Ethical Practices

In present day business practice where employees are geographically distributed and social media is a part of our everyday lives.

Businesses today are being held accountable to ensuring fair and ethical practices both in their business and in the supply chain. This is increasingly becoming more important in the age of globalization as there is an expectancy of having transparent and accountable procurement strategies which take into account environment, social and governance indicators. This practice is being investor led, showing that investors are keen to know the impact of their investments.

Ethical practices in responsible business relate to all aspects of business conduct and are relevant to the professional behavior of individuals and entire organizations. This includes key moral principles that include honesty, fairness, equality, dignity, diversity and individual rights. Ethical practices are important in terms of both internal and external relations in a company. This includes taking into account of their customers, suppliers, workers, the governmental institutions and the general public. In this sense, these different groups of stakeholders will have their say and exercise their influence.

Ethical practices are a strategic goal at CERB. Through its engagement cycle, CERB will promote research and advocacy by encouraging the business sector to:

Maintain the highest possible standard of integrity in all their business relationships both inside and outside the organization
Reject any business practice which may reasonably considered to be improper
Optimize the use of resources which they influence and for which they are responsible to provide the maximum benefit to their organization

FAQs

What is ethical culture in business?

Ethical culture in business involves applying ethical principles to the activities of business and to the relationships between businesses and various stakeholders. It applies to a wide range of business activity such as relationships with suppliers, employees, and consumers as well as the overall system by which a company is directed and controlled (i.e. governance).

What are the ethical values for a company?

These are values which a business commits to adhering to and is accountable for. Commonly used word by businesses to demonstrate an ethical culture include:: responsibility, integrity, honesty, respect, trust, openness, fairness and transparency.

These values are then translated into a Code of Ethics which serve as a guideline for all employees in making discretionary decisions. The Code of Ethics forms the foundation for the organization’s approach to its ethical commitments and to corporate responsibility.

What is Business Ethics?

Business ethics is the use of ethical values to guide business behaviour. The conduct of both the individuals and the organization as a whole need to be aware and are responsible for upholding the Code of Conduct. It applies to any and all aspects of business conduct, from boardroom strategies and how companies treat their employees and suppliers to sales techniques and accounting practices.

What is ethical trade?

Ethical trade is about having confidence that the products and services we buy have not been made at the expense of workers in global supply chains enjoying their rights. It encompasses a breadth of international labour rights such as working hours, health and safety, freedom of association and wages.

What are the ethical issues which are important to be addressed in companies?

Some of the key issues addressed in current codes of business ethics are bribery & corruption, gifts & hospitality, the use of social media, conflicts of interest, diversity, health and safety both in the workplace and in the supply chain, bonded labor, environmental stewardship and political donations & lobbying.