ASSIGNMENT

on
BUSINESS ETHICS
Submitted in partial fulfilment of the requirements for the award of the degree
Of
BACHELOR OF TECHNOLOGY
In
Mechanical and Automation Engineering
By

Ebrahim Ansari (40120907417)

Ajay kumar Sharma (00220907417)
Deepak katyan (01720903616)
Ashu Rana (01020903616)
Under the supervision of
Dr. ANIL KUMAR
Assistant Professor, MAE

Department of Mechanical and Automation Engineering

G.B. Pant Government Engineering College

(AFFILIATED TO GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY, DELHI)

NEW DELHI-110020
Business Ethics
Business ethics are the moral principles that act as guidelines for the way a
business conducts itself and its transactions. In many ways, the same guidelines
that individuals use to conduct themselves in an acceptable way–in personal
and professional settings – apply to businesses as well.

The idea of business ethics came into existence when scandals occur like
companies selling goods that were created using child labor or poor working
conditions. Desire to increase profit margins could easily lead to violation of
corporate ethics.

Business ethics are important for every company. They keep workers safe, help
trade and interactions between companies remain honest and fair, and generally
make for better goods and services. As the world continues to grow more
political – the increased focus on proper business ethics and strong adherence to
them becomes ever more the norm.

Distinguishing what a company will and won’t stand for is not always the same
for each organization, but knowing which guidelines need to be followed helps
keep a company honest and productive.

Examples – charging fair prices from customers, using fair weights for
measurement of commodities, giving fair treatment, wages, promote equality
and safety to workers and earning reasonable profit etc.
Corporate Governance
Corporate governance is a system of rules, policies, and practices that dictate
how a company’s board of directors manages and oversees the operations of a
company. Corporate governance includes principles of transparency,
accountability, and security.

Poor corporate governance, at best, leads to a company failing to achieve its

stated goals, and, at worst, can lead to the collapse of the company and
significant financial losses for shareholders.

Key Principle of Corporate Governance – Shareholder

Primacy
First, there is the basic recognition of the importance of shareholders to any
company – people who buy the company’s stock fund its operations. Equity is
one of the major sources of funding for businesses.

Second, follows the principle of responsibility to shareholders. Policies allow

shareholders elect a board of directors. The board’s “prime directive” is to be
always seeking the best interests of shareholders.

The board of directors hires and oversees the executives who comprise the team
that manages the day-to-day operations of a company. It means that
shareholders, effectively, have a direct say in how a company is run.
Finance and Accounting
Finance is the management of money and investments for individuals,
corporations, and governments. Finance professionals work in careers such
as investment banking, wealth management, and financial planning and
analysis (FP&A). Whether these professionals work on behalf of individuals or
businesses, they are responsible for ensuring that there is adequate funding
(capital) for the needs of the situation and that the funds are allocated as
optimally as possible. Their job is to create value by managing capital in a way
that earns higher than expected risk-adjusted returns.

Accounting is the recording, maintaining, and reporting of a company’s

financial records. Accounting professionals work for individuals, in-house at
corporations or on behalf of other businesses at a public accounting firm (such
as the Big Four). These professionals are responsible for ensuring that all
financial transactions are correctly entered into the general ledger, that account
balances are correct, and that financial statements are accurate.
IPR (Intellectual Property Rights)
Intellectual property is the product of the human intellect including creativity
concepts, inventions, industrial models, trademarks, songs, literature, symbols,
names, brands,....etc.

Intellectual Property Rights do not differ from other property rights. They allow
their owner to completely benefit from his/her product which was initially an
idea that developed and crystallized. They also entitle him/her to prevent others
from using, dealing or tampering with his/her product without prior permission
from him/her. He/she can in fact legally sue them and force them to stop and
compensate for any damages.

Protection of IPR allows the innovator, brand owner, patent holder and
copyright holder to benefit from his/her work, labor and investment, which
does not mean monopoly of the intellect.

Such rights are set out in the International Declaration of Human Rights, which
provides for the right to benefit from the protection of the moral and physical
interests resulting from the right holder’s work; literal or artistic product.

New innovations in all IPR domains lead to Human progress and advancement.
Legal protection of new innovations encourages safe spending on other
innovations. Caring for and protecting IPR contribute to achieving economic
and social development.