Business Ethics P3 - 1848 Words

Describe the social implications of business ethics facing a selected business in its different areas of activity. The organisation BP BP is a British public limited company which provides gas and oil. It is stated that it is the third largest energy company and the fourth largest company in the world itself. The business provides oil, gas and renewable energy resources to business such as petrol stations like SHELL. The company states that their main activities are the exploration and production of crude oil and natural gas, refining, marketing, supply, transportation, manufacturing and marketing of petrochemicals. BP also has growing activity in gas and power and in solar power generation and also has about 80,300 employees with a†¦show more content†¦* The business has spent a lot more money on rebranding their image instead of spending money on solar energy which is what their new image is all supposed to be about. * By rebranding the business to green wash people it is misleading the business shareholders as well as their customers and public. Ethics in Finance Ethics in Finance is made by news stories of main scandals such as corruption, executive pay, insider trading and lobbying. Corruption is basically an act of bribery, by suggesting money or a gift to change the behaviour of the receiver. It is a serious crime and is the offering of an item of the value for the actions of a person in charge of something to change their decisions. An example of bribery would be a previous case where a mayor of a city was paid $325,000 less than the market value for a property causing suspiciousness of fraud and bribery, he was cleared but there was not efficient evidence of corruption. Another example would be a driver ticketed for parking in the wrong place may offer a bribe to the police officer to ask him or her to tear up the ticket. An example of Executive pay is when a finance director of the Royal Bank of Scotland hadShow MoreRelatedDescribe the social implications of business ethics facing a selected business in its different areas of activity. (P3 and M2)2355 Words   |  10 PagesDescribe the social implications of business ethics facing a selected business in its different areas of activity. (P3 and M2) Social implications of business ethics The social implications often refer to those businesses that have an effect on society as a whole. They can relate to a number of areas of activity. I will now talk about the areas of activity. Areas of activity Ethics in finance In financial dealing and payments there are many kinds of unethical behaviour, however there are regulationsRead MoreExplain the ethical issues a business needs to consider in its operational activities689 Words   |  3 PagesAchieved? P1 Explain the ethical issues a business needs to consider in its operational activities. P2 Explain the implications for the business and stakeholders of a business operating ethically. 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Society expects businesses to be responsible both socially and ethically. â€Å"Businesses are supposed to respect the environment, pursue fairness in dealing with internal and external customers, and strive to improve their communities† (Romani, 1998). Ignoring the ethical standards will have an adverse impact on businesses as well as the consumers. Although some unethical practices areRead MoreAcca P3 Revision Notes5881 Words   |  24 PagesACCA P3 – PROFESSIONAL LEVEL Business Analysis SMART Notes Prepared by Darren Sparkes Email: darrensparkesnotes@sky.com ACCA P3 - Business analysis These notes are not intended to cover the whole of the ACCA P3 syllabus  ©Darren Sparkes, 2010 1 Contents Page no. Paper 3 Examiners Approach†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.... 3 Extracts from the Examiners report †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦...4 Examination Technique†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦..†¦Ã¢â‚¬ ¦..7 Background and examination format..†¦............9 Syllabus Overview†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...........10 StrategicRead MoreRanking the Key Principles of Corporate Governance1579 Words   |  7 PagesAustralian Securities Exchange (ASX). The ASX Corporate Governance Council defines corporate governance as â€Å"the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations† (ASX 2007 p3). The latest ASX Corporate Governance Council report (ASX 2007) articulates eight core principles, which the report states are of equal importance. Although primarily targeted at listed companies, the ASX principles are being taken into account by other