Ethics and Business Decision Making. Chapter 2. What does ethics have to do with the Law? . Ethics - Moral principles and values applied to social behavior. Law is the moral minimum.
Ethics - Moral principles and values applied to social behavior. Law is the moral minimum.
Business Ethics – a consensus of what constitutes right and wrong behavior and the application of moral principles in a business setting.
Ethical lapses result in judicial findings of bad faith and the award of punitive damages.
In re Exxon Valdez
($5 billion punitive damages due to oil spill)
Monitoring of Foreign Suppliers
Foreign Corrupt Practices Act
- prohibition of bribery of high-ranking foreign officials
-“grease” to ministerial employees is not illegal
End of Chapter 2