Responsible Business

Ethics, social responsibility, sustainability

Business Ethics and Responsibility

Responsible businesses operate ethically (honestly and fairly), treat stakeholders well, care for the environment and contribute positively to society. Corporate Social Responsibility (CSR) means businesses voluntarily do good beyond just making profit. In SA, B-BBEE promotes economic transformation.

Example

Responsible Business Practices

Ethical practices: • Pay fair wages, don't exploit workers • Honest advertising, don't mislead customers • Pay taxes, don't evade • Don't bribe officials (corruption) Environmental: reduce waste, recycle, renewable energy Social: support education, fund community projects B-BBEE: Broad-Based Black Economic Empowerment — promoting ownership and management by previously disadvantaged groups

Note

Remember

Businesses have responsibilities beyond profit — to workers, communities, customers and the environment. The King IV Code guides corporate governance in SA. Consumers can support ethical businesses by choosing their products and boycotting unethical ones. Your buying power is your voice.

Key Vocabulary

EthicsPrinciples of right and wrong behaviour in business

CSRCorporate Social Responsibility — business contributing to society

B-BBEEBroad-Based Black Economic Empowerment programme

StakeholderAnyone affected by a business (workers, customers, community)

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Ethics

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