

2.3 Lack of Transparency

Companies should maintain a precise record of losses and profits and report them to the investors. minimizing losses or maximizing profits harms the organization’s relationship with the stockholders.

It is because the stakeholders get prompted to take actions based on false evaluations. a company might need to compensate the regulatory agencies due to a lack of transparency.

2.4 Lack of accountability

accountability is an integral part of corporate governance. From the top-tier executive to the low-level clerks, each department and level of the organization ought to be credible. They need to maintain a report of checks and financial transactions.

In short, stockholders should acknowledge measures taken by each level of the corporation. Without credibility, one division of the organization might affect the company’s overall growth. Stockholders may likewise lose interest in working with the company.

 

 

3.Characteristics of ethical organizations

Integrity is an attribute of an ethical corporation. Ethical business follows the laws and guidelines at the state, local, and federal levels.

It treats its workers properly, communicates with the employees openly and honestly.

Further, It fairly deals with clients and stockholders. Also, it includes competitive pricing, on-time payments, quality maintenance in the production of its items.

Ethical organizations help to develop strong relationships. Trustworthy connections prove to be mutually beneficial. Both the parties reap benefits. Thus, individuals representing an ethical business will work hard to maintain a steady relationship with the employers.

3.1 Categories of code of ethics among employees of organizations

Category 1:- Emerge out as a dependable organization

2nd Category:- Refraining from doing activities that might harm the reputation of the organization

Category 3:- Be fair and honest to the customers and suppliers

Category 4:- Maintain standards of integrity and code of conduct.

3.2 Strategies to promote ethical behavior

Institutional Level

• Follow an ethical code of conduct
• Give monetary or punishments to individuals for disobeying the code of conduct.
• Federal Level
• Follow a clear-cut policy and working procedure.
• Should have strict penalty provisions

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