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Code of Ethics in Modern Corporations Report

   

Added on  2020-04-07

15 Pages3921 Words47 Views
Leadership ManagementPhilosophyPolitical ScienceLaw
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Code of Ethics 1Code of Ethics in Modern CorporationsName:Course:Tutor:University:Date:
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Code of Ethics 2ContentsExecutive Summary...................................................................................................................................3Introduction.................................................................................................................................................4Understanding the Code of Ethics...............................................................................................................4Historical Background.................................................................................................................................5Importance of the Code of Ethics and their Role in Modern Corporations..................................................8The Role of the Code of Ethics in Modern Day Corporations.....................................................................9Conclusion.................................................................................................................................................13References.................................................................................................................................................14
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Code of Ethics 3Executive SummaryThe purpose of this report is to discuss the code of ethics, why it has become commonpractice for modern corporations to adopt it and its importance. In detail, an understanding of thecode of ethics is sought. Its historical background, and its importance and the role the code ofethics plays in modern corporations is discussed.
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Code of Ethics 4IntroductionEthics has become the top priority for 21st Century corporations. This comes at a time when a lot of organizations have adopted unethical business principles (Lawrence and Weber, 2014). The society has developed an attitude of impatience towards unethical corporations. Theiractions enrich a few people and impoverish the majority. For example, under the leadership of Carly Fiorina, Hewlett Packard proved its pledge to the code of ethics. The former Chief Executive Officer said that under her tenure at the company, she made difficult choices, including firing individuals who lacked integrity (Ely and Rhode, 2010). Her actions contrast that of R.J. Reynolds Tobacco Company, which was found to be covering up information about nicotine addiction (Derthick, 2011). From the two examples, even though in one instance action was taken against individuals who lacked ethics, it is evident that many organizations lack ethics.It is a culture that is no longer common in many institutions. Talking about organizational responsibility and accountability is impractical without mentioning ethics. Irresponsible behavior in businesses and corporations is so typical in this day and age. For instance, corporations in the manufacturing sector have failed to ensure the safety ofemployees making accidents a common occurrence. Greed and selfish reasons have caused corporate entities to lose objectivity (Grappi et al. 2013, 1819). As a result, they vindicate unethical practices while focusing on making profits. It is in this regard that the code of ethics has become synonymous with many entities, and is a tool that is useful in modern corporations. Understanding the Code of EthicsUnderstanding the code of ethics is fundamental to appreciating its importance in business or ordinary life. A code of ethics is a set of guiding principles that direct corporate
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