Business Ethics and Corporate Social Responsibility Essay - 1

concern Ethics and Corporate Social Responsibility - Essay ExampleIt is therefore no surprise that generations of in collective managers have grown up believing that business ethics consists merely of complying with civil and criminal law of nature and not doing anything that would damage the reputation of the company or its products (Feiser, 2007). Goran Svensson and Greg Wood in their publication A representative of Business Ethics suggested that there is the need to define a new model of business ethics that needs to encompass not just the internal stakeholders but also the external stakeholders. This includes the society at large. They suggested that the society has expectations of each company, it has perceptions and it evaluates each company against those expectations and perceptions. They also pointed that these standards will be continually reviewed and modified and corporate managers have to mea received up to these changes (Svensson & Wood, 2008). The trend for compani es to measure up to societys standards of ethics has been besides enhanced by the emergence of large institutional dressors as significant players in the capital markets from the former(a) 1970s. These large investors have sparked the trend to what is termed Socially Responsible Investment where these large funds would only invest in companies that set acceptable standards of business ethics. ... This trend has strengthened after the 2008 global financial crisis with investors pursuance much higher standards of corporate behaviour than had been acceptable in the past. Ethical corporate behaviour is promptly enforced by the power of the media scrutiny that can force change. A good recent causa is Starbucks in the UK being forced to pay additional tax after social boycott of their outlets following(a) media reports of their tax avoidance practices (Hurley, 2012). The access to the internet and the social media by employees, suppliers and other stakeholders of large corporations also makes sure that ethical business practices are not merely professed but also practiced. In recent times, closely public corporations have adopted the practice of publicizing their business ethics and corporate social function projects voluntarily to build up the image of their companies in the media and amongst the investor communities. Various organizations have come up to lay companies on their business ethics and these awards are eagerly sought after. 2. The application of business ethics practices at Anglo-American and Primark 2.1 Anglo American Anglo American is one of the worlds largest mining companies with revenues of ? 22 billion and profits of ? 8 billion (Anglo-American, 2012). Though it has mining operations all around the world, in countries such as Canada, Australia brazil and Chile, 76% of its employees live and work on the African continent. The mining industry has nigh major challenges with jimmy to business ethics and sustainable development. A 2010 sur vey of stakeholders conducted by the International Council on Mining & Metals listed some of these issues.