Friday, December 20, 2019

Essay about Ethical Decision Making - 1551 Words

The importance of ethical decision making Ethical decision making involves acting in a morally correct and socially responsible way. The law is based on ethical principles. However, the law is only ethically relevant to the period in time which it was made. This means that the law will never be able to account for every course of action and that the responsibility lies with the decision makers to ensure they act in an ethical manner. White collar crime in Australia has resulted in the collapse of HIH Insurance and One-Tel. These tragic events have exposed the importance of ethical decision making. Australia’s corporate ethical scandals In the criminal justice system, we classify crime into two different elements. The first is actus†¦show more content†¦The partners must keep accurate records of all their dealings on behalf of the firm. They must account for all private profits earned as a result of information gained during the course of the partnership. They must also refrain from setting up directly competitive firms unless they share all profits gained with the other partners. Under the Partnership Act 1963 , each partner of a firm is liable jointly with the other partners of that firm for the debts incurred. Property Development in NSW A lack of ethics in the property development industry in NSW has recently caused some concern. The concern lies primarily with the relationship between local governments and private developers. Generous donations to the Wollongong local government from property developers have resulted in the approval of questionable property development that has raised concerns in the local Wollongong community. The situation in Wollongong â€Å"shows how democracy can be destroyed when the political process is captured by private interests.† Property development can have a significant impact on the environment, affecting drainage, parking and water cleanliness. The potential negative impact property development has upon the environment means that some development projects are â€Å"required to be assessed in terms of their environmental impact† before they proceed. Property managers are required under the Property, Stock and BusinessShow MoreRelatedEthical Decision Making : Ethical Decisions1496 Words   |  6 PagesFacing Ethical Decisions How does a person determine what is right or wrong when making a decision? Most people faced with an ethical decision usually revert to their personal values that hopefully guide them through the decision-making process. 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