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Business Ethics

Business Ethics. Corporate Governance. Fiduciaries: Persons placed in positions of trust who use due care and loyalty in acting on behalf of the best interest of the organization. Duty of Diligence: A duty of care to make informed and prudent decions. Duty of loyalty;

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Business Ethics

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  1. Business Ethics

  2. Corporate Governance • Fiduciaries: • Persons placed in positions of trust who use due care and loyalty in acting on behalf of the best interest of the organization. • Duty of Diligence: • A duty of care to make informed and prudent decions. • Duty of loyalty; • All decisions should be in the interests of the corporation and its stakeholders.

  3. Conflict of Interest: • When a person in a powerful authority uses the position to obtain personal gain usually at the expense of the organization. • BoD and Officers’ compensation !

  4. To remove the opportunity for employees to make unethical decions; developed formal systems of accountability, oversight, and control are knwn as corporate governance.

  5. Accountability: • How closely workplace decisions are aligned with a firm’s stated strategic direction. • Alco compliance with ethical and legal considerations. • Oversight: • A system of checks and balances that limits employees’ and managers’ opportunities to deviate from policies and strategies and that prevent unethical and illegal activities.

  6. Control: • Process of auditing and improving organizational decisions and actions.

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