• Definition: Ethics refers to the principles and values that guide individuals and organizations in determining what is right and wrong.
• Key Aspects:
  • Moral Standards: Values like honesty, fairness, integrity, and respect.
  • Application: Helps in making decisions that impact stakeholders positively.
  • Business Ethics: Involves ethical behavior in business operations, such as fair trade, transparency, and avoiding corruption.

Corporate Social Responsibility (CSR):

• Definition: CSR refers to a company’s commitment to contribute to society’s well-being by taking responsibility for the impact of its business activities on the environment, economy, and society.
• Core Elements:
  • Philanthropy: Donations, community support (e.g., building schools, funding healthcare).
  • Ethical Practices: Fair labor conditions, ensuring safety in operations.
  • Environmental Responsibility: Reducing carbon footprint, waste management.
  • Stakeholder Engagement: Considering the interests of employees, customers, and local communities.
• Example: A company reducing plastic packaging or supporting renewable energy projects.

Sustainability:

• Definition: The ability to meet current needs without compromising the ability of future generations to meet theirs, particularly in environmental, social, and economic domains.
• Three Pillars of Sustainability:
  1. Environmental: Conservation of natural resources and minimizing environmental harm.
  2. Social: Promoting social equity and improving quality of life.
  3. Economic: Ensuring financial stability and equitable resource distribution.
• Business Context: Companies adopting sustainable practices like renewable energy, waste reduction, and sustainable supply chains.