Ethics, or the Beliefs About What Constitutes Right or Wrong

Short Answer

Ethics, or the beliefs about what constitutes right or wrong in a situation, has taken on renewed importance in recent years due to high-profile ethical breaches by companies.Ethical dilemmas managers face revolve around how an organisation treats its employees, how employees treat the organisation, and how employees and organisations treat other economic agents.Corporate governance is one special aspect of business ethics and a medium for overseeing a public corporation by a board of directors.The board is entrusted with the task of ensuring the business is properly managed and that the decisions made by its senior management are in the best interests of shareholders and other stakeholders.A breakdown in this governing structure or exercising independence outside the ethical goals and expectations entrusted to the board can lead to problems.