Business Ethics & Corporate Governance

SUMMARY: Business is expected to create wealth and employment, while society is expected to provide a conducive environment for the business to flourish. The value and ethical standards that a company adopts are the long-term assets of the organization.

There are a number of tasks that a business has to fulfill to the society. These include the financial task, political task, environment task, adaptive task, economic task, and social tasks. Financial tasks include laying down policies and guidelines for the proper functioning of the financial systems.

The environmental tasks include the responsibility of an organization towards the environment. With the perceptions of the consumers changing towards products that are harmful to the environment, companies have to show their concern for the environment by producing environmentally friendly products.