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Summary Chapter 1 Business and Society
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Chapter 1 Notes from Lecture and textbook for Business and Society; introduction to Business and Society Textbook/ Course
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Chapter 1- Business and SocietyRelationship to societn
- Businesses/ business corporatons should meet humanites needs without harming future
generatons
- Social responsibility or corporate sustainability reports published should move beyond the
public relatons exercises they may have been in the past
- Increasing numbers of stakeholders are demanding corporatons account for more than
economic responsabilites
- Progressive and innovatve responses to social, ethical and environmental responsibilites
consttute a valuable intangible asset
- Execuatve must have the skills and competcies to manage these additonaa; responsibilites
successfully
- Responses to these responsibilites will determine the corporatons that will survive
Ken performance indicators
- Energy consumpton
- Direct/ indirect GHG emissions
- Water withdrawal
- Waste produced
- Taxes paid
- Percentage of women in higher positons
- Execuatve compensaton ted to clean capitalism
- CEO compensaton as a multple of average worker wage
- Employee safety performance
- Innovatve capacity measured by R and D expenditure
- Employee turnover
- Pension fund status
Approaches to Ethical Thinking
Deontological or Rule Based Theories
- Focus on moral obligatons, dutes and rights
- Rules should guide decision making and behavior
- More individuals focus, as individuals should be treated with respect and dignity
Teleological or Consequental Theories
- Focus on goals, outcomes or results
- Emphasizes maximum beneft and minimum harm
- Considers all stakeholders impacted
Virtue Ethics
- Based on character of individual
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