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CHAPTER 6 – ETHICS PROFESSIONALISM AND SOCIAL RESPOSNIBILITY
1) Relevance of Professional Codes
Aim is to regulate the behavior of people practicing in a particular profession
Profession = an occupation requiring specialized tertiary education that qualifies someone
to practice as a professional
2) Good Business Practice
The standards of professionalism, accountability, ethics and effective business practices is
conducted
REMEMBER:
Unethical actions are not illegal, but all illegal actions are unethical
Different Theories:
1) Principle based Theory
A set of values will determine if an action is ethical or not, where different people have
different values and principles
2) Consequence based Theory
The outcome of a situation will determine whether the action is ethical or not
3) Utilitarian Theory
This focuses on the outcome/consequence of the action
If the outcome benefits majority of a group, it is then justifiable
, 3) Ethical Behavior in Business Practice
1) CONFLICT OF INTEREST
Refers to a situation whereby someone in a position of authority has the opportunity to make a
decision that benefits themselves, rather than the business
2) BRIBERY AND CORRUPTION
BRIBERY
A business is offered a reward to give a third party an unfair advantage to which the business is not
entitled
NB – It does not have to be in the form of money; it can be a gift, promotion or offer of employment
If in the form of money, known as a smoothing payment
CORRUPTION
When someone is in a position of power and abuses this power for personal gain such as
misappropriating funds OR receiving a bribe
3) UNAUTHORIZED USE OF FUNDS
Using business funds that are not authorized, similar to theft
4) INNAPROPRIATE GIFTS
ALL business expects employees to declare gifts that have been received, where no employee may
receive greater than a certain value that is stipulated
5) SEXUAL HARASSMENT
Sexual harassment is a criminal offense
Sexual harassment may include:
Unwelcome physical contact
Verbal conduct such as sex-related jokes
Non-verbal conduct such as sexual gestures
Senior employee promises a reward in exchange for sexual favors
NB – Employees may not engage in any sexual harassment with employees
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