Ethics are more important in business today than ever before, argues Adam Bernstein
Business ethics – the morals, values and principles that guide an organisation – have become increasingly important in recent years. Fairtrade, social responsibility and good governance have all followed from heightened levels of corporate scrutiny.
Take the fallout from the BHS debacle. A former paragon of retail, it once had 180 stores on the high street. Then in 2015, Sir Philip Green sold it for £1 to Dominic Chappell and his firm Retail Acquisitions – offloading £1.3bn in debt that included a pensions deficit of £571m in the process. In 2016, BHS went into administration with the fallout nearly losing Green his knighthood and his paying of £363m into the BHS pension scheme.
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