What Is the Difference between Ethics and Legal
Not everyone agrees that a CEO`s primary responsibility is to maximize profits for shareholders. Emanuel says leadership is responsible when it comes to pricing and has a model that is not aimed at maximizing returns. “It`s a question of what is a responsible price at which we can get a reasonable return. Let`s be fair. Many other industries do not generate a 17% to 50% return. Other companies make a 7% to 10% return, and that`s quite reasonable,” he says. Emanuel also makes it clear that shareholders are more than shareholders. Companies should consider what price means for employees, the patients you treat, and the company you serve. These groups are all shareholders, not just investors, he says. There are the following similarities between ethics and laws: Ethics and legal have different meanings, although they both are meant to ensure that people live well. Ethical means carrying the value of distinguishing good from bad behavior, while legal means acting in accordance with the law.
A summary of the differences between the two and how they may contradict each other Conversely, a decision may follow certain legal interests, but be considered unethical. For example, some countries do not have laws prohibiting trading in the possession of insider knowledge. While it may be legal to trade under these circumstances, it is considered by many to be highly unethical. • Define what the ethics of the Code are, why it is important and how it fits into the corporate culture. Related forms of “legal” include a number of other adjectives such as post legal, pre-legal, pseudo-legal, quasi-legal, and as an adverb – legal. “Legal” as a name is also observed in the word “paralegal” and as a designation for people who are presented as legitimate or sanctioned by the implementation of a certain set of rules. Apart from the nature of the two concepts, there is also a difference in how they are applied. Every legal act applies to all persons in a society that applies a certain set of laws. On the other hand, any ethical part is considered a voluntary and personal act of an individual, based on that individual`s perceptions or position on right and wrong. However, both terms – legal and ethical – are spatio-temporal and change with time and space. For example, there was a time when slavery was legally justified. “Legal” and “ethical” are often used in the same sentence.
Although there is a relationship between the two, the concepts are not interchangeable. They often collide and work with each other. The terms “legal” and “ethical” are often used in the same context in relation to social problems and situations; Both words can be applied in almost any situation, private or public, even in the field of professions. • Explain the consequences of violating the company`s code of ethics. Law vs ethics: Laws and ethics are rules and guidelines in society that every person should follow in order to live in peace. These terms are very closely related, since ethics is made by a society that leads to the development of law. But when we look at laws versus ethics, the difference between laws and ethics is that ethics are the moral principles socially established by the environment, while law is the rules established by authorities. Ethics and laws are very important for love in society. Many people confuse “ethical” with “legal.” Legal is the word used to define everything related to the law or how it works. It applies to all practices, languages, processes, procedures, cultures and other related concepts of a legal system.
On the other hand, ethics is the word used to define an individual`s traditional norms and morals. Ultimately, determining how ethical versus profitability goes into your decision-making can affect your company`s values and mission statement. CEOs should conduct their business in a way that reflects the culture of the organization, whether they focus more on profits than ethics or vice versa. In order to ensure this alignment, companies should develop a code of ethics. This document should address industry trends and corporate social responsibility objectives. Guidelines should: Ethical standards refer to a set of values developed by the institution`s founders to guide the organization`s behavior.