Modern businesses should have a moral and ethical responsibility on the future of humankind

Under deontology, an act may be considered right even if the act produces a bad consequence, [35] if it follows the rule or moral law.

Modern businesses should have a moral and ethical responsibility on the future of humankind

Just before World War II, German industrialist Walter Rathenau claimed that business corporations had become very large and that they had grown to be a significant part of the society.

Further, philosophers John Dewey and James H. Tufts, in their book Ethicsraised the concept that it is not sufficient to view companies as purely economic machines and that companies should be involved in public duty as well. Council on International Business. According to Kennedy, there is no solid definition of CSR; however, it is not a replacement for the governmental role and responsibility in meeting challenges of sustainable development.

Sustainable development within business promotion is expanding rapidly in several directions. Some interpret corporate responsibility to mean what companies should do above the call of law; others think it should be legally mandated at the national or international level; others, again, take the position that it is already here and we are already doing it, said Kennedy.

The scope of corporate responsibility varies country by country, region by region, interest group by interest group. At a minimum, it includes environmental issues but it also takes on social, ethical, governance, health, and other issues.

BUSINESS ETHICS - MORAL RESPONSIBILITY OF THE MODERN COMPANY

Potentially, it is a very broad concept to cover, and it is a challenge for the business community. Millennium Development Goals As a follow-up from the world summit on sustainable development in Johannesburg inthe United Nations developed Millennium Development Goals MDGs with the implications for corporate responsibility, environmental, and health issues.

One hundred ninety-one UN member states endorsed the Millennium Declaration. There are 18 MDGs grouped around eight goals, most of them having 15—20 objectives. The main notion of MDGs is that it is not just governments, but also other interest groups in society that are expected now to carry out the commitments.

It is clear in the international arena that companies are increasingly expected and, in some cases, required to take on roles and responsibilities that are traditionally those of governments.

What happens internationally matters to companies in the United States.

SUSTAINABILITY AND CORPORATE SOCIAL RESPONSIBILITY

Finally, under the heading of a global partnership for development, there are two points: Another CSR incentive called the World Summit on Sustainable Development focuses on implementation and execution that is synchronous with the finance and trade negotiations of Monterey and Doha.

According to the WTO, the November declaration of the Fourth Ministerial Conference in Doha, Qatar, provides the mandate for negotiations on a range of subjects, and other work including issues concerning the implementation of the present agreements WTO, At the Summit on Financing for Development in Monterey, Mexico, delegates from participating nations pledged new resources for development and to adopt the policies needed to ensure that these resources are well used.

In Monterey, President Bush underscored the link between good governance, good policies, and human well-being when he put forward his concept of the millennium challenge account, noted Kennedy. This new type of assistance will go only to developing nations that are governed wisely and fairly, are strongly committed to investing in health and education, and that follow sound economic policies that encourage entrepreneurs and spur growth.

Therefore businesses now have the opportunity to be more engaged in UN discussions and bring forward business experts and practitioners who are involved in partnerships, noted Kennedy. It is also a challenge to businesses how to measure and report business performance in corporate responsibility and other areas where they have been active as members of the business community.

The World Summit on Sustainable Development work program refers to corporate responsibility in the following four places: The OECD has a very distinctive way, a consensus-based way, of promoting better governments—governance among its member countries. A consensus development at the OECD is based on soft law instruments, meaning nonbinding statements of values and principles.

To make these soft law instruments meaningful, OECD engages in consensus-based peer reviews about how these values and principles are implemented in different national policy contexts. The instruments provide guidance for both government and corporate responsibilities in the investment area.

On the government responsibility side, the instruments express the core investment values of transparency, nondiscrimination between foreign and domestic investors, and investment protection. It is a comprehensive code of conduct that covers such areas as environmental management, human rights, anticorruption, and supply chain management.

The OECD guidelines implementation procedures involve a distinctive and unique combination of voluntary and binding elements. Observance by business of the guidelines is voluntary, but the OECD governments assign a binding commitment to promote the principles of the guidelines among multinational enterprises operating in, or from, their territories.

At a minimum, corporate social responsibility includes environmental issues, but it also takes on social, ethical, governance, health, and other issues.

Businesses have to keep up with the new initiatives on a wide range of fronts such as voluntary, regulatory, stakeholders, partnerships, and others. Credible and meaningful indicators of how companies are contributing to the quality of life and how they are implementing corporate responsibility can be challenging, said Kennedy.

Also as stated, things change with time and situation.

These challenges are occurring at the same time the concept of corporate responsibility is evolving in several different directions. She noted that one single approach or definition is not going to meet the various needs; given the number of contexts in which businesses work, it is appropriate and healthy to have different approaches.

Businesses need to watch very carefully the codes of conduct and guidelines of the MDGs and the World Summit for Sustainable Development, to come forward to talk about what has to be done and how it is going to be delivered, and to continue to argue for the enabling frameworks for corporate responsibility at the international level, noted Kennedy.

Some discussion participants noted that CSR functions effectively when there is committed leadership in corporations. They noted that corporate leaders need to transform into leaders who will move corporate responsibility efforts forward.

Business schools, where those leaders are educated, are in a position to influence the transformation. Additionally, society, shareholders, and employees need to become more vocal about what they are expecting from business leadership, thus becoming a determining factor about what corporations are focusing on and what their objectives are, noted some participants.

Many people in society at large, and especially the business community, do not believe that CSR is a good idea.Discussions of corporate moral agency and moral responsibility have largely faded from the business ethics literature (as of ).

But they continue to receive attention in the mainstream philosophical literature, where they are treated with a high degree of sophistication. Ethical decision-making and leadership are the basis of ethical organizations, corporate social responsibility, 'fairtrade', sustainability, the 'triple bottom line', and other similar concepts This article introduces the concept and reasoning behind ethical leadership and ethical organisations.

Let us recognize the damage we have already done to the climate system and resolve to minimize the additional damage we threaten to cause in the future.

That is our moral and ethical responsibility to our neighbors on this small planet, to our descendants, and to all life on Earth. In the general moral crisis, business ethics issues have become omnipresent.

Business aims place the ethical profile of the company and the values an organization should not possess in order to reach its goals at the opposite sides, and the mentioned contradiction is often hidden. Modern businesses should have a moral and ethical responsibility on the future of humankind.

Areas of applied ethics, such as biomedical ethics, business ethics, and legal ethics, are also replete with such cases moral dilemmas, and moral responsibility.

Modern businesses should have a moral and ethical responsibility on the future of humankind

Environmental and business ethics. business ethics and have been instrumental in bringing about change consumers expect businesses to demonstrate ethical responsibility in its widest sense effecting treatment of employees community and environment working conditions etc.

some companies have been focus of consumer criticism and forced to.

Corporate Social Responsibility - Global Environmental Health in the 21st Century - NCBI Bookshelf