Topic > Business and the notion of ethics - 1027

the notion of ethics has been around for generations, it has been seen in religion and philosophy. Although it has only been in the last few decades that the business world has adopted this principle of doing the right thing, don't just do what will lead to more profits. The concept of ethics includes a "systematic" process of considering the "moral consequences" of one's actions, as stated by (textbook). However, there is no synthetic agreement on what business ethics is. Lewis P (1985) believes that this is mainly because the ethics of a business will only be as ethical as those of those within it. Research conducted before 1985 also found that profit is not the only reason for doing business. Today, organizations not only strive to be profitable, they do so in an ethical, but also socially responsible way. Corporate social responsibility is one in which organizations are responsible for their actions; in the community and environment, and ensure ethical practices while doing so. More than this, however, social responsibility means satisfying current needs while also considering the ability of future generations to satisfy their own needs as well. (Brundtland Commission) Social responsibility can include creating new roads and infrastructure, supporting local communities or funding local schools and even small sports clubs. This is a way to meet the needs of present generations and also look at the needs of future generations. In today's business world, organizations are not only concerned with profit but also with ethical behavior. Many organizations will have a clearly stated document that outlines their ethics and corporate social responsibility, i.e. presents the "right"... at the heart of the charter... the power and economic stability to be socially responsible. And they are. Since 2003 ANZ has supported many community organizations in regional Australia through the Seeds of Renewal program which, as identified by ANZ, was created to promote education and help provide many employment opportunities to help communities thrive. On the ANZ website it was acknowledged that since the program was implemented in 2003, “Seeds of Renewal has provided more than $3 million in grants to over 635 community projects.” however, for the year ending 30 September 2013 ANZ, as shown on the income statement in the bank's information statement, recorded a profit of $1,371 million. So $3 million over 10 years isn't that much; ANZ can more than afford to support more programs in a bid to be more socially responsible.