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Unit 4 Flashcards

(12 cards)

1
Q

Define ethics.

A

Ethics are the principles that define behaviour as right, good and proper.

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2
Q

What is not ethics?

A

Values, as values, are inner judgements.
Ethics are not laws, people’s feelings or religion.

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3
Q

List and describe the 4 important ethical decision-making frameworks.

A

Deontology - a belief that rules should be used to distinguish right from wrong.
Consequentialism - the belief that ethical decisions are based on the consequences of one’s actions.
Virtue ethics - a belief that making good choices based on good character traits helps us become better humans.
Theory of justice - a belief that all humans should be treated the same, except those with situational differences.

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4
Q

Explain the concept of business ethics.

A

These are the moral principles and values that guide a business’s operations..

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5
Q

List 4 reasons why business ethics are important.

A
  • Protects employees
  • Supports fairness between companies
  • Promotes good service delivery to customers and clients
  • Organisational reputation is safeguarded
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6
Q

Explain the concept of corporate governance.

A

It is a framework that governs and protects stakeholders invested in the organisation.

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7
Q

List reasons why corporate governance is important.

A

Ensures legitimacy
Promotes ethical culture
Boosts performance

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8
Q

List and describe all the theories of corporate governance.

A

Shareholder theory - Management’s goal is to increase the value for shareholders over stakeholders.
Stakeholder theory - All parties contributing to the organisation should benefit from ethical governance.
Agency theory -Agents make decisions on behalf of the owners.
Stewardship theory - Managers’ goals are aligned with the organisation and must maximise shareholder returns through organisational performance.
Resource dependence - Businesses rely on external resources. Exchange relationships are necessary.

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9
Q

How is corporate governance regulated in South Africa?

A

Companies Act - promotes transparency and accountability.
King Code on Corporate Governance - Guidelines for governance structures.
Protected Disclosure Act - Protects those who report unethical conduct
Broad-Based Black Economic Empowerment - Addresses racial inequalities
Protection Of Personal Info - protects personal information

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10
Q

Explain the process of creating an ethical working environment.

A

Foster a culture of ethics - expectations of managers and employees to behave ethically.
Code of Conduct - enforces ethics policies.
Business ethics policy - principles that guide behaviour in an organisation.

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11
Q

List and describe the 6 different ethical issues found in the workplace.

A

Discrimination
Harassment
Employee theft
Health and safety violations
Disclosure of confidential information
Using organisational resources for personal purposes

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12
Q

List methods to manage ethical issues in the workplace.

A

Clear communication
Reporting ethical issues:
- Internal whistle-blowing
-External whistle-blowing

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