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How does Barclays plc fulfil its obligations to their stakeholders in terms of ethical business practice and socially responsible corporate behaviour?
Member rating: No Rating | Words: | Submitted: Thu Nov 10 2005
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To: Dr Yi Zhu Fr: Alecia Baker Date: November 4, 2005 How does Barclays plc fulfil its obligations to their stakeholders in terms of ethical business practice and socially responsible corporate behaviour? According to The Institute of Business Ethics (cited in MORI, 2003), "80% of the public believe that large companies have a moral responsibility to society but 61% also thought large companies don't care". Why this shocking conclusion? Due to major accounting scandals such as Enron and WorldCom the public's confidence in organisations have decreased. Why is there now an increasing demand for organisations to behave ethically and responsibly? Ethics is seen as '... a system of morals or rules of behaviour' (Mullins 1999) meanwhile the definition of corporate responsibility taken from Sims (2004) states that'... business behaviour that is likely to engender the trust and commitment of stakeholders towards the company.' Changes in people's values and beliefs have also led to this...
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