Business Level 3 Unit 37 P3

1778 Words8 Pages
Describe the social implications of business ethics facing Marks and Spencer in its different areas of activity. Ethics must be global, not local. In order to build a truly great global business the leaders need to bring forward a global standard of ethical practices. The only way to build a great global company is with a single global standard of business practices, vigorously communicated and rigorously enforced. Companies must layout the same business standards in Chicago, Paris, and Shanghai as in London. Marks and Spencer face many ethical issues in their daily activities and these affect the public and their business in different ways. Society and Ethical Views When Marks and Spencer set the prices of their products, consumers…show more content…
Their daily business is directly working with other people's money, or doing other things that affect the public's investment decisions, and if they are unethical people, their clients, and the public, are at high risk for being cheated. Finance workers are entitled to reasonable fees for their services, but they are not entitled to engage in investment activity solely to generate more commissions for them, or engage in any other self-dealing while they are doing their jobs on behalf of their clients. And they have to exercise reasonable care when doing their jobs. Bribery – it’s a form of corruption. This is the straightforward use of financial muscle to gain unfair advantage over others. An example would be attempting to gain planning permission by giving Executive pay – excessive pay for top executives is one problem that will not go away. It is a response to public concern about pay rises that are unrelated to effort, plus a number of high-profile cases of failed executives getting pay-offs of up to US $100 million and others having stock options backdated to give them a share of earlier capital gains. This at least tells shareholders exactly what their top executives are earning. Insider trading – insider trading is the trading of a corporation’s stock or other securities by individuals with potential access to non-public information about the

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