1. UNIT 5: BUSINESS ETHICS AND SOCIAL RESPONSIBILITY

2. The wider society also has wider expectations on organizations
Organizations do have obligation imposed through regulation and corporate governance
The wider society also has wider expectations on organizations
These expectations have an impact on organizations and their operations i.e. visions, missions, objectives and strategies
They have resource implications

3. Based on society expectations and changes in these expectations over time, businesses have various roles and responsibilities
Economic responsibility
Ethical responsibility
Social responsibility

4. Economic Responsibilities
Making profits for shareholders
Providing employment
Paying taxes to government
Producing quality products

5. Ethical Responsibilities
Being a good corporate citizen
Obeying laws of the country
Complying with the regulatory frame work
Upholding good corporate governance
Business has a responsibility to society going beyond economic

6. Social Responsibilities
Exceeding the minimum obligations to stakeholders specified through regulations and corporate governance
Direct involvement/participation in solving society problems
Working alongside government in social development issues
Acts of irresponsibility’s can trigger increased regulations and stringent corporate governance requirements