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PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibility

Name

Capella University

PHI FPX 2000 Ethics

Prof. Name

Date

Business Ethics and Corporate Responsibility

Corporate Social Responsibility (CSR) and business ethics are integral components of sustainable development, essential for meeting present needs while safeguarding the future (Manasakis, 2018). The interpretation of CSR varies across industries due to diverse financial obligations and stakeholder dynamics, necessitating a nuanced approach to address ethical dilemmas effectively.

Ethical Issues and Their Relationships

Informed consent and the protection of sensitive genetic information pose significant ethical challenges in the current landscape (Darby & Weinstock, 2018). Uchromz, with its extensive biobank of DNA samples, faces risks related to security, confidentiality, and potential misuse by external parties. Ensuring clarity in consent forms and prioritizing privacy and confidentiality are crucial for upholding ethical standards (Noroozi et al., 2018).

Stakeholders’ Primary Interests

Uchromz stakeholders, including consumers and collaborating institutions, have distinct interests (Schumacher et al., 2020). While Uchromz aims to adhere to ethical and legal standards and safeguard customer privacy, consumers seek genetic testing for ancestry and health insights, emphasizing the importance of maintaining control over their DNA data. Collaborating institutions aspire to leverage Uchromz’s biobank for research endeavors and partnerships.

Normative Ethical Theory

Utilitarianism, a normative ethical theory focusing on actions and consequences, provides a flexible framework for decision-making (Häyry, 2020). By prioritizing the security and confidentiality of DNA donors, Uchromz aligns its interests with those of its stakeholders, including customers and employees.

Milton Friedman’s Stakeholder’s Theory

Friedman’s stakeholder theory emphasizes advancing stakeholders’ financial interests, prioritizing profit maximization (Okafor et al., 2021). Uchromz must balance stakeholders’ interests to achieve long-term prosperity while prioritizing ethical values and stakeholders’ protection.

Traditional Theory of Normative Ethics

In the deontological theory of normative ethics, actions are evaluated based on their adherence to ethical principles (Barrow & Khandhar, 2019). As part of its corporate social responsibility, Uchromz must prioritize the privacy and security of DNA donors by limiting third-party information sharing.

Deficiencies of Milton Friedman’s Shareholder Theory

Friedman’s Shareholder Theory has been criticized for prioritizing short-term profits over broader societal and environmental concerns (Clarke, 2020). Uchromz should prioritize safety and security over profit, aligning its actions with fundamental ethical values.

PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibility

Conclusion

In conclusion, embracing sustainable development, business ethics, and CSR is imperative for companies like Uchromz to navigate ethical challenges effectively (Manasakis, 2018). By adhering to normative ethical theories and considering stakeholders’ interests, businesses can foster enduring impacts while upholding integrity and responsibility.

References

Barrow, J. M., & Khandhar, P. B. (2019). Deontology. National Institutes of Health. [link]

Clarke, T. (2020). The Contest on corporate purpose: Why Lynn Stout was right, and Milton Friedman was wrong. Accounting, Economics, and Law: A Convivium, 10(3). [link]

Darby, W. C., & Weinstock, R. (2018). The limits of confidentiality: Informed consent and psychotherapy. Focus, 16(4), 395–401. [link]

Häyry, M. (2020). Just better Utilitarianism. Cambridge Quarterly of Healthcare Ethics, 30(2), 1–25. [link]

Manasakis, C. (2018). Business ethics and corporate social responsibility. Managerial and Decision Economics, 39(4), 486–497. [link]

Noroozi, M., Zahedi, L., Bathaei, F. S., & Salari, P. (2018). Challenges of confidentiality in clinical settings: Compilation of an ethical guideline. Iranian Journal of Public Health, 47(6), 875–883. [link]

Okafor, A., Adeleye, B. N., & Adusei, M. (2021). Corporate social responsibility and financial performance: Evidence from U.S tech firms. Journal of Cleaner Production, 292, 126078. [link]

PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibility

Schumacher, G. J., Sawaya, S., Nelson, D., & Hansen, A. J. (2020). Genetic information insecurity as state of the art. Frontiers in Bioengineering and Biotechnology, 8. [link]

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