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Stay Connected with UOnline. Want more stories from the U? UOnline Insight Blog. Profitable to whom and how much is a matter of judgement. Exam Support: Look for stakeholders83 mentioned in the scenario.
Legality of decision depends on jurisdiction, which is applicable to the organization. Exam Support: Look for information given about legislations applicable to the ethical problem.
Fair means Objective, balanced, equal treatment, avoiding bias, prejudice, discrimination etc. Fair to whom is a matter of judgement. Exam Support: Look for stakeholders83 which organization recognizes while making decisions. Answer to this question depends on the ethical perspective absolutism or relativism of the individual. Exam Support: Look for ethical perspective of manager or employee in ethical problem.
Sustainability means ability to continue particular activity till foreseeable future. Example: Using fossil fuel as a source of energy will deprive reserves for future generations. However, it can be sustainable if we can replace fossil fuel with some other source of energy such as solar energy for the use of future generations.
Sustainable to whom and how long is matter of judgement. Exam Support: Look for information on organizational background and policies. According to Tucker, if all the answers to above questions are yes, then decision is ethical. Sea Ships Company did not act on the advice.
Advise 8 Mr Shreeves of the most appropriate course of action. AAA model asks 7 questions to reach an ethical decision. Exam Support: AAA model is lengthy than tuckers 5 step model.
However, it can be used in case of profit as well as not for profit organization. Always use the model recommended by the examiner. You can present a summary of present situation taken from a scenario. Example: A labour son is seriously ill and needs urgent treatment if he has to survive. However, the labour has not enough money for his treatment. Ethics issues are the ethical principles are at risk.
Example: Is it fair to steal goods from the factory and sell them in the market for money, so that his son can be saved? These can be policies, past practices of the organization and comments made by individual managers or employees. Example: Stealing goods from the factory is considered unethical.
In addition, the labour told his son not to steal others objects. These are different options available to solve ethical dilemma in given situation. Example: Alternative 1: Labour can take his son to the charitable hospital.
However, he is concern about quality of treatment. Alternative 2: He can borrow money from the factory and repay it from the next months salary. Alternative 3: Labour can steal goods from the factory and sell it for accasupport.
Best course of action should be decided in comparison with norms, principles and values identified in step 3 and alternative courses of action in step4. Example: In this case, taking his son to the charitable hospital is best course of action taking account of urgency of treatment needed. These are the possible impact of each alternative course of action on the position of personnel or organization involved in ethical dilemma.
Example: Alternative 1 will enable the labour to provide his son an urgent treatment at little or no fee at all. However, it will increase debt burden, which he cannot bear. Alternative3 will enable him to save his son, but if was caught, he can face imprisonment or fine.
In addition, he will set a wrong example for his son, which will be opposite to what he has told his son not to steal others objects. Final decision after considering above information will depend on individual.
You should always recommend a decision giving justification for your decision. Example: It depends on labour what he considers worthwhile course of action. However, labour should that his son to charitable hospital as this provide urgent treatment and will save him from committing legal accasupport.
Exam Support: Whatever course of action you recommend, you have to give reasons to justify your comments. There can be more than one solution to ethical problem question. Therefore, you will only get marks if you have given reasons behind your recommendations. Exam Awareness Corporate social responsibility and citizenship are very frequently debated topics of corporate governance You can expect above sub exam topics in combination with identification of stakeholders83 and management.
Carol has identified four stances positions of ethical responsibility. Treatment to other stakeholders83 depends on effect on shareholders wealth.
Compliance with corporate governance76 codes such as Sarbanes Oxley act in US is subject to legal responsibility in rule-based jurisdictions. It involves fulfilment of social expectations which not covered by law. It involves commitment with those aspects of ethics, which laws and voluntary codes failed to address. Corporate citizenship is the business strategy that shapes the values underpinning a companys mission and the choices made each day by its executives, managers and employees as they engage with society.
Three core principles define the essence of corporate citizenship, and every company should apply them in a manner appropriate to its distinct needs: minimizing benefit and being accountable and responsive to stakeholders Therefore, it is justifiable to expect companies to spend its resources to benefit the society and minimize its negative impact upon the society, other than maximizing shareholders wealth.
Maximizing benefits to society. Accountability to stakeholders Corporate citizenship under this view focuses on limited number of stakeholders83 that can affect economic performance of the organization. Equivalent view considers compliance with law and ethical codes as responsibility under corporate citizenship.
Corporate citizenship under this view focuses on society and economic development is not the only motivation. It attempts to use corporate power to protect political, social, human rights etc of individuals in the society. Note corporate social responsibility and citizenship is limited to society, it does not recognize environment as stakeholder to company.
Gray, Owen and Adams have prescribed seven ethical positions of individuals and companies. These positions move from focus on financial benefit to focus on environmental and society along a continuum. Their investors are shareholders and management are board of directors. Usage of investors money for purpose other than maximize of wealth is effectively theft.
This stance is similar to Stock Holder vs. Stakeholder View of corporate governance This stance is similar to Instrumental vs.
Normative View of stakeholders83 management. Actions of the organization against the social and cultural norms will upset the society. Thus, organization will no longer survive without the input from the society. Customers will boycott the organizational products, if products quality is below acceptable level.
Organizations therefore assume responsibility to reduce and eliminate the impact of their actions. Example: Usage of fossil fuel, reducing the oxygen in the environment should be balanced by taking measures such as planting new trees or consider using green source of energy such as solar system.
Followers of this stance will consider concerns of stakeholders83 to the extent of environmental and society footprint created by the organization. This will lead to concentration of wealth in few hands in the society and create imbalance of power, which can be used against poor people.
Followers of this stance will provide equal treatment to all stakeholders83 and shareholders regardless of how the shareholders will be affected. Business should be performed with feminine value such as team working and flexible timings. To do this fundament redesign of existing processes and policies are needed. Followers of this stance will give primary importance to stakeholders Wealth will only be maximized after satisfying all other stakeholders.
Current system cannot be repaired to reflect this idea. Entirely new system needs to be implemented from zero. Weak Sustainability Pg. Stakeholder View Instrumental vs. Connected Vs. External Direct Vs.
Indirect Primary Vs. Secondary Narrow Vs. Wide Voluntary Vs. Involuntary Known Vs. Unknown Recognized Vs. Unrecognized Legitimate Vs. Stakeholder View 4 Instrumental vs. Urgency of stakeholders should be considered also. If stakeholders require immediate action, then they are considered more powerful. Urgency coupled with legitimacy provides sufficient power to the stakeholders. Level of interest should be considered. If stakeholders are highly affected or can highly affect, then they need thorough response.
Organization values, norms and company code of ethics and conduct should be considered when deciding response to stakeholders. Outsider Systems 2 Unitary Vs. Multi-Tier Board 2. Exam Awareness It forms the base of internal control9 6 and risk management. All other exam topics are based on this exam topic. External Auditor 9 Objectives of Internal Audit. In addition, if you find any information in this study material or website that is awkward, unethical, other than normal etc from your viewpoint.
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