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Ch. 4 Ethics

Philanthropy
is giving back to communities and causes
Core Practices
are documented best practices, often encouraged by legal and regulatory forces as well as industry trade associations
Voluntary Practices
include the beliefs, values, and voluntary contractual obligations
Mandated Boundary’s
are externally imposed boundaries of conduct, such as laws, rules, regulations, and other requirements
Values
are broad and viewed as long – term enduring beliefs about issues such as integrity, trust, openness, diversity, and individual respect, and responsibility
Norms
dictate desirable behaviors through principles, rules, policies, and procedures
Artifacts
are visible, tangible external symbols of values and norms

Ex: Websites, Code of Ethics, Rituals, language, and physical settings

Lawsuits
What is the primary method of resolving conflicts and serious business ethics disputes?
Civil Law
defines the rights and duties of individuals and organizations
Criminal Law
prohibits specific actions such as – fraud, theft, or securities trading violations – also imposes fines or imprisonment as punishment for breaking the law
Corporate Espionage
is the act of illegally taking information form a corporation through computer hacking, theft, intimidation, sorting through trash, and impersonation of organizational members.
Pro Competitive Legislation
are laws passed to prevent the establishment of monopolies, inequitable pricing practices, and other practices that reduce or restrict competition among businesses
Sherman Antitrust Act (1890)
prohibits organizations from holding monopolies in their industry
Robinson Patman Act (1936)
bans price discrimination between retailers and wholesalers
McCarran Ferguson Act (1944)
congress exempted the insurance industry from the Sherman Antitrust Act and other antitrust laws
Consumer Protection Laws
are laws that protect consumers and require businesses to provide accurate information about their products and services and follow safety
1906
When was the first consumer protection law passed?
Pure Food and Drug Act
prohibits adulteration and mislabeling of foods and drugs sold in interstate commerce
Childrens Online Privacy Protection Act
requires commercial internet sites to carry privacy policy statements, obtain parental consent before soliciting information from children under the age of 13, and provide an opportunity to remove any information provided by children using such sites
FTC Bureau of Consumer Protection
role is to protect consumers against unfair, deceptive, or fraudulent practices
Division of Enforcement
monitors compliance with and investigates violations of laws, including unfulfilled holiday delivery promises by online shopping sites, employment opportunity fraud, scholarship scams, misleading advertising for health care products, data security, financial practices
Food and Drug Administration
regulates food safety, human drugs, dietary supplements, vaccines, medical devices, cosmetics
Title Seven of the Civil Rights Act (1964)
specifically prohibits discrimination in employment on the basis of race, sex, religion, color, or national origin.
Equal Employment Opportunity Commission
– was created by the Civil Rights Act to enforce the provisions of Title VII

– assists businesses in designing affirmative action programs

Affirmative Action Programs
aim to increase job opportunities for women and minorities by analyzing the present pool of employees, identifying areas where women and minorities are underrepresented, and establishing specific hiring and promotion goals, along w/ target dates for those goals
Equal Pay Act of (1963)
– mandates that women and men who do equal work must receive equal pay

– wage differences are allowed only if they can be attributed to seniority, performance, or qualifications

Americans with Disabilities Act (1990)
prohibits discrimination against people with disabilities
Occupational Safety and Health Act (1970)
mandates employers to provide safe and healthy working conditions for all workers
Occupational Safety and Health Administration
which makes regular surprise inspections to ensure businesses maintain safe working environments
Accountants
measure and disclose financial information, with an assurance of accuracy, to the public
make specific assumptions about their clients
Jumpstart Our Business Startups Act (JOBS) (2012)
passed in effort to jumpstart the economy. this act exempts what is termed as “emerging growth companies” from having to observe the auditor attestation requirements from the Sarbanes Oxley 404(b).

– this exemption can last a maximum of 5 years

– purpose of this law is to allow start ups to easily attract funding and investors

-encourage entrepreneurship

Dodd Frank Wall Street Reform and Consumer Protection Act
– signed into las in 2010 by President Obama

– seeks to improve financial regulation, increase oversight of the industry, and prevent the types of risk taking deceptive practices, and lack of oversight that led to the 2008-2009 financial crisis

Office of Financial Research
is charged with improvising the quality of financial data available to government officials and creating a better system of analysis for the financial industry
Financial Stability Oversight Council
responsible for maintaining the stability of the financial system in the US through monitoring the market, identifying threats, prompting market discipline among the public, and responding to major risks that threaten stability
Consumer Financial Protection Bureau
an independent agency within the Federal Reserve System “that regulates the offerings and provisions of consumer financial products or services under the Federal consumer financial laws”
Whistle Blower Bounty Program
– instituted to encourage more employees to come forward when they witness misconduct

– are eligible to receive 10% to 30% of fines and settlements if their report results in convictions of up to 1 million dollars in penalties

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