Business Ethics

Corporate Governance Fiduciaries: Duty of Diligence: Duty of loyalty; Persons placed in positions of trust who use due care and loyalty in acting on behalf of the best interest of the organization. Duty of Diligence: A duty of care to make informed and prudent decions. Duty of loyalty; All decisions should be in the interests of the corporation and its stakeholders.

BoD and Officers’ compensation ! Conflict of Interest: When a person in a powerful authority uses the position to obtain personal gain usually at the expense of the organization. BoD and Officers’ compensation !

To remove the opportunity for employees to make unethical decions; developed formal systems of accountability, oversight, and control are knwn as corporate governance.

Accountability: Oversight: How closely workplace decisions are aligned with a firm’s stated strategic direction. Alco compliance with ethical and legal considerations. Oversight: A system of checks and balances that limits employees’ and managers’ opportunities to deviate from policies and strategies and that prevent unethical and illegal activities.

Control: Process of auditing and improving organizational decisions and actions.