Ethics Reflection Paper

764 words - 4 pages

Ethics Reflection Paper
A company is in business to make a profit. Strategic managers must consider the ethical, economic, legal, and discretionary social responsibilities of the business in the planning process. Recognizing the legitimate rights of stockholders, employees, and stakeholders is crucial when defining the company mission and strategic plan. The challenge facing any company is coordinating the demands of stakeholder groups with the principle set of the company’s operating philosophy to optimize economic success. The role of ethics and social responsibility in strategic planning and the evolution of my ethical perspectives in the master’s of business administration (MBA) ...view middle of the document...

Unfortunately, the spate of corporate scandals resulting in criminal actions and the loss of stakeholder investments and employee jobs has tarnished the public’s perception of the ethics of corporate executives in America (Pearson, 2011, p. 74).
Corporate social responsibility (CSR) is the idea that a company has a duty to serve society in general as well as the financial interest for stockholders. A company has both economic and legal responsibilities to shareholders and internal and external stakeholders. The dynamics between CSR and profit is complex because of management issues and as companies increasingly transcend national borders. The creation of the Sarbanes-Oxley Act of 2002 stems from the wrongdoings of corporate executives from 2000 to 2002. Because of the corporate scandals and criminal violations of Enron, Arthur Anderson, Worldcom, and others, the Act mandates that Chief Executive Officers (CEO) and Chief Financial Officers (CFO) submit a report to the SEC certifying the company’s financial statements are a fair representation of the financial condition without false statements or omissions and is to report fraudulent information to auditors (Pearson, 2011, p. 58).
Creating a company mission statement that defines the legitimate claims of the external stakeholders is essential in strategic planning. Managers must identify all stakeholder groups and weigh their relative rights and abilities, and take a proactive approach to CSR by adopting socially responsible...

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