3. Business Ethics and Social Responsibility
Business ethics are essential to the success of Canadian businesses. Ethical standards and ethical practices provide a framework for how employees should conduct themselves within the organization and how they should interact with customers, suppliers, and other stakeholders. Business ethics are important to ensure that a company’s practices are in line with the values and standards of the society in which it operates. A commitment to business ethics helps to establish trust, loyalty, and respect between the business and its customers, employees, investors, and others, helping to create a more positive work environment and generate confidence in the company. Strong business ethics help to ensure that organizations comply with applicable laws, regulations, and standards, helping to protect the company from potential legal and financial risks.