Business ethics is business policies and practices that regard to potentially controversial issues in the organization such as corporate governance, bribery, race, discrimination, trading, fiduciary responsibilities and corporate social responsibilities. They are practices that make varied businesses to operate smoothly. The dictate the conduct amongst the employees and themselves that is seniors and juniors, customers, suppliers, debtors and other third parties to the organization. Most organizations have their well-stated ethics that all employees ought to follow. Additionally the government comes up with regulations that direct the ethical conduct of the organizations that cut across all organizations.
The government has come up with various rules that govern the ethics, and whose primary purpose is to ensure that the organizations cope with their ethical obligations and that the public does not suffer due to the results of dishonest business practices. For example, the federal government in the United States of America has set out regulations that regard to the business in matters addressed by the business ethics and matters that may not be addressed specifically in the regulation. This was done first by President John Bush while acting on recommendations of the commission of Federal Ethics Law where he signed the Executive order 12674. An example of these regulations is the one regarding to the picking of gifts from fellow colleagues who are juniors or seniors or any other external unauthorized persons who can be termed as bribes in another case. This is meant to ensure that practices such as favoritism, in the promotion, tender and tendering irregularities, contract award among others are carried out soundly using the written down procedures and guidelines of the corporations. Other regulations regard to the financial interest of the individuals. The regulation prevents anyone with financial interest either because of blood relation or any other reason not to participate in the official duties regarding a specific transaction ( U.S office of government Ethics, 2015).
Other regulations regarding government practices and ethics are those regarding to the corporations listing in the securities market and the requirements of disclosure that seek to ensure that the public is not deceived by falsified information into investing into a company. Consider for instance the requirements of SEC(Securities and Exchange Commission) in regard to disclosures these help the organization to act honestly (Investopedia staff)
Other ways through which the government regulates the activities of the organization in regard to the ethics is the enactment of other various Acts that are formulated to ensure that all business practices are done in the open and that responsibility is taken by the various organizations. These include the rules in regard to the sale of products such as foods and drugs as dictated in the drug and food Act of various countries, which indicate that the ingredients used, usage instructions and expiry dates should be clearly stated to ensure that all people using those products have full knowledge. Other regulations are those regarding to the Employment Act, which dictates the rules of dealing with employees in recruitment, dismissal, retirement, injury at duty and compensation to mention but a few. These enactments are stated in the constitutions of various countries e.g. the federal government food and drugs act (US food and drug Administration, 2009).
All the regulation by the government to govern the various organization are made in good faith to ensure that all the business are operated in compliance with laid down regulations and that the public does not suffer the consequences of disobedience to those regulations. All the businesses should operate in compliance with these requirements.
U.S office of Government Ethics. (2015). Law and regulations. Retrieved December 7, 2015, from United States office of government ethics: http://www.oge.gov
Investopedia Staff. (n.d.). Investing; policing the security markets. Retrieved December 7, 2015, from Investopedia: http://www.investopedia.com/
US Food and Drug Administration. (2009, May 20). Regulatory Information. Retrieved December 7, 2015, from US Food and Drug Administration: http://www.fda.gov
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