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The Ethical Role of Corporations - Research Paper Example

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"The Ethical Role of Corporations" paper examines the practical and ethical obligations of a corporation. It discusses the need to fulfill these obligations and as we move on to the end, it explains the procedure that can be used by any organization to successfully resolve an ethical issue that arises…
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The Ethical Role of Corporations
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Download file to see previous pages The main aim of an organization can be anything ranging from profit to gaining market share, but the way it achieves this goal matters a lot. There are certain responsibilities and obligations that the organization has towards various groups and situations. It may be impossible to discuss every ethical obligation to a corporation because there are so many. These range from the production of bad goods like tobacco to treating the employees fairly.

Mark Pastin in his book, ‘The Hard Problems of Management: Gaining the Ethics Edge’, has attempted to summarize this by providing four principles that are necessary in order for an organization to be ethical. The organization must interact with all stakeholders without problems so that these groups feel that they are a part of the organization. Secondly, the organization must be very critical about fairness. This implies to everyone involved in or with the organization. It must be fair to its employees, competitors, shareholders, clients, etc. Everyone in this organization must be responsible for his own actions. Lastly, the organization must operate in a way that will ensure that its environment does not suffer. (Carter McNamara, 1997)

Doug Wallace also gave six characteristics that are necessary for an organization in order for it to be ethical in its practices. His characteristics have a lot to do with integrity. Firstly, everyone in the organization must realize the importance of integrity and apply it in its practice. The top management must be responsible for creating this vision of integrity. Thirdly, this vision of integrity must be applied in the way every member of the organization is rewarded. Every policy and practice must be associated with integrity. Every management decision must also be made after considering the ethical dimension. ...Download file to see next pagesRead More
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