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Business Ethics & Values:

Business Ethics & Values Rajesh S Pyngavil Associate Professor Gitarattan International Business School Delhi


Introduction Business Business Organization Business Objectives Traditional Business Organizations Modern Business Organization

Management Challenges in 21st Century:

Management Challenges in 21 st Century Globalization Changes in Values and Commitment Cultural Diffusion Wealth Creation Stress Among Employees Knowledge Workforce Privatization Environmental Concerns Quality and Productivity Workforce Diversity Empowerment Information Technology

Challenges of International Management:

Challenges of International Management Economic Environment Free Consumers Public Private Partnership Natural Resources Scarcity Infrastructural & Communication Development Political/ Legal Environment Reduced Tax Rates “GLOCAL” Approach Removal of Trade and Tariff Barriers Cultural Environment Value Systems Social & Ethical Concerns Virtual Organizations

Changes in Management Arena:

Changes in Management Arena Change in Knowledge, Information and Techniques Change in Scope of Management Changes in the Issues Facing by Managers Changes in Environment Demographic Changes Pollution Depletion of Resources

Issues of Future:

Issues of Future Increase in Employee Participation Increase in Social Consideration Increase in Technological Developments Increase in International Business

Perspectives of Management:

Perspectives of Management Pre-scientific Management Theory Classical Theory – Focused on increase out put of each worker Employees needs satisfied through financial incentives Formal Structure of organization Maintained a closed system Behavioral Theory – Aligning organizational Goals and Personal Goals Shift from Production oriented approach to people oriented approach

Ethical Principles:

Ethical Principles Good Behavior Moral Duties and Responsibilities Personal and Social Well Being Right and Wrong Good and Bad

Ethics and Stakeholders:

Ethics and Stakeholders Stakeholders: people or groups that have an interest in the organization. Stakeholders include employees, customers, shareholders, suppliers, and others. Stakeholders often want different outcomes and managers must work to satisfy as many as possible. Ethics: a set of beliefs about right and wrong. Ethics guide people in dealings with stakeholders and others, to determine appropriate actions. Managers often must choose between the conflicting interest of stakeholders.


Ethics It is difficult to know when a decision is ethical. Here is a good test: Managerial ethics : If a manager makes a decision falling within usual standards, is willing to personally communicate the decision to stakeholders, and believes friends would approve, then it is likely an ethical decision.

Ethical Origins:

Ethical Origins Professional ethics: values and standards used by groups of managers in the workplace. Applied when decisions are not clear-cut ethically. Example: physicians and lawyers have professional associations that enforce these. Individual ethics: values of an individual resulting from their family& upbringing. If behavior is not illegal, people will often disagree on if it is ethical. Ethics of top managers set the tone for firms.

Ethical Origins:

Ethical Origins Societal Ethics: standards that members of society use when dealing with each other. Based on values and standards found in society’s legal rules, norm, and mores. Codified in the form of law and society customs. Norms dictate how people should behave. Societal ethics vary based on a given society. Strong beliefs in one country may differ elsewhere. Example: bribes are an accepted business practice in some countries.

Ethical Models:

Ethical Models Social Ethics: Legal rules, customs Professional Ethics: Values in workplace Individual Ethics: Family influence Organization’s Code of Ethics

Promoting Ethics:

Promoting Ethics There is evidence showing that ethical managers benefit over the long run. Ethical Control System: a formal system to encourage ethical management. Firms appoint an ethics ombudsman to monitor practices. Ombudsman communicates standards to all employees. Ethical culture: firms increasingly seek to make good ethics part of the norm and organizational culture.

The basis for an approach to ethics:

The basis for an approach to ethics Worldview establishes the foundation that individuals rely on to form their approach to ethics. There are two fundamental worldviews from which ethics and values manifest in behavior and decision-making: A belief that humans are created beings accountable to a creator. A belief that humans evolved from the result of a chance event.

What is Ethical Behavior?:

What is Ethical Behavior? Ethical behavior what is accepted as “good” and “right” in the context of the governing moral code Values broad beliefs about what is or is not appropriate behavior

What is Ethical Behavior?:

What is Ethical Behavior? Examples of Values Equality Fairness Honesty Responsibility Harmony

Why Behave Ethically?:

Why Behave Ethically? Managers should behave ethically to avoid harming others. Managers are responsible for protecting and nurturing resources in their charge. Unethical managers run the risk for loss of reputation. This is a valuable asset to any manager! Reputation is critical to long term management success. All stakeholders are judged by reputation.

Factors Affecting Ethical Behavior:

Factors Affecting Ethical Behavior Person family influences religious values personal standards and needs

Factors Affecting Ethical Behavior:

Factors Affecting Ethical Behavior Organization policies, codes of conduct behavior of supervisors, peers organizational culture

Factors Affecting Ethical Behavior:

Factors Affecting Ethical Behavior External Environment government regulations norms and values of society ethical climate of industry

Alternative Views of Ethical Behavior:

Alternative Views of Ethical Behavior Utilitarian - greatest good to the greatest number of people Individualism - primary commitment is to one’s long term self-interests Moral-rights - respect the fundamental rights of people Justice - ethical decisions treat people fairly according to rules

Cultural Issues in Ethical Behavior:

Cultural Issues in Ethical Behavior Cultural Relativism ethical behavior is always determined by cultural context

Cultural Issues in Ethical Behavior:

Cultural Issues in Ethical Behavior Ethical Imperialism attempt to externally impose one’s ethical standards on others

Ethical Decisions:

Ethical Decisions A key ethical issue is how to disperse harm and benefits among stakeholders . If a firm is very profitable for two years, who should receive the profits? Employees, managers and stockholders all want a share. Should we keep the cash for future slowdowns? What is the ethical decision? What about the reverse, when firms must layoff workers. Final point: stockholders are the legal owners of the firm!

Ethical Decisions:

Ethical Decisions Some other issues managers must consider. Should you hold payment to suppliers as long as possible to benefit your firm? This will harm your supplier who is a stakeholder. Should you pay severance pay to laid off workers? This may decrease the stockholder's return. Should you buy goods from overseas firms that hire children? If you don’t the children might not earn enough money to eat.

Ethics in the Workplace:

Ethics in the Workplace What is an Ethical Dilemma? Situation that requires choosing a course of action offers potential for personal and/or organizational benefit may be considered unethical

Examples of Ethical Dilemmas:

Examples of Ethical Dilemmas Should I support my bosses incorrect views? Should I sign a false document? Should I accept a gift from a client? Should I give special treatment to a friend or boss’ friend?

Ethics in the Workplace:

Ethics in the Workplace Rationalizations for Unethical Behavior Convincing oneself that: behavior is not really illegal behavior is really in everyone’s best interests nobody will ever find out the organization will “protect” you

Ethics in the Workplace:

Ethics in the Workplace Factors Influencing Ethical Behavior Person Organization Environment

Maintaining High Ethical Standards:

Maintaining High Ethical Standards Ethics Training structured programs that help participants to understand ethical aspects of decision making

Maintaining High Ethical Standards:

Maintaining High Ethical Standards Whistleblower Protection Whistleblowers expose misdeeds of others to preserve ethical standards protect against wasteful, harmful, illegal acts

Maintaining High Ethical Standards:

Maintaining High Ethical Standards Whistleblower Protection Barriers to whistleblowing strict chain of command strong work group identities ambiguous priorities State laws protecting whistleblowers vary Federal laws protect government workers

Maintaining High Ethical Standards:

Maintaining High Ethical Standards Top management support model appropriate ethical behavior Formal codes of ethics official written guidelines on how to behave

Where do pressures for unethical acts come from?:

Where do pressures for unethical acts come from? BOSSES LOWER LEVELS Sometimes, perhaps too often Bosses may ask: “support an incorrect view” “sign a false document” “overlook a wrong doing” “do business with my friends” Who hold a lot of power Who depend on them for raises, promotions, etc.

Social Responsibility:

Social Responsibility Social Responsibility: the manager’s duty to nurture, protect and enhance the welfare of stakeholders. There are many ways managers respond to this duty: Obstructionist response: managers choose not to be socially responsible. Managers behave illegally and unethically. They hide and cover-up problems.

Social Responsibility:

Social Responsibility Defensive response: managers stay within the law but make no attempt to exercise additional social responsibility. Put shareholder interest above all other stakeholders. Managers say society should make laws if change is needed. Accommodative response: managers realize the need for social responsibility. Try to balance the interests of all stakeholders. Proactive response: managers actively embrace social responsibility. Go out of their way to learn about and help stakeholders.

Social Responsibility in Action:

Social Responsibility in Action Social Audits Evaluate corporate social performance by asking Is the organization’s Economic responsibility met? Legal responsibility met? Ethical responsibility met? Discretionary responsibility met?

The Social Audit:

The Social Audit Profitability Negative Low Medium High Negative Low Medium High Favored Strategies Social Returns

Levels of Responsibility:

Levels of Responsibility Obstruction response Defensive response Accommodative response Proactive response Low High Social responsibility

Social—and Financial—Performance:

Social—and Financial—Performance Good Corporate Social Performance Perspective 1: CSP Drives the Relationship Good Corporate Financial Performance Good Corporate Reputation Good Corporate Financial Performance Perspective 2: CFP Drives the Relationship Good Corporate Social Performance Good Corporate Reputation Good Corporate Social Performance Perspective 3: Interactive Relationship Among CSP, CFP, and CR Good Corporate Financial Performance Good Corporate Reputation

Corporate Social Responsibility:

Corporate Social Responsibility Obligation of the organization to act in ways that serve both its own interests and that of stakeholders

Corporate Social Responsibility (CSR):

Corporate Social Responsibility (CSR) Preliminary definitions of CSR The impact of a company’s actions on society Requires a manager to consider his acts in terms of a whole social system, and holds him responsible for the effects of his acts anywhere in that system

Corporate Social Responsibility (CSR):

Corporate Social Responsibility (CSR) Corporate Citizenship Concepts Corporate social responsibility – emphasizes obligation and accountability to society Corporate social responsiveness – emphasizes action, activity Corporate social performance – emphasizes outcomes, results

Corporate Social Responsibility (CSR):

Corporate Social Responsibility (CSR) Carroll’s Four Part Definition Understanding the Four Components Responsibility Societal Expectation Examples Economic Required Be profitable. Maximize sales, minimize costs, etc. Legal Required Obey laws and regulations. Ethical Expected Do what is right, fair and just. Discretionary (Philanthropic) Desired/ Expected Be a good corporate citizen.

Pyramid of CSR:

Pyramid of CSR Philanthropic Responsibilities Be a good corporate citizen. Ethical Responsibilities Be ethical. Legal Responsibilities Obey the law. Economic Responsibilities Be profitable.

Corporate Social Responsibility (CSR) Business Responsibilities in the 21st Century:

Corporate Social Responsibility (CSR) Business Responsibilities in the 21 st Century Demonstrate a commitment to society’s values and contribute to society’s social, environmental, and economic goals through action. Insulate society from the negative impacts of company operations, products and services. Share benefits of company activities with key stakeholders as well as with shareholders. Demonstrate that the company can make more money by doing the right thing.

Corporate Social Responsibility (CSR) Arguments Against:

Corporate Social Responsibility (CSR) Arguments Against Restricts the free market goal of profit maximization Business is not equipped to handle social activities Dilutes the primary aim of business Increase business power Limits the ability to compete in a global marketplace

Why be Responsible?:

Why be Responsible? Managers accrue benefits by being responsible. Workers and society benefit. Quality of life in society will improve. It is the right thing to do. Whistleblowers: a person reporting illegal or unethical acts. Whistleblowers now protected by law in most cases. Social audit: managers specifically take ethics and business into account when making decisions.

Complex Legal Environment:

Complex Legal Environment Areas of government intervention occupational safety and health fair labor practices consumer protection environmental protection

Types of Diversity:

Types of Diversity Capabilities Disabilities Socioeconomic background Sexual orientation Religion Ethnicity Race Gender Age

Manage Diversity:

Manage Diversity Distributive Justice: dictates members be treated fairly concerning pay raises, promotions, office space and similar issues. These rewards should be assigned based on merit and performance. A legal requirement that is becoming more prevalent in American business. Procedural Justice: Managers should use fair practices to determine how to distribute outcomes to members. This involves how managers appraise worker performance or decide who to layoff.

Managing Diverse Workforces:

Managing Diverse Workforces The workforce has become much more diverse during the last 30 years. Diversity refers to differences among people such as age, gender, race, religion. Diversity is an ethical and social responsibility issue. Managers need to give all workers equal opportunities. Not following this is against the law and unethical. When all have equal opportunity , the organization benefits.

Diversity Makes Business Sense:

Diversity Makes Business Sense Diverse employees provide new, different points of view. Customers are also diverse. Still, some employees may be treated unfairly. Biases : systematic tendencies to use information in ways that result in inaccurate perceptions. People often view those like themselves positively and have biases about others. Social status is a type of bias conferred to people of differing social position. Stereotypes : inaccurate beliefs about a given group.

How to Manage Diversity:

How to Manage Diversity Increase diversity awareness: managers need to become aware of their own bias. Understand cultural differences and their impact on working styles. Practice effective communication with diverse groups. Be sure top management is committed to diversity.

Spirit Centered – Indian Model:

Spirit Centered – Indian Model Dharma: Moral Code of Conduct, Rightful Action Artha: Economic Pursuits for Self Sufficiency Kama: Satisfaction of Desires Moksha: Total Liberation Epics like Ramayana and Mahabharata

Principles of Business Ethics:

Principles of Business Ethics Ethics: The set of principles governing and individual or a group towards the moral duty and obligation of personal and social well being. Business Ethics: Governs the corporate culture of values, programs, enforcement and leadership that govern the conduct of business by applying ethical reasoning to specific business situations and activities.

Development of Ethics:

Development of Ethics Greek Ethics : It advocates moral duties of a person as a moral citizen. Socrates, Plato and Aristotle Medieval Ethics: Spread Along with Christianity Modern Ethics: Good for All Theory of Good Theory of Right

Theories in Ethics:

Theories in Ethics Teleological Theory: Refers to the rightness of actions or moral values of character. It uses ends and goals to justify virtues and actions. Gives Priority to ‘Good’ over ‘Right’. Consequentlism : An action is morally right if the consequences of that action are more favorable. Give Priority to ‘Right’ over ‘Good’. Utilitarian: Any action should brings greatest happiness for greater number of people.

Need for Business Ethics:

Need for Business Ethics Business Organizations are expected to enhance the interest of consumers, employees and the community. Issues like monopolistic prize fixing, harassment of employees, intimidation ( threats) were there. Ethics leads to Laws relating to land Customs and expectations of the community Principles of Morality Organizational Policies Products and services affects the stakeholders positively

Benefits of Business Ethics:

Benefits of Business Ethics Better Confidence Employee Growth Total Quality Management Diversity Management Strong Public Image Consistency Even in Change in Time

Unethical Behavior:

Unethical Behavior Bribery Kickback Black Marketing Whistle Blowing Pressure for high performance Poor Financial Performance Labor Dissatisfaction Adulteration Sale of Duplicates False Weights

Factors Affecting Business Ethics:

Factors Affecting Business Ethics Legal Concern Government Regulations Industry and Company Ethical Codes Social Pressures Tension between Personal standards and needs of the organization

Ethos in Management:

Ethos in Management Ethos – The characteristics, spirit and beliefs of community people and the way they react to various problems and situations in life. It refers to the habitual character of a group or community. Features of Indian Ethos Individual the focal, if he is good the world is good Focus on duties and responsibilities Harmony between desire and desire ness, materialism and spiritualism Main focus in on wisdom Dharma, artha, niti for all human beings

Vedic Approaches:

Vedic Approaches Mahabharata Talks Saam ( Treat Equally) Daam ( Rewarding) Dand ( Punishment Bhed ( Discrimination) People are oriented towards 3 character Tamasik ( The Simple) Rajasik ( The forceful) Satwik ( The Wise)

Basic Principles of Indian Ethos:

Basic Principles of Indian Ethos Each soul is potentially divine ( Aham Brahmasmi & Tat Tvam Asi) Holistic Management ( Atmano Mokshaya) Principle of cooperation not competition Combining subjective and objective Karma Yoga Seva- Tyag Parasparam Bhavayant

Vivekanda’s Approach of Leadership:

Vivekanda’s Approach of Leadership Spiritual Leader Leader with magnetic personality Leader with self faith and positive thinking Holistic leader and rajarshi Visionary Leader Universal leader without any frontiers Servant Leadership – rajarshis Awakener of a sleeping nation

Teaching of Gita:

Teaching of Gita Utilization of available resources Attitude towards work Non attachment towards work Cause and Effect Nishkam Karma A stress free mind to work A pure transparent mind An instinct of ethics An inner feeling of fullness

Indian Heritage in Production and Consumption:

Indian Heritage in Production and Consumption Our Dependence on the Environment Renewable energy – which can replace easily Non renewable energy – coal, gas, oil Waste management Conservation of resources Flow of energy Flow of materials Environmental responsibility Responsibility to humans Responsibility to non humans

Environmental Concerns:

Environmental Concerns Ozone Depletion Global warming Water, land and air pollution Deforestation Danger to biological diversity

Total Quality Management:

Total Quality Management Quality means A good product Durablity Easy to operate Good in appareance Quality means products that are manufactured exactly to specifications ISO 9000 defines quality as the totality of features and characteristics of a product and service that bears its ability to meet stated needs

Factors Affecting Quality:

Factors Affecting Quality Markets Money Men Materials Machines Management Motivation Management Information System

Quality Control:

Quality Control Q C means checking and reviewing the work that has been done. Objectives To establish quality standards To lay down standards of measurement. To maintain records that facilitate measurement of performance To find causes of deviation to avoid recurrence To obtain feedback for correction purposes

Total Quality Control:

Total Quality Control Reliability Maintainability Safety Quality Circles A group of labor and management personnel who belongs to a single department, do same or similar work, meet periodically to discuss manufacturing problems, analyze them and find solutions to quality problems

Quality Circles:

Quality Circles Objectives To improve quality of the products To improve productivity of the firm To develop sense of confidence in the workers To improve employee morale To improve employees satisfaction To improve interpersonal relationship To promote productivity, efficiency,, cost reduction and safety of products Kaizen – Continuous improvement

Total Quality Management:

Total Quality Management Refers as the organization’s long term commitment to the continuous improvement of quality throughout the organization, and with the active participation of all members at all levels to meet and exceed customer’s expectations Total – Involving Every One Quality – Meets the Expectations Management – Optimum utilization of resources

Techniques of TQM:

Techniques of TQM Bench marking Deming Wheel (PDCA Cycle – Plan , Do, Check, Action) ISO 9000 Just in Time Quality Circles Critical Path Analysis Failure Mode and Effect Analysis Brainstorming Nominal Group Techniques C – Charts P - Charts

Stress Management:

Stress Management Stress – Anything that causes changes in the body is called stress. Happiness Sadness Scare Madness Stress is a condition of feeling experienced when a person perceives that demands exceed the personal and social resources the individual is able to mobilze. Stress causes several health problems and extreme stress causes death also.

PowerPoint Presentation:

Stress Positive Stress – Eustress Negative Stress – Distress ( anxitey, sleeping disorder, tension) Causes of Stress Organizational causes ( work practice, work pressure, technology, harassment) Group causes ( social distance, conflict) Personal causes ( new location, money issues, family issues, health, death of any close member) General causes ( Threat, fear, uncertainty, drug abuse)

Strategies of Stress Management:

Strategies of Stress Management Maintenance of Health Be happy Committed Work Performance Team spirit and co operation Relationships Personal Developement

Therapies for Reducing Stress:

Therapies for Reducing Stress Sound therapy Walking Music therapy Biofeedback Creative visualization Neuro Linguistic Programme (NLP)

Strategies to Reduce Stress:

Strategies to Reduce Stress Counseling Meditation Job redesign Time management Role clarity Right objectives Positive thinking Set realistic objectives Improve your work and living environment Ignore your weakness

Corporate Social Responsibility:

Corporate Social Responsibility CSR is the continuing commitment by the business to behave ethically and contribute to economic development, while improving the quality of life of the workforce and their families as well as of the local community and the society as large. To shareholders To employees To customers To community To competitors To government Social Audit: A systematic study and evaluation of the social, rather than the economic performance of an organization. It is a formal and through analysis if effectiveness of the firms;’ social performance.

Corporate Social Responsibility:

Corporate Social Responsibility Meaning : Business – Integral part of eco-system. Sustainable growth – Gandhiji – Trusteeship vision Traditional concept – Philanthropy Middle period – Doing good to look good for the society Modern concept – Business necessity, enlighten self-interest C – corporate – organized business S – social – dealing with people – society at large R – responsibility – accountability between the two

Approaches to CSR:

Approaches to CSR Link it to an organisations core competence, e.g., hotel – old-aged home Market driven – Creating new expectations, e.g., organic foods Community driven – linking to the business interest, e.g., Vet hospitals – milk procurement

Factors responsible :

Factors responsible Increasing awareness Rising domestic and international standards Commercial pressure Stake holders in the process of CSR Corporate Government NGOs/ VOs

New Concepts in CSR:

New Concepts in CSR Good Corporate Citizen Assistance in effective Policy Making Investment in community & skill development programme Sustainable development-energy efficiency, climate, carbon emission norms etc. Business eco- system

CSR in India – Historical perspective:

CSR in India – Historical perspective Phase-1 – CSR motivated by charity Phase-2 – CSR for social development Phase-3 – CSR under the paradigm of mixed economy Phase-4 – CSR in a ‘confused state’

CSR Matrix:

CSR Matrix Sl. No. Parameter Status Remarks A. Compliance with corporate legal framework 1. Statutory compliances under the provisions of Companies Act. Mandatory Non-compliance can lead to penal action 2. Disclosure of all financial information (adequate and truthful) to enable the investors and creditors take informed decisions Mandatory Compliance related as well as GCG practice

PowerPoint Presentation:

B. Compliance with other social laws of the land 1. Discrimination amongst different sections of employees on the basis of caste, colour and sex Constitutionally prohibited Implementation and enforcement remains an issue. Attracts legal action but how effective – is the question. Driven more by the ethical standards of an organisation. 2. Payment of minimum wages to the labour Minimum Wages Act 3. Sensitivities towards engagement of child labour Child labour Act 4. Working conditions at the work-place, provision for wash-room for both sexes etc. Factories Act 5. Adequate light and ventilation at the work-place Building Bye-laws

PowerPoint Presentation:

6. Installation of fire-fighting arrangements at the work-place C. Human Resource Development strategies and 1. Capacity building and training Voluntary 2. Continuous updating of employee skills Voluntary CSR related issues. The items listed herein involve measures which are driven more by the enlightened self- interest and falls under the definition of a direct investment in the 3. Systems for incentives and disincentives Voluntary 4. Safe drinking water arrangements Statutory 5. Health check-up and medical attendance facilities Voluntary

PowerPoint Presentation:

human capital with assured returns in terms of higher productivity and employee satisfaction securing a high level of commitment to the organisation. 6. Transportation arrangements Voluntary 7. Housing facilities Voluntary 8. Education for the children of employees Voluntary 9. Cleanliness and greenery at the work-place Voluntary 10. Security of employees’ families Voluntary

PowerPoint Presentation:

D. Client-centric measures 1. Quality of products/ services Partly statutory Driven strictly by internal business interests, though forming a part of the CSR. A direct investment. 2. After-sale services and follow up Business initiative driven 3. Attendance to defects and establishing credibility Business initiative driven E. Effective grievance redressal mechanism 1. For the investors and depositors Partly statutory Necessarily a part of the CSR which deserves mandating. 2. For the end-users of products and services (external clients) Business driven

PowerPoint Presentation:

3. For internal stakeholders (mainly employees) Business driven F. Community Facilities 1. Education facilities for employees and neighbouring population Voluntary Essential features of CSR but need to be retained as ethics driven rather than mandate driven 2. Employment to the local people/ rehabilitation Voluntary 3. Other initiatives to earn a goodwill Voluntary G. Community Drivers 1. Population Stabilisation Voluntary Forms part of CSR but could be of direct interest e.g. for a company in 2. Participation in Health Campaigns Voluntary

PowerPoint Presentation:

3. Environment improvement campaigns. Health sector, participation in health campaigns is a direct investment in business. H. Philanthropic Activities

CSR in India – Historical perspective:

CSR in India – Historical perspective Phase-1 – CSR motivated by charity Phase-2 – CSR for social development Phase-3 – CSR under the paradigm of mixed economy Phase-4 – CSR in a ‘confused state’

Factors Responsible :

Factors Responsible Increasing awareness Rising domestic and international standards Commercial pressure Stake holders in the process of CSR Corporate Government NGOs/ VOs

Approaches to CSR:

Approaches to CSR Link it to an organisations core competence, e.g., hotel – old-aged home Market driven – Creating new expectations, e.g., organic foods Community driven – linking to the business interest, e.g., Vet hospitals – milk procurement

Corporate Governance:

Corporate Governance Governance is the process whereby people in power make decisions that create, destroy or maintain social systems, structures and process whereby people in power direct, monitor and lead. Corporate Governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation such as board members, managers, share holders and other stake holders

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