ABSTRACT
The Institute of Business Ethics (IBE) has a useful distinction between ethics and Corporate Social Responsibility (CSR) as follows: Business ethics is about the application of ethical values to all business behaviours and functions. Corporate governance is a key part of business ethics, as well as CSR of course, since the morality of the board and its individual directors does, or should, underlie these policies and procedures. The chapter focuses on the writings of T. Donaldson and P. H. Werhane. They believe that most ethical theory can be grouped under one of three main categories: consequentialism, deontology and human nature ethics. Ethics are a set of values and principles that influence how individuals, groups and society behave. Business ethics are concerned with how such values and principles operate in business. Managing a company by a fair and efficient contract with its stakeholders can generate various benefits.
