Global Business Standards Codex
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Discuss the eight ethical principles in the Global Business Standards Codex. Using these principles, describe an example of a company that does follow one of these principles, and then describe an example of a company that does not follow one of these principles.
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Solution Summary
This solution discusses the eight principles of the Global Business Standards Codex. Along with a brief description of each of the eight principles, an example of a business that follows one of the principles and an example of a business that does not follow one of the principles is included.
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Global Business Standards Codex
Paine, Deshpande, Margolis, and Bettcher (2005) propose the Global Business Standards Codex comprised of eight principles. The eight principles are detailed below:
1. Fiduciary Principle: This principle is grounded in diligence in maintaining the company's interests, economic health, and return on investments, as well as, loyalty to the company.
2. Property Principle: This principle is grounded in protecting the company's assets, including protection from theft through embezzlement. This principle also maintains the importance of respecting the assets of rival companies.
3. Reliability Principle: This principle is grounded in the notion that the organization should honor commitments, including paying suppliers, as well as, faithfully adhering to promises (legal or otherwise).
4. Transparency Principle: This principle is grounded in honest and open business practices, including disclosing of important information.
5. Dignity ...
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