Meaning of Business Ethics

The ambit of ethics moves beyond that of legality in a business environment. This is not to say that something which is legal is not ethical yet the vice versa may well be a probability. The key idea is that ethics determine how a business ‘should’ function. The how is held in comparison to what is essentially a code of conduct, i.e. an exemplary set of rules that ‘should’ be followed. There are no legal implications of not doing so in several cases and the only consequences that are to be borne may seem in essence based on moral grounds that beget personal accountability rather than legal accountability. There is generally no body to oversee the ethics of a business (media ethics bodies are an exception). However the actions of a company on unethical ground can be sufficient for the public to pass personal judgment and form opinion upon the company.

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