University:
Swansea University
Course:
BUS101 | Introduction to Business Ethics and Values
Academic year:

2023
Views:

287

Pages:

1
Author:

Thomas G.

ETHICAL GUIDELINES FOR INTERNATIONAL BUSINESS: INSIGHTS FROM THE KO DECLARATION Lecture Notes I. The Ko Declaration: Bridging Moral Ethics in Eastern and Western Business Cultures • Adoption of the "Principles of Business" in 1994 in Ko, Switzerland. • Synthesizing ethical business principles from leading national and transnational corporations across the USA, Western Europe, and Japan. II. Preamble of the Ko Declaration: Beyond Legal and Market Forces • Recognizing the insufficiency of laws and market dynamics as sole guides for action. • Foundational principles include responsibility for business policies and actions, respect for human dignity and stakeholder interests. III. Ko Declaration: A Condensed Set of International Business Ethics • Principle 1: Business Responsibility - From shareholders to owners of their stake. • The value of business for society lies in prosperity, employment, and soughtafter goods and services. • Companies must support their economic health while contributing to improved living standards for customers, employees, and shareholders. IV. Ethical Principles of International Business Principle 2: Economic and Social Impact - Fostering Progress, Justice, and Global Unity • Companies established abroad for production, development, or sales must aid the social progress of host countries. • Ensuring productive employment, enhancing citizens' purchasing power, and respecting human rights. • Contributing to education, well-being, and the advancement of nations where companies operate. The Ko Declaration serves as a compass for businesses, transcending geographical boundaries to promote ethics, progress, and inclusivity in the international business arena.