Importance of Business Ethics and Ethical Theories in Business

Business ethics and
Responsible
Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
PART 1 ...........................................................................................................................................1
Importance of business ethics within the organisation...........................................................1
Issues of business ethics in the organisation given in case study...........................................1
Role of business within society .............................................................................................2
Effect of business on stakeholders ........................................................................................2
Recommendations .................................................................................................................3
REFERENCES ...............................................................................................................................3
PART 2 ...........................................................................................................................................4
Discussion of two Ethical theories ........................................................................................4
Pros and cons of using these Two Ethical theories in the organisation.................................5
Recommendations to improve issue on the basis of theory ..................................................6
REFERENCES ...............................................................................................................................6
PART 3 ...........................................................................................................................................6
Reflective essay of ethical Leader .........................................................................................6
References .............................................................................................................................8
CONCLUSION ...............................................................................................................................9

INTRODUCTION
Business ethics is known as study of practices and policies adopted in business which are
associated with controversial subjects like corporate social responsibility, fiduciary
responsibilities, corporate governance, discrimination, bribery, insider trading ,etc. According to
this law, business ethics is essential for smooth functioning of the company. Ethics in business
provides guidelines for gaining public approval (Lange, and Bundy, 2018). The following report
consists of three parts. The first part includes value and importance of business ethics in the
organisation. In second part, there is discussion of two ethical theories that are followed within
the company. Recommendations are made for company to use theories for doing business in
right manner. Advantages and disadvantages of these theories is also discussed. This report
discusses about case of Tuna companies as they are not following policies and harming marine
fishes.
PART 1
Importance of business ethics within the organisation
The presence of ethical and moral beliefs provide guidance to beliefs, values and
decisions of business and individuals of the company. There are few ethical requirements for
business are codified into environmental rules, law, collusion, etc. all businesses must follow
code of business ethics as it helps in smooth running of all business operations. Any business
must not violate any legal provision and if there is unfair or unjust ice, there should be change by
employing democratic devices. Organisations are able to make more money and profits when
they are following ethics and all regulations while conducting business activities. Business ethics
is defined as form of professional ethics which examines and moral problems and principles
which develops within business surroundings. This is applied to all business aspects for
conducting operations on the behalf of whole company (Stary, 2016). There are basically three
types of business ethics discipline which are professional, personal and corporate. This is
necessary to distinguish them for resetting different sets of assumptions and focusing on profit
maximisation.
Issues of business ethics in the organisation given in case study
Pacific is home of the largest Tuna fisheries of the world. This provides approximately
60% of tuna catch in industry that costs US$ 22 billion with increasing demand (Out of Sight:
1