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Business Ethics and Social Responsibility WEEK 2
BSED English (BLAW 2019, English 3)
Cebu Roosevelt Memorial College
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SOUTHERN MASBATE ROOSEVELT COLLEGE, INC.
KATIPUNAN, PLACER, MASBATE
Business Ethics and Social Responsibility
The Core Principles of Good Corporate
Governance
Quarter 1 Week 2 Module 2
NAME: INSTRUCTOR:
EDMARK P. CATAGBO
TRANSPARENC
Y
STEWARDSHIP BUSINESS FAIRNESS
ACCOUNTABILITY
A Good Corporate Governance in all businesses and even in non-profit organizations such as foundations is very important in order to build trust and confidence with the investors, donors, and the community in general. A good corporate governance builds the integrity of the institution. Below are the Core Principles of a Good Corporate Governance:
FAIRNESS
Fairness comes from the old English word faeger, which means “pleasing or attractive.” It is the quality of making judgments that are free from discrimination. Fairness in the context of a business organization involves balancing the interests involved in all decision-making including any decisions related to hiring, firing (including the investigatory process), and the compensation and rewards system. Hiring the right people is one of the most important decisions an organization makes.
ACCOUNTABILITY
Accountability is the obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner. Accountability in the context of a business organization is the obligation to demonstrate that work has been conducted in compliance with agreed rules and standards or to report fairly and accurately on performance results vis-à-vis mandated roles and/or plans. TRANSPARENCY Transparency is defined as being authentic in the way an organization message themselves externally – to stakeholders, to prospective customers and talent, and within the community. It allows stakeholders to understand whether the activities of social institutions provide a genuine service to civil society and whether money is used appropriately. Thus, transparency means there is lack of hidden agendas or conditions, accompanied by the availability of full information required of collaboration, cooperation, and collective decision-making. STEWARDSHIP In Biblical terms, stewardship is defined as utilizing and managing all resources God provides for the glory of God and the betterment of His creation. That definition plays a critical role in today’s business landscape. In the context of business organization, stewardship refers to taking responsibility for the business and the effects it has on the world around it. This involves considering more than just the bottom line and looking at elements such as values, ethics, and morals.
Activity 1: TRUE OR FALSE
__________1. Fairness involves balancing the interests involved in all decision making including decisions related to employees’ hiring, firing, compensation, and reward system.
__________2. Transparency allows stakeholders to understand whether the activities of social institutions such as internet organizations and NGOs provide a genuine service to civil society and whether money is used appropriately.
__________3. Transparency means to be liable to explain or justify one’s action and decision.
__________4. Accountability is the quality of making judgment that is free from discrimination.
__________5. Accountability implies responsibility.
I. Multiple Choice. Encircle the letter of the correct answer.
- What is fairness?
a. Something that is beneficial for you. b. Something that is beneficial for all of society. c. The quality of treating people equally. d. None of the above.
- Stewardship is not limited to money. What other thing that God expects you manage?
a. Education b. Time c. Health
- What does accountability refer to?
a. Being responsible for one’s action. b. Providing access to information. c. The ability to hire and fire an employee d. All of the above
- Which is considered unethical business practice?
a. Training employees unfairly. b. Selling quality product. c. Good word of mouth from customers. d. All of the above
- All of the following are considered abusive conduct in the workplace EXCEPT
a. Invading the personal space of co-workers. b. Insulting co-workers. c. Receiving a performance review from a supervisor. d. Giving nasty gestures at co-workers.
Business Ethics and Social Responsibility WEEK 2
Course: BSED English (BLAW 2019, English 3)
University: Cebu Roosevelt Memorial College
