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Corporate Governance > 5 - Introduction to Ethics > Flashcards

5 - Introduction to Ethics Flashcards

1
Q

Set of moral principles that govern the actions and decisions of an individual/group

A

Ethics

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2
Q

Vary from individual to individual

A

Personal ethics

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3
Q

Examples prescribed sets of moral principles:

A
  1. Laws & regulations
  2. Church doctrine
  3. Code of business ethics
  4. Codes of conduct
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4
Q

Characteristics & Values Associated with Ethical Behavior

A
  1. Integrity
  2. Honesty
  3. Trustworthiness & Promise keeping
  4. Loyalty (Fidelity) & Confidentiality
  5. Fairness & Openness
  6. Caring for Others
  7. Respect for Others
  8. Responsible Citizenship
  9. Pursuit of Excellence
  10. Accountability
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5
Q

Be honorable, courageous and act on convictions; do not be twofaced or adopt end-justifies-the means philosophy

A

Integrity

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6
Q

Ignores principles

A

End-justifies-the means

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7
Q

Be truthful, sincere, straightforward; do not cheat, steal, deceive

A

Honesty

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8
Q

Be worthy of trust, keep promises, full commitments; do not interpret agreements in a legalistic manner to create excuses for breaking commitments

A

Trustworthiness & Promise Keeping

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9
Q

Be fair & open-minded, be willing to admit error and demonstrate commitment to justice and equal treatment; do not take advantage of another’s diversities

A

Fairness and Openness

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10
Q

Be faithful & loyal; do not use information learned in confidence

A

Loyalty (fidelity) & Confidentiality

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11
Q

Be caring, kind, and compassionate; share, be of service to others, help those in need and avoid harming others.

A

Caring for Others

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12
Q

Respect for human dignity, privacy, and the right to self; be decent, provide info to make informed decisions and do not patronize, embarrass, or demean.

A

Respect for Others

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13
Q

Obey just laws; when in a position of leadership, respect and honor democratic processes and avoid secrecy of information

A

Responsible Citizenship

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14
Q

If there are unjust laws, what do you do?

A

Openly protest it

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15
Q

Pursue excellence, maintain a high degree of competence; do not be content with mediocrity; do not “win at any cost”

A

Pursuit of Excellence

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16
Q

Be accountable, accept responsibility, set an example for others

A

Accountability

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17
Q

Avoids impropriety and take whatever actions are necessary to correct inappropriate conduct of others

A

Ethically sensitive individual

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18
Q

Why is ethical behavior necessary?

A

It is necessary for a society to function in an orderly manner.

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19
Q

Glue that holds a society together

A

Ethics

20
Q

Influence employees, customers, and competitors

A

Business decisions

21
Q

Affect communities, governments, and the environment

A

Company operations

22
Q

Conduct that differs from the way they believe would have been appropriate given the circumstances.

A

Unethical behavior

23
Q

Two primary reasons why people act unethically:

A
  1. Person’s Ethical Standards differ from General Society
  2. Person Chooses to Act Selfishly
24
Q

(Drug dealers, bank robbers, etc. )Most people who commit acts feel no remorse when they are apprehended because their ethical standards differ from those of society

A

Person’s Ethical Standards differ from General Society

25
Q

Person knows that the behavior is inappropriate but chooses to do it anyway because of the personal sacrifice

A

Person Chooses to Act Selfishly

26
Q

Business Ethics include among others

A
  1. Fair competition
  2. Global & domestic justice
  3. Social responsibility
  4. Concern for environment
27
Q

One must understand the nature of a professions

A

The Need for Professional Ethics

28
Q

Examples of disciplines long accorded professional status

A

Medicine
Law
Engineering
Architecture
Theology

29
Q

Relatively new but has achieved widespread recognition

A

Public Accounting

30
Q

Common characteristics in the professions recognized:

A

> Responsibility to serve the public
Complex body of knowledge
Standards of admission to the profession
Need for public confidence

31
Q

May lead to the public to a negative view toward the entire profession

A

Careless work or lack of integrity

32
Q

Code of Good Governance for the Profession in the Philippines

A

EO. No. 220

33
Q

When was the Code of Good Governance for the Profession in the Philippines made?

A

June 23, 2003

34
Q

EO. No. 220

A

Code of Good Governance for the Profession in the Philippines

35
Q

Code of Good Governance for the Profession in the Phil. is adopted by

A

PRC & 42 Professional Regulatory Boards

36
Q

Used to cover an environment of good governance where Filipino professionals shall perform their tasks.

A

Code of Good Governance for the Profession in the Philippines

37
Q

Ability to discern between right or wrong

A

Ethical awareness

38
Q

Ability to engage in sound moral reasoning and consider carefully implications of alternative actions

A

Ethical competency

39
Q

Specific Principles of Professional Conduct (7)

A
  1. Service to Others
  2. Integrity & Objectivity
  3. Professional Competence
  4. Solidarity & Teamwork
  5. Social & Civic Responsibility
  6. Global Competitiveness
  7. Equality of All Professions
40
Q

Professionals are required to have ethical commitment (both ethical awareness and ethical competency) and shall be prepared for heroic sacrifice and genuine selflessness

A

Service to Others

41
Q

Professionals shall perform their responsibilities with the highest sense of integrity and shall be free of conflicts of interest and refrain from engaging in any activity that would prejudice their abilities

A

Integrity & Objectivity

42
Q

Professionals shall undertake only those professional services that they can reasonably deliver with professional competence; it is their obligation to keep up with new knowledge and techniques

A

Professional Competence

43
Q

Each profession must nurture and support one organization for all its members; each member should put the broader interest of the profession above one’s personal ambition

A

Solidarity & Teamwork

44
Q

Professionals shall always carry out their professional duties with due consideration of the broader interest of the public. Shall server with professional concern and in a manner consistent with their responsibilities

A

Social & Civic Responsibility

45
Q

Professional shall remain open to challengers rise up to global standards and maintain levels of professional practices fully aligned with global practices.

A

Global Competitiveness

46
Q

Professionals shall treat their colleagues with respect and shall strive to be fair in their dealings. All professionals perform an equally important, yet distinct, service to society.

A

Equality of All Professions

47
Q

In the eyes of __, all professions are equal and one shall be treated with respect and fairness

A

Professional Regulation Committee (PRC)

Corporate Governance (6 decks)

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