business ethics

Moral principles defining how businesses and business professionals should act towards each other, employees, and the public. Some professions such as law and medicine have clearly defined codes of professional ethics. In other areas appropriate behaviour has been established over time by practice.

Business ethics encompass the role of a company in society. Difficult and contentious areas of business ethics would include the effect a petrochemical company's actions have on the environment or the obligation of a pharmaceutical company to make its drugs available to developing countries. As lobbyists and pressure groups become more powerful, companies are being forced to pay greater attention to corporate responsibility and business ethics.