Some Useful Definitions of Ethics and Corporate Governance
Sri Aurobindo : But that which determines his ethical being is his relations with God, the urge of the Divine whether concealed in his nature or conscious in his higher self or inner genius. He obeys an inner ideal, nor to a social claim or a collective necessity. The ethical imperative comes not from around, but from within and above him.
Peter F. Drucker The Ecological Vision (1993): Above all, the ethics or aesthetics of self-development would seem to be tailor-made for the specific dilemma of the executive in modern organization. Their function demands the self-discipline and the self-respect of the superior man.
RGarrett and Klonoski, 1986:2: Business ethics is concerned primarily with the relationship of business goals and techniques to specifically human ends. It studies the impacts of acts (DECISIONS)on the good of the individual, the firm, the business community and society as a whole…business ethics studies the special obligations which a person and a citizen accepts when he or she becomes a part of the world of commerce.
Robert C. Solomon Ethics and Excellence (1992): ….integrity, in the face of conflict of the virtues, is the challenge rather than the answer. It is moral courage… moral courage is not self-sacrifice… Moral courage is not self-righteous obstinacy and it is not at all opposed to compromise…Moral courage includes an understanding of the big picture, the purpose(s) of the organization, and the way in which the organization or some part of it thwarts its own best intentions.
Corporate Governance is a system by which companies are run. It relates to the set of incentives, safeguards and the dispute resolution process that is used