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Assignment on Business Ethics & Corporate Governance

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Added on  2020-05-28

Assignment on Business Ethics & Corporate Governance

   Added on 2020-05-28

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Assignment on Business Ethics & Corporate Governance_1
Corporate Governance & EthicsContentsExecutive Summary.........................................................................................................................3Introduction.....................................................................................................................................4Ethical Theories................................................................................................................................5Application of Ethical Theories........................................................................................................9Conclusion......................................................................................................................................12References.....................................................................................................................................14Page 2
Assignment on Business Ethics & Corporate Governance_2
Corporate Governance & EthicsExecutive Summary Running a business is not an easy task and in order to do so there is a need to follow theethical policies and principles. This is because ethics guide in making the right decision from thewrong decision. The executives of the company are given the role of moral agents where they have to undertake the decisions and run the affairs of the company based on policies drawn for the stakeholders, which include the society at large, the employees and the investors of the company. WorldCom is famous for its accounting blunder, where the financial position of the company was wrongly presented and the investors were misled into believing that the financial position of the company was sound. The reality was stark different and due to this, the company became a known blunder. In channelling this blunder was a key role of Bernard Ebbers and that of Bernard Madoff. The following parts analyse their role and the immorality oftheir actions, resulting in the moral agents of WorldCom being unethical. Page 3
Assignment on Business Ethics & Corporate Governance_3
Corporate Governance & EthicsIntroductionThe moral principle through which the individuals conduct any activity and through which their behaviour is governed is what ethics are all about. It is basically the branch of knowledge dealing with the moral principles. The term ethics has been derived from Ancient Greek and means custom/ habit. As inferred from the literal translation, it is the habits and the customs of a person which leads to their ethics, as the same gets shaped according to the environment in which they live and based on their notions about any and all things. In businesses also, the ethics play a crucial role as the businesses follow their own set of ethics. These ethics are derived from the role played by the moral agents in running the operations of the business, where their personal ethics translate into the ethics followed by the firm (Jennings, 2008).The moral agents are such people who play the role of being the company executives and they undertake the decisions based on the needs of the different stakeholders, essentially for whom the business operates. The decisions taken by the moral agent, naturally thus, have an impact over the stakeholders, which could be both positive and negative (Ferrell, Fraedrich & Ferrell, 2016). In undertaking such decisions, particularly where the decision is difficult, the leading ethical theories can be applied, as they guide the moral agents on their duties in context of the ethics propagated by such theories. This discussion is focused on highlighting this very aspect, where the ethical theories can be made use of by the moral agents. In doing Page 4
Assignment on Business Ethics & Corporate Governance_4

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