business ethics-1.pptx

8/9/2019 BUSINESS ETHICS-1.pptx

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MMS SEM IV 100 marks

BUSINESS ETHICS ANDCORPORATE GOVERNANCE


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SYLLABUS

TOPICSIntrod!t"on to Bs"n#ss Et$"!sVa%#s & B#%"#'& Norms and StandardsBas"! 'ram#(ork o' Normat")# #t$"!sEt$"!s and d#!"s"on mak"n*Gand$" an +r"n!"+%# o' trst##s$"+

Gand$" an +$"%oso+$, o' (#a%t$ mana*#m#ntEt$"!s and !or+orat# #-!#%%#n!#Et$"!a% as+#!t o' !or+orat# +o%"!,

Introd!t"on o' Cor+orat# Go)#rnan!#Adr"an Cad.r, r#+ort

/marman*a%am r#+ortCor+orat# So!"a% R#s+ons"."%"t,Et$"!s "n Int#rnat"ona% s!#nar"oMora% #)o%t"on o' t$# rms


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ETHICS

T$# (ord Et$"!s "s d#r")#d 'rom t$# Gr##k (ord#t$os2 ($"!$ r#'#rs to !$ara!t#r and s#nt"m#nt o't$# +#o+%#

Ethics ar# t$# r%#s t$at $#%+ s t#%% t$#d"3#r#n!# .#t(##n r"*$t and (ron* and#n!ora*# s to do t$# r"*$t t$"n*4

T$#, !an $#%+ +#o+%# d#!"d# on t$# .#st !ors#o' a!t"on "n s"tat"ons ($#r# t$#, ar#n2t sr# ($atto do4


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Et$"!s Et$"!s2 r#'#r to t$# !od# o' !ond!t t$at *"d#s

an "nd")"da% ($"%# d#a%"n* "n a s"tat"on4 Itr#%at#s ("t$ so!"a% r%#s t$at "n5#n!# +#o+%#to .# $on#st "n d#a%"n* ("t$ t$# ot$#r +#o+%#4

Et$"!s "s !ommon%, d#n#d as a s#t o'+r"n!"+%#s +r#s!r"."n* a .#$a)"or !od#& #-+%a"ns($at "s *ood and r"*$t or .ad and (ron*4 Itma, #)#n ot%"n# mora% dt"#s and o.%"*at"ons

T$# std, o' mora% o.%"*at"on "n)o%)"n* t$#d"st"n!t"on .#t(##n r"*$t and (ron*4


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Natr# o' #t$"!sT$# !on!#+t o' #t$"!s d#a%s ("t$ $man

.#"n*s on%, as t$#, ar# on%, #ndors#d ("t$'r##dom o' !$o"!#4

T$# std, o' #t$"!s $as .#!om# a s#t o's,st#mat"! kno(%#d*# a.ot mora%.#$a)"or and !ond!t4

S!"#n!# o' #t$"!s "s normat")# #t$"!s

9 :d*# )a%# o' 'a!t "n t#rms o' ($at o*$tto .# and not 'a!ta% :d*m#nts4


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SOURCE O; ETHICS


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Bs"n#ss Et$"!sBusiness ethics ar# t$# +r"n!"+%#s and

standards t$at d#t#rm"n# a!!#+ta.%#!ond!t "n .s"n#ss or*an"4 In Ma, =016Ran.a-, (as 'ond *"%t, and (as !$ar*#sa n# o' ? @00mn


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= Im+ortant As+#!t o' Bs"n#ss Et$"!s

I4 Look at t$# +ro.%#ms ($"!$ ra"s#s mora%"ss#s

II4 Cr"t"!a%%, #-am"n"n* t$# )ar"os so%t"ons'or so%)"n* t$#m


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Bs"n#ss #t$"!s ar# t$# a++%"!at"on o' #t$"!s "n .s"n#ss4 It +ro)#s t$at

.s"n#ss!an .# and $a)# .##n #t$"!a% and st"%% mak# +rots4 Toda, mor# and

mor#

"nt#r#st "s .#"n* *")#n to t$# a++%"!at"on o' #t$"!a% +ra!t"!#s "n.s"n#ss d#a%"n*s

and t$# #t$"!a% "m+%"!at"ons o' .s"n#ss4


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T$# 6 C2s o' Bs"n#ss #t$"!s7 14 Com+%"an!# 9T$# n##d 'or !om+%"an!# o' r%#s

"n!%d"n*

La(s

Pr"n!"+%#s o' mora%"t,

Po%"!, o' t$# !om+an, =4 T$# Contr".t"on 9.s"n#ss !an mak# to t$# so!"#t,

T$# !or# )a%#s

a%"t, o' +rod!tss#r)"!#s

Em+%o,m#nt

64 T$# Cons##n!#s o' .s"n#ss a!t")"t,

To(ard #n)"ronm#nt "ns"d# and ots"d# t$# or*an"


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Im+ortan!# o' Bs"n#ssEt$"!s

Good .s"n#ss #t$"!s +romot#s *ood.s"n#ss4

An #t$"!a% "ma*# 'or a !om+an, !an ."%d7

Good("%%

Lo,a%t,

amon* !stom#rs and !%"#nts


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Im+ortan!# o' Bs"n#ssEt$"!s


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1) Stop business malpractices7 Som# ns!r+%os.s"n#ssm#n do .s"n#ssma%+ra!t"!#s ., "nd%*"n* "nn'a"r trad#+ra!t"!#s %"k# .%a!kFmark#t"n*& art"!"a%$"*$ +r"!"n*& ad%t#rat"on& !$#at"n* "n (#"*$ts andm#asr#s& s#%%"n* o' d+%"!at# and $arm'% +rod!ts&

$oard"n*& #t!4 T$#s# .s"n#ss ma%+ra!t"!#s ar#$arm'% to t$# !onsm#rs4 Bs"n#ss #t$"!s $#%+ to sto+t$#s# .s"n#ss ma%+ra!t"!#s4

2) Improve customers' confence7 Bs"n#ss #t$"!sar# n##d#d to "m+ro)# t$# !stom#rs !ond#n!#

a.ot t$# a%"t,& ant"t,& +r"!#& #t!4 o' t$# +rod!ts4T$# !stom#rs $a)# mor# trst and !ond#n!# "n t$#.s"n#ssm#n ($o 'o%%o( #t$"!a% r%#s4 T$#, '##% t$ats!$ .s"n#ssm#n ("%% not !$#at t$#m4
http://kalyan-city.blogspot.com/2011/03/what-is-business-meaning-definitions.htmlhttp://kalyan-city.blogspot.com/2011/03/what-is-trade-meaning-and-nature.htmlhttp://kalyan-city.blogspot.com/2011/03/what-is-trade-meaning-and-nature.htmlhttp://kalyan-city.blogspot.com/2011/03/what-is-business-meaning-definitions.html


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!) Survival o" business7 Bs"n#ss #t$"!s ar# mandator, 'or t$#sr)")a% o' .s"n#ss4 T$# .s"n#ssm#n ($o do not 'o%%o( "t ("%%$a)# s$ortFt#rm s!!#ss& .t t$#, ("%% 'a"% "n t$# %on* rn4 T$"s "s.#!as# t$#, !an !$#at a !onsm#r on%, on!#4 A't#r t$at& t$#!onsm#r ("%% not ., *oods 'rom t$at .s"n#ssman4 H# ("%% a%sot#%% ot$#rs not to ., 'rom t$at .s"n#ssman4 So t$"s ("%% d#'am#

$"s "ma*# and +ro)ok# a n#*at")# +.%"!"t,4 T$"s ("%% r#s%t "n'a"%r# o' t$# .s"n#ss4 T$#r#'or#& "' t$# .s"n#ssm#n do not'o%%o( #t$"!a% r%#s& $# ("%% 'a"% "n t$# mark#t4 So& "t "s a%(a,s.#tt#r to 'o%%o( a++ro+r"at# !od# o' !ond!t to sr)")# "n t$#mark#t4

#) Sa"e$uarin$ consumers' ri$hts7 T$# !onsm#r $as man,

r"*$ts s!$ as r"*$t to $#a%t$ and sa'#t,& r"*$t to .# "n'orm#d&r"*$t to !$oos#& r"*$t to .# $#ard& r"*$t to r#dr#ss& #t!4 Bt man,.s"n#ssm#n do not r#s+#!t and +rot#!t t$#s# r"*$ts4 Bs"n#ss#t$"!s ar# mst to sa'#*ard t$#s# r"*$ts o' t$# !onsm#rs4
http://kalyan-city.blogspot.com/2010/11/what-is-market-types-and-classification.htmlhttp://kalyan-city.blogspot.com/2010/11/what-is-market-types-and-classification.html


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%) Protectin$ emplo&ees an shareholers7Bs"n#ss #t$"!s ar# r#"r#d to +rot#!t t$# "nt#r#st o'#m+%o,##s& s$ar#$o%d#rs& !om+#t"tors& d#a%#rs&s++%"#rs& #t!4 It +rot#!ts t$#m 'rom #-+%o"tat"ont$ro*$ n'a"r trad# +ra!t"!#s4

) (evelops $oo relations7 Bs"n#ss #t$"!s ar#"m+ortant to d#)#%o+ *ood and 'r"#nd%, r#%at"ons.#t(##n .s"n#ss and so!"#t,4 T$"s ("%% r#s%t "n a

r#*%ar s++%, o' *ood a%"t, *oods and s#r)"!#s at%o( +r"!#s to t$# so!"#t,4 It ("%% a%so r#s%t "n +rots'or t$# .s"n#ss#s t$#r#., r#s%t"n* "n *ro(t$ o'#!onom,4


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) Creates $oo ima$e7 Bs"n#ss #t$"!s !r#at# a*ood "ma*# 'or t$# .s"n#ss and .s"n#ssm#n4 I' t$#.s"n#ssm#n 'o%%o( a%% #t$"!a% r%#s& t$#n t$#, ("%% .#'%%, a!!#+t#d and not !r"t"!"s#d ., t$# so!"#t,4 T$#so!"#t, ("%% a%(a,s s++ort t$os# .s"n#ssm#n ($o

'o%%o( t$"s n#!#ssar, !od# o' !ond!t4

*) Smooth "unctionin$7 I' t$# .s"n#ss 'o%%o(s a%%t$# .s"n#ss #t$"!s& t$#n t$# #m+%o,##s& s$ar#$o%d#rs&!onsm#rs& d#a%#rs and s++%"#rs ("%% a%% .# $a++,4 Sot$#, ("%% *")# '%% !oo+#rat"on to t$# .s"n#ss4 T$"s ("%%r#s%t "n smoot$ 'n!t"on"n* o' t$# .s"n#ss4 So& t$#.s"n#ss ("%% *ro(& #-+and and d")#rs"', #as"%, and"!k%,4 It ("%% $a)# mor# sa%#s and mor# +rots4


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1+) Consumer movement7 Bs"n#ss #t$"!s ar# *a"n"n*"m+ortan!# .#!as# o' t$# *ro(t$ o' t$# !onsm#r mo)#m#nt4Toda,& t$# !onsm#rs ar# a(ar# o' t$#"r r"*$ts4 No( t$#, ar#mor# or*an"s#d and $#n!# !annot .# !$#at#d #as"%,4 T$#, tak#a!t"ons a*a"nst t$os# .s"n#ssm#n ($o "nd%*# "n .ad .s"n#ss+ra!t"!#s4 T$#, .o,!ott +oor a%"t,& $arm'%& $"*$F+r"!#d and!ont#r'#"t 9d+%"!at# *oods4 T$#r#'or#& t$# on%, (a, tosr)")# "n .s"n#ss "s to .# $on#st and 'a"r4

11) Consumer satis"action7 Toda,& t$# !onsm#r "s t$# k"n*o' t$# mark#t4 An, .s"n#ss s"m+%, !annot sr)")# ("t$ot t$#!onsm#rs4 T$#r#'or#& t$# ma"n a"m or o.:#!t")# o' .s"n#ss "s

!onsm#r sat"s'a!t"on4 I' t$# !onsm#r "s not sat"s#d& t$#nt$#r# ("%% .# no sa%#s and t$s no +rots too4 Consm#r ("%% .#sat"s#d on%, "' t$# .s"n#ss 'o%%o(s a%% t$# .s"n#ss #t$"!s& and$#n!# ar# $"*$%, n##d#d4


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11) Health& competition7 T$# .s"n#ssmst s# .s"n#ss #t$"!s ($"%# d#a%"n* ("t$t$# !om+#t"tors4 T$#, mst $a)# $#a%t$,!om+#t"t"on ("t$ t$# !om+#t"tors4 T$#, mst

not do !tFt$roat !om+#t"t"on4 S"m"%ar%,& t$#,mst *")# #a% o++ortn"t"#s to sma%%Fs!a%#.s"n#ss4 T$#, mst a)o"d mono+o%,4 T$"s "s.#!as# a mono+o%, "s $arm'% to t$#

!onsm#rs4
http://kalyan-city.blogspot.com/2010/11/monopoly-market-structure-meaning.htmlhttp://kalyan-city.blogspot.com/2010/11/monopoly-market-structure-meaning.html


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Common Cas#s o' Un#t$"!a%B#$a)"or

Pr#ssr#

;#ar

Gr##d

Con)#n"#n!#


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Cas#s o' Un#t$"!a% B#$a)"or9!ont2d

;o%%o("n* .oss2s d"r#!t")#sM##t"n* o)#r%, a**r#ss")# .s"n#ssnan!"a%

o.:#!t")#s

H#%+"n* t$# or*an"


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,actors Causin$ -nethicalBehavior

14 Com+#t"t"onF L"t#m#r J Mo%and#r2 $a)# 'ond "n t$#"r std"#s"n 1K> t$at t$#"m+ortant !as# o' d#!r#as"n* s# o' #t$"!a% !ond!t "n .s"n#ss"s t$# "n!r#as"n*

natr# o' !om+#t"t"on4 $#n mana*#rs tr, to m##t *oa%s and$a)# to !t !orn#rs at t$at mom#nt t$"s a!t# !om+#t"t"on atnat"ona% as (#%% as "nt#rnat"ona% %#)#% .#!om#s an na)o"da.%#r#ason 'or n#t$"!a% !ond!t4

=4Pr#ssr# F T$#r# "s an "n!r#as"n* +r#ssr# to #arn mor# +rotand to !o+# ("t$ t$# #n%ar*#d r#"r#m#nts and #-+#!tat"ons o'a%% %"k# s$ar#$o%d#rs& !stom#rs& #m+%o,##s or a%% t$# !at#*or"#so' "ts stak#$o%d#rs4 So t$"s .#!om#s an "m+ortant 'a!tor o'n#t$"!a% !ond!t o' .s"n#ss4


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64 Et$"!a% D"%#mma7 Am."*os s"tat"ons !r#at# t$# #t$"!a% d"%#mmato t$# mana*#r and s#%#!t"on o' an a%t#rnat")# t$at *")#s t$#m$"*$#r r#trn at t$# !ost o' %os"n* "nt#*r"t, t$#, don2t t$"nk4

>4 Po%"t"!a% !orr+t"on 7 $as a%so .#!om# a ."* "ss# no( da,s& as.s"n#ss !annot .# a%oo' 'rom +o%"t"!s and most o' t$# +o%"t"!a%

+art"#s d#mand *"'ts& donat"ons and .r".#s 'rom t$# .s"n#ssm#n 'ort$#"r +o%"t"!a% *a"n4

@4 So!"a% )a%#s and !stoms ar# not 'o%%o(#d ., n#( *#n#rat"on4

4 No(FaFda,s +#o+%# (ant to .#!om# r"!$ "n a s$ort ($"%# #)#n .,

do"n* n#t$"!a% a!ts4 Mon#, and s!!#ss .#!om#s t$# "m+ortantmot")ator .#$"nd an, a!t")"t,4

4 P#o+%# n#*%#!t t$# so!"a% r#s+ons"."%"t,& %a!k o' "nt#*r"t, andd"s!"+%"n# "n t$# so!"a% )a%#s4


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I.PO/T0T ,0CTO/S O, B-I(I30 ETHIC0 I,/0ST/-CT-/E

Commitment "rom Top .ana$ement As t$# to+ #-#!t")#s ar# t$# %#ad#rs& so "' t$#, tak# an #t$"!a%

"n"t"at"on& "t (o%d .# #as, to s+r#ad "t do(ns"d#4

Et$"!a% .#$a)"or s$o%d .# '%%, s++ort#d ., t$# to+mana*#m#nt4 T$#, mst s#t som# #-am+%#s "n 'ront o' t$#

#m+%o,##s 'rom t$#"r o(n %#)#% "' !omm"tt#d to #t$"!s4 Et$"!s !omm"tt##F som# .oards $a)# #sta.%"s$#d a s#+arat#

#t$"!s !omm"tt## ($"!$ o)#rs## d#)#%o+m#nt and o+#rat"on o'#t$"!s +ro*ram4

Som# !om+an"#s do $a)# '%% t"m# #t$"!s o!#r& %"k# USAA& ad")#rs"#d nan!"a% s#r)"!# !om+an,4 T$# !$"#' #-#!t")#o!#r& Ro.#rt T4 H#rr#s& "s t$# !$"#' #t$"!s o!#r and $#a++o"nts an #t$"!s !oord"nator to o)#rs#a t$# +ro*ram4


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T$"s !omm"tt## ma, !ons"st o' "nt#rna% and #-t#rna% d"r#!tors4A!!ord"n* to /oont< and #"$r"!$ t$"s !omm"tt## ("%% +#r'orm t$#'o%%o("n* 'n!t"ons7

14 Ho%d"n* r#*%ar m##t"n*s to d"s!ss #t$"!a% "ss#s4

=4 D#a%"n* ("t$ *r#, ar#as4

64 Commn"!at"n* t$# !od#s to a%% m#m.#rs o' t$# or*an"


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Coe o" Ethics To #sta.%"s$ and to #n!ora*# #t$"!a% !ond!t 'orma% !od#s o' #t$"!s 'or

or*an"


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Som# or*an"


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Communicatin$ EthicsT$# .#st #t$"!s +ro*ram "n t$# (or%d "s t$# on# t$at "s

!ommn"!at#d (#%%4 T$#

!ommn"!at"on s$o%d .# "n )ar"os 'orms and 'r##nt%, o!!r4

Commn"!at"n* a%% !od# o' #t$"!s& !or# )a%#s !an .# don# ., an#as, (a,F (r"tt#n 'orm s++%#m#nt#d ("t$ som# #st"ons "n t$#'orm o' '##d.a!k4 T$# s+#r)"sors !an $o%d m##t"n* ("t$#m+%o,##s to d"s!ss #t$"!a% !on!#rns4

A +ro+#r (#%%Fd#s"*n#d !ommn"!at"on n#t(ork "s n##d#d to"nst"tt"ona%"


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Ethics Trainin$T$#r# "s a *r#at n##d 'or #t$"!s tra"n"n* .#!as# on%,!ommn"!at"n* (#%% "s not s!"#nt to !on)#rt )a%#s "nto+ra!t"!#& som#t"m#s #m+%o,## ma, t$"nk t$at t$#, kno( #a!$and #)#r, as+#!t a.ot #t$"!s& #t$"!a% d#!"s"on mak"n* .t t$#,m"*$t .# na(ar# o' t$# "d#as o' t$# a!ta% #)a%at"on +ro!#ss&"m+%#m#ntat"on and !ons##n!#s o' t$# d#!"s"on mak"n*4T$#r#'or# #t$"!a% tra"n"n* +ro*ram ar# )#r, !r!"a%4

E3#!t")# #t$"!s tra"n"n* s$o%d $a)#7

Em+%o,## +art"!"+at"on to #-!$an*# )"#(s ("t$ #a!$ ot$#r ando+#n d"s!ss"on o' r#a%"st"! #t$"!a% "ss#s4

C%ar"', t$# #t$"!a% )a%#s and #n$an!# t$# #t$"!a% a(ar#n#ss o'#m+%o,##s4

D#n# !r"t#r"a 'or #t$"!a% d#!"s"on mak"n* ("t$"n t$#or*an"


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/esponse an En"orcementIm+%#m#nt"n* an #t$"!a% +ro*ram !ons"st#nt%, "s on# o' t$# ."**#st !$a%%#n*#s 'or

or*an" T#st #a!$ o+t"ons

@ Mak# ,or d#!"s"on

A !ons"st#nt #n'or!#m#nt ., !ar#'%%, !oord"nat"n* ("t$ $man r#sor!#s +#rsonn#% or., #sta.%"s$"n* an #t$"!s !oord"nat"n* !omm"tt## t$at !an r#)"#( or $#ar a++#a%s on

d"s!"+%"nar, a!t"ons4


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0uits4 /evisions an /efnementsAd"ts s$o%d #sta.%"s$ to r#)#a% ($#t$#r !ommn"!at"on a.ot

#t$"!a% !od#s o' !ond!t (orks (#%% or not4

$at ar# t$# r#s%ts o' tra"n"n* +ro*ram

It "s a d#ta"%#d "n)#st"*at"on a.ot +ot#nt"a% )"o%at"ons o' %a( or

r#*%at"on4 T$# #-+#rts "n ad"t !omm"tt## (o%d .# #-#!t")#s o'

t$# or*an"


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5hat Happens 5hen People (on6tBehave Ethicall&7

;rad& a!!ont"n* s!anda%s& and "ns"d#r trad"n* ar# som# o' t$# ma:or #t$"!a% "ss#s t$at $a)# .#!om# asso!"at#d("t$ .s"n#ss#s4

,rau

,rau "s t$# !r"m# o' %,"n* or +r#t#nd"n*4 Som#.s"n#ss#s

m"s%#ad !onsm#rs and tr, to tr"!k t$#m "nto .,"n*som#t$"n*

"n ord#r to ma-"m"


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Bs"n#ss ;a!ts

The Cit& o" Toronto aoptea corporate "rau polic& in

2++18 This polic& prohibits

an& business operatin$ in the

cit& "rom bribin$ or other9ise

in:uencin$ Cit& emplo&ees8The polic& also inclues la9s

to protect 9histle;blo9ers

"rom losin$ their


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S#)#ra% t,+#s o' 'rad !an "n)o%)# !onsm#rs and.s"n#ss#s4

;rad o3#n!#s ar# !onstant%, !$an*"n* and !an )ar, "nt$#"r

%#)#% o' so+$"st"!at"on4 H#r#2s an a%+$a.#t"!a% %"st o' t$#

mor#

!ommon 'rads ("t$ #-am+%#s4

18 Bank fraudQA .ank o!#r mak#s a 'rad%#nt %oan to a

nonF#-"st#nt .s"n#ss and t$#n +o!k#ts t$# mon#,4

28 Consumer fraudA .s"n#ss tr"!ks !stom#rs "nto.,"n*

*oods or s#r)"!#s t$#, don2t r#a%%, n##d t$ro*$ n#t$"!a%

ad)#rt"s"n* or 'a%s# !%a"ms4


37/40

!8 Contract fraudA .s"n#ss or "nd")"da% s#st#m+tat"ons&

s!$ as .r".#s or k"!k.a!ks& to !r#at# a !ontra!t4

#8 Insurance fraudA .s"n#ss or "nd")"da%

'a%s#%, !%a"ms%ost& dama*#d& or sto%#n +ro+#rt, "n ord#r tor#!#")#

"nsran!# s#tt%#m#nts4

%8 Mail fraudQAn "nd")"da% s#s t$# +osta%s#r)"!#

'or 'rad%#nt +r+os#s& s!$ as ma"%"n* +$on,:o.

o++ortn"t"#s& !$a"n %#tt#rs& or "n$#r"tan!#


38/40

8 Stock market fraudQAn "nd")"da% s#s"ns"d#r trad"n* or ot$#r t#!$n"#s to .,and s#%% sto!ks at art"!"a% )a%#s4

*8Telemarketing fraudA !om+an, s#s

$"*$F+r#ssr# +$on# !a%%s to *#t!stom#rs to ., no( or to donat#

'nds to .o*s !$ar"ta.%# !as#s4

>8 Welfare fraudQAn "nd")"da% r#!#")#s.#n#ts ("t$ot .#"n* #%"*".%#4


39/40

E-am+%#7

Bre-XOn# 'amos 'rad !as# (as t$# stor, o' t$# Canad"an m"n"n*

!om+an, Br#F4 Br#F !am# to t$# att#nt"on o' t$# *#n#ra%

+.%"! ($#n "t (as r#+ort#d t$at t$# !om+an, (as s"tt"n* onan

#normos *o%d d#+os"t "n Indon#s"a4 In 1KK@& Br#F annon!#dt$at s"*n"!ant amonts o' *o%d $ad .##n d"s!o)#r#d and& as a

r#s%t& "ts sto!k +r"!# (#nt +4 Ho( m!$ Br#F sto!k (#nt

'rom %#ss t$an a do%%ar +#r s$ar#& kno(n as a +#nn, sto!k& to a

$"*$ o' ?=4@0 +#r s$ar#4 I' an o(n#r or "n)#stor $ad .o*$t


40/40

"n at t$# .#*"nn"n* and so%d ($#n t$# sto!k r#a!$#d "ts+#ak& $#

or s$# (o%d $a)# mad# a.ot ?=400 on #a!$ and #)#r,s$ar#4

A t$osand do%%ar "n)#stm#nt !o%d $a)# trn#d "nto ?=

000'or t$at "n)#stor Ho(#)#r& "t (as a mass")# 'rad .#!as#t$#r#

(as no *o%d4 On!# do.t a.ot t$# *o%d nd start#d*ro("n*&

+#o+%# .#*an s#%%"n* o3 t$#"r s$ar#s4 Br#F (#nt .ankr+t "n=00=& and t$# "n)#stors ($o st"%% $ad sto!k %ost #)#r, +#nn,t$#, $ad "n)#st#d4

business ethics-1.pptx

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