Sustainability Reporting and Business Ethics - Time Constrained Assessment Answer Sheet
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This answer sheet discusses ethical principles, responsible resource management, bad ethical practices, corporate codes of ethics, moral management, and ethical decision making using Tucker's 5 question model theory.
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Time Constrained Assessment – Answer Sheet DepartmentAccountancy, Finance and Economics Module TitleSustainability Reporting and Business Ethics Student Name Student ID SUBMISSION OF TCA ANSWERS We strongly recommend you submit your work via Turnitin and email () AT LEAST 15 MINUTES PRIOR TO THE DEADLINE If you are unable to submit this work by the deadline due to connectivity issues, you should consider applying for Extenuating Circumstances within 10 working days of submission. https://portalapps.lincoln.ac.uk/StudentAdmin/extenuatingcircumstances/SitePages/Home.aspx
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Question 1 a) Discuss with examples what is meant by the following ethical principles: i) Integrity ii) Professional competence and due care b) Explain how an organisation’s resources can be managed in a responsible manner both socially and ethically Answer 1: a) i) Integrity– Integrity is one of the most important part of the modern day business ethics and companies are slowly moving away from the thought process that profit making is the only way to go forward. Integrity in context of business ethics means the following of proper ethics and business practices and making them permeate through the entire framework of the company. The value of integrity does not come from the ability to simply do what's right to make the business look good in the eyes of the media but it comes from the ability to do so when there are no clear monetary benefits involved and nobody's watching. Having an organization culture built on the back of integral and ethical practices helps attract any retain talented employees alongside making the business more profitable in the long run which is why more and more businesses are moving forward with showcasing and incorporating integrity in their daily business operations. A major example of such company is Unilever which is a British multinational retailer and has a separate business department which takes care of the integrity in its daily activities. ii) Professional competence and due care –In the modern business environment, it is no longer sufficient to simply know the technical proficiency required to execute a particular task due to the advancement which has occurred in the field of business ethics. In order to treat the various stakeholders of the business in the best way possible, it it necessary to be extremely proficient in one's specialization and domain which is also known as the concept of professional competence and ensuring that tasks and exercises are executed to the best of one's ability to satisfy the people
involved such as customers is also known as the concept of due care in business ethics. Such concepts in ethics are mainly found in the professional code of conduct for professional bodies such as CA and accountants while also being in use for regulating and ensuring the performance of the workforce. b) Modern day businesses are managed quite comprehensively by the managers and the team of senior executives which are hired to do complex tasks while managing these integral resources such as the firm's financial pool, the talented workforce of the business along with the firm's size and scope of production just to name a few. However with such extensive capabilities comes the issue of building an ethical code and managing the resources in such a way that it fulfils both ethicalandmoralobligationofbusinessestowardsthesocietyatlargeandtheirspecific stakeholders. Resources can be effectively managed in an ethically conscious manner by studying the effect of using them on the stakeholders such as the general public and then carefully implementing them after due analysis has taken place. Financial resources should be accounted for charity and societal distribution beforehand and every resource which is extra and not needed by the business should go towards community service to be more socially relevant. Question 2 Organisations of different sizes are becoming ever more globally focussed and are looking to expand into new markets internationally. With such opportunity, it’s crucial for organisations to evaluate their internal ethical practices and corporate codes of ethics. Required: a) Discuss potential bad ethical practice examples undertaken by directors within an organisation and how would this impact the corporate culture? b) Explain the concept of a corporate code of ethics and justify why an internationally expanding company might look to develop a code of ethics.
c) Identify four characteristics of moral management and explain why each of these are important to effectively operate an organisation. Answer 2 a) Business ethics is a very complicated field and there are many variations of common ethics in place in organizations which guide the official proceedings of the company along with the cultureaccordingtowhichtheemployeesoftheworkforceareregulatedandtheirdaily performance is extracted. Just like there are examples of good ethical practices, there are also certain bad practices which are used by directors of many businesses which has negative impact on their culture and some of them have been listed herein. One of the worst practices which are put in place by directors of companies involves increasing the work load of their employees in order to extract more work from them to build their profits on a high margin. This however has a very bad impact on the company culture as people become demoralized and there is habit of crunch and workaholism which is very toxic Making employees go on for long hours without giving them breaks at work and giving them less holidays and not approving their leaves are also examples of bad ethical practices which the director of companies subjects these people to which makes them lose loyalty in the company and results in an unhappy and unproductive work culture. b) The scope of business ethics is quite vast in the modern world as there are many ways and domains in which trade is conducted and rules and groundworks are necessary in order to ensure that businesses are conducting their operations in a fair manner. Such rules and regulations along with the general ethical guidelines which are followed by businesses around the world are also known as corporate code of ethics and this is very important for any company looking to expand their operations internationally. This is due to the fact that in order to expand internationally, the firm in question needs the existence of a concrete and futuristic vision along with robust ethical commitments to its stakeholders which are all listed and regulated using the corporate code of ethics. One of the major examples of such companies which have gone through successful international expansions through maintaining a strong code of corporate conduct and ethics is Tesla which has quite an extensive corporate code of ethics along with the futuristic vision of Elon Musk. c) Moral management refers to the management of the personnel involved in the businesses along with the broad business operations with an ethical frame of mind and also considering about the well being of all stakeholders involved in the business alongside every business decision which is
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taken by the organization. The four characteristics of moral management along with the way they allow effective operations of the company are listed herein. Moral maximization which dictates the amount of moral goodness and correctness which revolves in the internal operations of the company and it helps create a positive and ethical upright environment Cultural consciousness which helps attract and retain a diverse workforce Developing a robust code of business conduct which helps develop effective policies at the workplace Business ethics which form the backbone of all the ethical activities which are undertaken by businesses Question 3 The structure of an organisation is one of the major factors that determines how a corporate culture is formed and how ethical guidelines are put into practice. Required: a) What are the benefits of introducing the role of an ethics officer within an organisation? b) Identify three moral principles a manager within an organisation needs to develop and explain why is this important to operations of a business? c) Discuss why a company should introduce correct ethical practices and what are the risks if they fail to be implemented? Answer 3 a) Business ethicsis the study of an accuratebusinessstrategyand practices regardingcapable controversialcontentsincludingcorporategovernanceand many other things that impact the company and its goals . This is all about toimplement a proper policyand activity with regards to arguably disputable contents In an organisation there is various kinds of professionalism that makes theoperations more effective and achievable.Such asethics officer who serves internal control within thecompany. the company have numerous benefits of hiring ethics officer that are as .
1.It assist in managing a working education of relevant ethics issues of professional or industry ethics codesand conflicts resolution methods. 2.It aids in analysing the potential uncertainty and liability and develop legal compliance. They also manages the relationship with stakeholders. b) The objectives of unspecific observationthat serves as a common justification for the various particular ethical prescription and evaluation of humanactions.Three basicprinciplesamong those basically implemented in the business culture so that work can be done systematically. The basic principles are listed in below - 1.Respect for others-In incorporates an individual must be treated as independent agents .Moreover, that personswith reduced liberty are entitled to be secured. 2.Beneficence- persons are treated in an ethical ways not only by respecting their decisions and saving them from harm, but also by making practices to secure their well being. The termis often analysed to reach acts of kindness or helping that goes beyond restricted cause. 3.Justice- the termis basically determinesto all person an equal share. This concept is relevant to explore including human and organisational context. These executives do not deliberately mislead or deceive others by poor presentations and many others means and when justices requires it they providesrelevant detailsand accuratefacts. It is crucialfor company to adapt all these action sothat they can havea systematic functioning and ethical working in company. It is more crucial to carry outoperations in correct way. Ethics events are an exceptions tools for promoting moral conduct business also requiresworkers devoted to ethical decision making c)Company introduce the business ethicsand ethical officerto promoteintegrityamongtheir workersfromkey stakeholdersjust as investorsand users.Duringbusinessehics events have become basic, the quality becomes more impressive and attractive. This makes industry more smart by having newtechnology and otherinstruments that makes an effective functioning within the industry. It also helps in analysing therisk earlier. If company do not adopt the ethics with in the company they will have a unethical working and also will face a various kinds of issues that will tends in loss of the business goals . Asbusiness have acrucialgoalin growing business.Iftheywanttomakeaneffectivefunctioningincompanytheyhaveadaptan appropriate business ethics and hire a skilled ethics officer Question 4
a) Evaluate by applying Tucker’s 5 question model theory if building the proposed oven and manufacturing extension is an ethically sound decision or not. b) What is the difference between descriptive and normative ethics? Discuss which approach Lincoln baking Co could implement and the benefits to the business. Answer 4 a) Tucker's 5 question model theory is one of the most basic models out there in terms of forming an opinion regarding a business decision being ethically sound or not and in this model, there are 5 basic parameters which form as the pillars which eventually decide whether or not a particular decision is ethically sound to undertake or not. This model has been applied herein in context of the problem presented in the case study in which a chimney oven and manufacturing extension is being planned by the sole investor and their hired manager. It is profitable ?- Yes the decision to build a chimney oven and extend the production and manufacturing line of the business is a profitable decision as it will help extend the business their reach and also help in making more products It is legal ?- Yes the proposed business move is legal in the eyes of the law Is it fair ?- No the move is not fair at all to the stakeholders of the business as many of them have resigned to show their hesitancy and the local community and resources are being subjected to pollution Is it right ?- No it is not right as it harms the environment, goes against the interest of the community,customersandtheemployeesofthecompanywhichareitspriority stakeholders Is it sustainable and environmentally sound ?- No it is not sustainable at all as water pollution is a serious concern and contains grim long term consequences for the local community According to the analysis developed through this model, the decision is not ethically sound and should not be implemented on the ground of ethical violations. b) There are many different branches of business ethics which are concerned with the way in which companies and individuals are supposed to act in situations where their ethical integrity is called into question like the way in which the case study has presented the ethical dilemma of Lincoln Baking and Co. When it comes to business ethics, there are two basic approaches which
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are known as normative and descriptive ethics which are broadly followed by businesses the globe over. Descriptive ethics and normative ethics differ from one another on various grounds as they are different as concepts as descriptive ethics is based on the belief of what is right or wrong and focuses on what people think is right or wrong. Normative ethics on the other hand are concerned with the actions and their resultant consequences and this type of ethics involves analysis of actions rather than beliefs. According to the presented data in the case study, Lincoln Baking and Co. should implement a normative ethical approach by carefully considering the long term impact of its river pollution and air pollution through the proposed chimney which will undoubtedly help the sole investor to get data to reverse his decision and the company can benefit in many ways such as getting its veteran employees back and not upsetting the local community any further.
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