ethical-business-practices

Vocabulary Word

Definition

Ethical business practices refer to the way a company operates in order to be morally correct and socially responsible. It embodies fairness, respect, integrity and responsibility in businesses.

Examples in Different Contexts

In financial reporting, 'ethical business practices' mean transparency and accuracy in disclosing financial information. A CFO might state, 'Upholding ethical business practices in our financial reporting is crucial for maintaining investor confidence and compliance with regulatory standards.'

Practice Scenarios

Sustainability

Scenario:

Given the current focus on sustainability, we need to critically evaluate our environmental impact and create a comprehensive sustainability plan.

Response:

We should partner with green-energy providers as part of our ethical business practices to reduce our carbon footprint.

Customer-Service

Scenario:

We've heard from several customers who are unhappy with our refund policy. How can we address this in a fair and respectful way?

Response:

Perhaps we should revise our refund policy as part of our dedication to ethical business practices.