Abstract
Certain change aspects have deeply affected the business environment and also influenced Corporate Governance and their business ethical standards. In this paper, some prominent factors of ethical & unethical standards are highlighted and put forth from a business ethical perspective. In this paper, certain timid details from these trends are clarified. The various factors and the unethical activities are discussed with the corporate companies as very much noted examples. The paper critically examines some core proponents of classical standards. This paper discusses corporate governance issues from a compliance viewpoint. It makes a distinction between unethical and ethical compliance and shows that the former has proven to be inadequate as it lacks the moral firepower to restore confidence and the ability to build trust. The concepts of freedom of indifference and freedom for excellence provide a theoretical basis for explaining why legal compliance mechanisms are insufficient in dealing with fraudulent practices and may not address the real and fundamental issues that inspire ethical behavior. Ethical compliance mechanisms are addressed from a virtue ethics perspective, in particular, the role of the cardinal virtues in governance is discussed. The tendency to overemphasize legal compliance mechanisms may result in an attempt to substitute “accountability” for “responsibility” and may also result in an attempt to legislate morality. The focus of the virtues in governance is to establish a series of practical responses which depend on the consistent application of core values and principles as well as commitment to ethical business practice
Keywords: Corporate governance, Development, Ethical and unethical standards
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