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Social Responsibility
The awareness that business activities have an impact on
society and the consideration of that impact by firms in decision
making.
Consumers
Employees
Business
Activities
Investor
Environment
Responsibility to Consumers
Firms trying to provide products that satisfy the needs
of their customers, since dissatisfied customers
eventually take their business elsewhere.
Responsibility to Consumers
Four Rights of Consumer The Right to Safety Right to products that are safe to possess and
use. To ensure safety of goods, manufacturers should test them and
provide buyers with explicit directions for use.
The Right to be Informed Right to receive information available
about a product before they purchase it. For example - Ingredients,
instructions for use, manufacturing date, expiry date.
The Right to Choose Right to choose and make purchases from a
variety of products at competitive prices. Also the right to expect quality
service at a fair price.
Responsibility to Employees
Employees hold certain expectations of
business firms.
They expect safe working conditions, fair
compensation, equal opportunities (regardless of age,
race, gender, religion or national origin) and adequate
benefits (Health insurance, vacation etc).
Responsibility to Environment
Pollution contamination of air, water and land
Water pollution caused by dumping of chemicals, sewage
Responsibility to Environment
Air Pollution Caused by carbon monoxide and
hydrocarbons that come from motor vehicles and by
smoke and other pollutants from manufacturing plants
(emission standards for automobiles, factories, catalytic
converters are there to help control air pollution).
Responsibility to Investors
Business firms have responsibility to the people who invest
money in them.
**Proper Management of Fund
**Access to Information
**Executive compensation
There are problems such as mishandling of investors funds,
insider trading (the practice of buying and selling stock on the
basis of information gained through positions or contacts with
inside parties that is not available to other investors or the
general public)
Excessive compensation of executives.
Business Ethics
Ethics The principles of behavior that distinguish between
right and wrong.
Business Ethics The evaluation of business activities and
behavior as right or wrong.
2. Utilitarian Philosophy
A set of moral principles focusing on the greatest good
for the largest number of people
CNG case in Bangladesh