Business Ethics:Business ethics is a form of applied ethicsor professional ethics that examines ethical principles and moral or ethicalproblems that arise in a business environment.1’Business ethics’ is defined by the IBE as’the application of ethical values to business behaviour’.
2A distinguishing mark of the accountancyprofession is its acceptance of the responsibility to act in the publicinterest.’3Basically it is a pact of rule andregulations that’s indicates what is the right and what is wrong in thebusiness and help to do rights in the business. It is quite easy to identifythe unethical practices in the businessfor example the companies should give wages according to the law, should notuse child labour and nothing should be unlawful in the business. Because everycompany gets benefits/ profits from the society so that’s why companies havemore responsibilities toward the society. Their responsibilities are not about justinside the workplace or about just the employees but also their responsibilitiesare about the society structure, culture and environment. Walmart:Walamrt is the American based multinationalretail corporation that is doing business of chain store, grocery stores,discount department stores, hypermarkets.
Company is founded by the Mr SamWalton in 1962 and it’s headquarter is situated in the Bentoville, Arkansas,USA. It is America’s largest retailerchain and according to the annual report company company is serving 260 MillionCustomers weekly in their 11,695 storessituated in 28 countries with 63 different names like its name in USA iswalmart but it is ASDA in United Kingdom, Seiyu Group in Japan and Walmart demexico y Centroamerica in Mexico. Company total revenue is $482.
87 Billion,total net income $13.64 Billion, total assets $198.82 and the company totalequity is $77.
798 Billion.4Vision Statment:The vision of Global Ethics is to promoteownership of Walmart’s ethical culture to all stakeholders globally.Mission Statement:Saving people money so they can livebetter.The reason to chose Walmart is that it isthe world largest retail corporation with the 75 years of experience in thisfield so it is an opportunity to study and analyze the walmart that how thecompany does work ethically and what the ethical theory walmart is using intheir business because walmart is a big company and its decision makes affectsnot just on the company but also on the stake holders, society and theenvironments as well. Walmart Corporate Social Responsibility:Walmart is the 3rd biggestemployer of the world with having 2.
1 million employees and it is contributingto the economy of the 28 countries of the worlds. Walmart is spending millions and millions ofdollars for the betterment of the society and just in the last Fiscal year 2016Walmart and its foundation (walmart foundation) donated more than $1.4 Billionin case and in kinds to the different welfare organisations and company partnerscontributed more than 1.25 million hours outside of work to volunteer reasons.80% of the students at the towns elementaryschools in Prince George county, Maryland lives at or below the poverty line.Walmart provides these students with free breakfast.
One in every six Americans struggle withhunger. Walmart started a programme called feeding America which provides foodto those struggling with hunger. All Walmart stores are powered by renewableenergy that’s why they are 20% more energy efficient. Walmart is providing education facilitiesfor the better life of new generation.Walmart is investing on the environment sustainabilityby helping people who growing healthy food in a more sustainable way. Ethical Theories:Following are the different types ofethical theories related to the walmart ethics.Deontological Ethics:Deontology is a way to deal with Ethicsthat spotlights on the rightness or unsoundness of activities themselves,instead of the rightness or misleading quality of the results of thoseactivities (Consequentialism) or to the character and propensities for theperforming actor (Virtue Ethics) Utilitarianism Theory:Utilitarianism , at its most fundamental,expresses that something is good, or great when it delivers the best measure ofuseful for the best number of individuals.
It’s a hypothesis of regulatingmorals that asks whether a particular activity is great or terrible, moral orindecent.5 Absolutism/Moral theory:”Moral Absolutism is the ethical beliefthat there are absolute standards against which moral questions can be judged,and that certain actions are right or wrong, regardless of the context of theact” (The basics of Philosophy, 2016).Classic model/theoryAccordingto Friedman (1970) ‘traditionally the businesses are only responsible to use givenresources and to involve in activities designed to raise shareholders’ income beingwithin the boundary of the law.6Stakeholders theory:Accordingto Freeman “The basic idea is that businesses, and the executives who managethem, actually do and should create value for customers, suppliers, employees,communities, and shareholders” (Business ethics, 2016)1 http://businesscasestudies.co.uk/anglo-american/business-ethics-and-corporate-social-responsibility/what-are-business-ethics.html2Does business ethics pay? – revisited, IBE 20073IFAC Code of Ethics for Professional Accountants, 20064 https://corporate.walmart.com/2016grr5 https://study.com/academy/lesson/what-is-utilitarianism-definition-theory-quiz.html6 https://beyondfriedman.wordpress.com/2012/09/13/the-social-responsibility-of-business-is/