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Ethics (Corporate social responsibility - Operating business that meets or…
Ethics
Corporate social responsibility - Operating business that meets or succeeds the ethical, legal, commercial and public expectations of stakeholders
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Companies that practice CSR aim to do more for the betterment of other than is required by laws, regulations, or special interest groups.
Firms that practice CSR behave ethically and support a voluntary, self-regulated business model
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Corporate Governance - The procedures and process by which corporations are managed directed and controlled.
Management uses corporate governance to implement ethics, CSR and sustainability - this has the firms best interest at heart
Senior managers should develop a code of ethics - describes what the firm expects of its employees, when facing ethical dilemmas
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Code of Ethics
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Designed to ensure that any employee can identify ethical problems and distinguish between right and wrong actions
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Code of Conduct
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Differing cross-national laws and practices, developing a single Code to cover the firms operations worldwide is often impractical
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Adhering to CSR principles implies a proactive approach to ethical behaviour in which firms not only seek to maximise profits but also to benefit society
Sustainability implies the development and execution of company practices that avoid the ability of future generations to meet their needs
Sustainable firm provides safe work environments, health insurance, retirement benefits, and educational opportunities for empolyees
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A document that describes the values and expectations that guide decision making by all employees in the firm
A document that translates the code of ethics into specific rules regarding behaviours and practices that are prohibited or required
Incorporating ethics, CSR, and sustainability into global operations is a path to long-term superior performance
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