Values A value is a sustained and assimilated mode of acting, thinking or simply being.

. A set of basic values can help people to make decisions even in the face of uncertainty and in new situations which have never been faced before. The expression of ones life, his behavior and conduct is just the expression of one self as a person the expression of his value system. How a person behaves what he does, his actions and conduct, merely express what is valuable to him and what he considers worthy of pursuit. For example if personal freedom and liberty are worthy of pursuit, then a person must strive for it and make a part of his /her value system. Money, prestige, recognition etc are valuable only if it results in personal freedom and liberty and not otherwise. When it is really understood, the false estimation of their worth drops off and he begins to view them in their real perspective No object tangible (like. money, material possessions) or intangible (like a peaceful mind, happiness) has a fixed worth. It is a persons value system that puts worth on to these objects. Values in an individual value system are introduced and later reinforced over a lifetime of experience but more particularly during growing-up situationsformative situations. During this period, various social institutions play important roles in inculcation of values in the individual. Main institutions providing basic sources of values for a person during formative years are First - family one is born into. Second - the school along with teachers and its discipline system and other educational and extra-curriculum bodies like sports clubs, debating, painting, singing, dancing schools etc. Third ones religion Fourth the society or community one belongs to . The values fostered by each of these institutions reinforce the values taught by the others and together they form value system of the individual. Values enhance quality of life of individuals of society and they make society and thereby the world a better place to live in. Value based actions and decisions ensure welfare of all people belonging to society. When our actions spring from high ethical values we show all the desirable qualities of a good human being worthy of our place in the world. ETHICS is said to be a science of morals. Right or wrong, good or bad , virtue or vice are termed as moral judgments. Ethics can also be termed as the science of character of a person expressed as right or wrong conduct or action. Business ethics is a set of professional standards which stresses on principles of honesty and duty to business and general public. Ethics in Management Ethics is the science of morals and principles. I t refers to a code of conduct that guides an individual in dealing with a situation. Management team members and union leaders must be regularly exposed to spiritualization seminars and workshops, meditations, introspections, common prayers etc. Individuals should be encouraged to subdue their ego, overcome to some extent their selfishness, anger, greed, hatred, partiality and other negative aspects. Organizations should strive for internal growth of their employees rather than concentrating only on their skills and proficiency to bring about a radical change in thought, speech, and employee actions which need discipline, conscious and well-directed effort.

Some Ethical Decisions in Business : a) Right which is morally correct & due. b) Equitable which is just and equal. c) Good- which brings in the highest welfare for almost all. d) Proper- which is appropriate and acceptable. e) Fair which is honest and due . f) Just justice done and seen to have been done. Corporate Social Responsibility: 1) Economic Responsibility - Be Profitable 2) Legal Responsibility - Obey the law 3) Ethical Responsibility. Be ethical. Do what is right. Avoid harm 4) Discretionary Responsibility - Contribute to the community and quality of life. Social Responsibility of Business Meaning Real meaning of social responsibility w.r.t. business enterprises is to be understood to see the correlation of business with social responsibility. Business is an economic activity to earn profit for the owner and social responsibility means serving community without any expectation. Naturally, question arises that why there is a need to serve community. Business is expected to create wealth, create markets, generate employment, innovate and produce sufficient surplus to sustain its activities and improve its competitiveness. Society is expected to provide an environment in which business can develop and prosper, allowing investors to earn returns. Business depends for its survival and long-term prosperity on society to provide the resources people, raw-materials, services and infra-structure. These inputs from society help to convert raw-materials into profitable goods/ services. While society provides the means of exchange, trained manpower, legal and banking system infra-structure like roads, schools hospitals and so on , business provides products and services, direct and indirect employment, income generation in terms of wages, dividend, taxes, interest and the like. Every business organization must be sensitive to social needs. The society which provides the basis , scope and demand for the business organization and therefore appreciates the responsiveness of the organization to the problems that face it. Social responsibility is the companys mission to be responsive to social needs by earmarking a part of a part of its resources so that they may be allocated for achieving social goals and tackling social problems. Social responsibility of a business house enables it to establish a good corporate image. Social responsibility need not always mean patronizing a social project, there are many other areas where social responsibility can be fulfilled. If an organization takes up a project for distributing sweets to slum-dwellers during Diwali festival, after amassing substantial wealth over the years through black marketing, hoarding and other unfair means, it can not be considered as social responsibility. On the contrary, providing proper products at proper prices and proper places to the proper customer is a social responsibility. Corporate governance : Definition Corporate governance is concerned with holding the balance between economic and social goals and between individual and common goals. The corporate governance framework is there to encourage the efficient use of resources and equally for accountability for the stewardship of those

resources. The aim is to align as nearly as possible the interests of individuals, corporations and society. This is a system by which companies are run and the means by which they are responsive to their shareholders, employees and society. The system by which companies are directed and controlled. Boards of directors are responsible for the governance of companies. Corporate governance is also concerned with the ethics, values and morals of a company and its directors. The role of corporate governance is to ensure that the directors of a company are subject to their duties , obligations and responsibilities to act in the best interest of their company to give direction and to remain accountable to their shareholders and other beneficiaries for their actions. Corporate governance is the relationship among corporate managers, directors and providers of equity, people and institutions who save and invest their capital to earn a return.

Corporate governance is a system of structuring; operating and controlling a company with a view to achieving long-term objectives to satisfy shareholders, creditors, employees, customers and suppliers with the legal and regulatory requirements apart from meeting environmental and social obligations. Good governance is the primary duty of the board. It is responsible for setting standards and ensuring that the company achieves them. Whistle blowing The term whistle blowing is a relatively recent entry into the public lexicon. A corporate whistle blower is an honest and conscientious individual who discloses in public interest and as an ethical duty, information relating to gross corruption, mismanagement, abuse of authority or grave injustice prevailing in a company. The origin of whistle blowing can be traced back to the coal-miners old practice of carrying canaries into the mines with them. When they are free to sing, the institutions are healthy. When they are silenced, people are in trouble. When whistle blowing is inside the organization it is internal whistle blowing or when whistle blowing is outside the organization it is external whistle blowing. (In the United States, although the burden of proof to show reasonable cause devolves overwhelmingly on the whistle blower, any one retaliating to against him can be imprisoned for up to 10 years under The Whistleblower Protection Act. We, in India, also in conjunction with Freedom of Information Act, can have a Whistleblower Protection Act, to promote good and transparent corporate governance in our country.) Ethical Dilemma When confronted with the confusion between two choices of right or wrong or more appropriately between two right choices ethical dilemma arises.

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