The Malaysian Business Code of Ethics - 2442 Words

The Malaysian Business Code of Ethics (Rukuniaga) Introduction The Malaysian Business Code of Ethics is based on the religions, philosophical and cultural values of Malaysian. It was undertaken by national Consumer’s Protection Consultative Council and Ministry of Domestic Trade and Consumer Affairs to develop self regulation among traders in Malaysia. Objective The Malaysian Business Code of Ethics was formulated with the objective of: - * Preparing the main principles to be applied by Malaysian trader for the benefit of themselves and their customers. * Would help archive high ethical standards among traders so that the interests of all parties are safeguard which in turn would bolster national economic growth. *†¦show more content†¦Why it is so, can form a subject matter of a thesis so will not be a debate matter for this particular article. This article though, discusses the various ethical issues in the business that affect all business workplaces, whether they are local or international. Let us have a look at the ethical issues in business, that are listed below in random order of importance. In business ethics, there is hardly a proper line which can be held on to like the bible, for ethics often sacrifice profits and the idea is to find the optimal balance between the two, so that the business conscience is clear and the profits are reasonable. Know more on ethics in workplace. In a Free, Unregulated Self-Ethics Model If business ethics and values are left to the self of business houses and entrepreneurs, society may have many dead weight losses to bear. A few producers can collectively skimp on supply to increase market prices, a few strong buyers may collectively reduce demand till prices fall and a single entity can capture the entire supply chain and refuse its services to the free market and reserve them for the best price. To top it, the labor market can unite and ask for unreasonable increases in wages and the public transport unions can stand up for price hikes. Who decides whether all this is reasonable and hence ethical, or unreasonable and thus unethical? Who says that an earner who earns lower than the minimum wages is entitled to a wage increase even by somewhat unethical measuresShow MoreRelatedA Study On Malaysian Institute Of Accountants1416 Words   |  6 PagesMalaysian Institute of Accountants By-Laws Background The Malaysian Institute of Accountants website offers viewing of the code of ethics for practicing accountants (2010). 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