RELATIONSHIP BETWEEN VALUES, ETHICS AND LAW
Values - are one's life code, acceptable and unacceptable ideas and behavior.
Values form our life goals (End Values) and influence the decisions we make to achieve those goals (Mean Values)
Ethics deal with right and wrong behavior. Personal ethical stance and ethics of our culture built upon our values.
Law - legally sanctioned behavior, whereas ethics concerned with how we relate to other, how our actions affect other, how best to encourage actions which allow us to live together as a society.
Laws may be hopelessly out of date, or deficient or even absent in certain areas. Legal system requires proofs and evidence and attempts as much as is possible to deal in black and white situations - the action is either right or it is wrong.
Ethical Corporation the one that identifies its core values, creates an ethical atmosphere that is grounded in its core values norms, and then grounds those values and behavior in the culture of the organization.
LESSONS FROM THE LANGUAGE OF ETHICS
- Ethics, values and regulations are mutually interdependent
- Values are what ethics and law are built upon.
- Ethics encouraging all actions that create trust. Law deals with certain serious behaviors that affect society's ability to function for the greater good.
Conclusions:
- IA should base his approach to integrity from the perspective of ethics rather than law
- Should recognize the difference between acting ethically and merely acting within the parameters of law
- Should be consulted and involved in any attempt to define or update company's mandate, mission or code of ethics.
- Standards should be clear enough that they serve as guides to behavior.
VALUE AWARENESS
Nature of the Values:
We need to be aware that individuals may well define what the values means to them in a different manner from other people. How you act, your ethical stance depends upon you value system.
What are Values:
Beliefs, not facts. Long lasting, not fleeting (but can change). Provide guidance to our and corporate behavior and goals.
Values Clarification:
Personal goal aspect of values END VALUES, where our life heading. Actions we create and participate in today to achieve our future goals MEANS VALUES. When ends and means values mutually reinforce and support each other it is UNIFIED VALUE SYSTEM.
If you not consciously aware of your values, many of your decision will be influenced by "unconscious drives".
Understanding and awareness our your own values called VALUE CLARIFICATION
HOW VALUE INFLUENCE GOALS
Guidance is determining priorities and formulating goals comes from clearly articulated values. Beliefs "what she stands for" and "what is important to her". On personal level is guiding beliefs for herself, on corporate level Codes of Conduct and Codes of Ethics.
THE IMPORTANCT OF VALUES TO ANY ORGANIZATION
Values are soul of the organization.
Organization needs an explicit statement of org values and the witnessing of these values in the day to day actions of its members, it would:
- Provide a sense of common direction for all members and guidelines for their daily behavior.
- Provide the social energy and esprit de corps that moves her organization into action.
- Permit leaders to encourage ethical behavior among colleagues and employees without
being physically present.
- Provide a framework for ethical decision-making.
- Provide a sense of stability and continuity in a rapidly changing environment
IMPORTANCE OF VALUES TO INDIVIDUAL
You must be aware of just what are you Core Values -those beliefs you hold which require no justification other than they are right and central to your life. Knowing them allows you to hold them consciously in place while you live you life and make your daily decisions.
IMPORTANCE OF VALUES TO SOCIETY
Values influence all society's actions.
"me generation " - focusing on the individual as more important than the group, it is during Information Age, supported by "ethical relativism". Ethical relativism states there is no such thing as a universal moral principle to govern our behavior. Everything is relative, situational, negotiable and up for grabs by whoever wishes to define what the values are for particular occasion. (It is misunderstanding way of thinking)
BASIC ETHICS TENETS
There is a difference between ethics of compliance-based system (relying on rules and mandates) and ethics of integrity-based system (relying on self-responsibility and accountability). Associated with Fairness. The test of fairness is whether actions, and the reasons behind actions are seen to be fair by others.
Laws and regulations provide a base for individual and corporate behavior. Provincial and federal laws are more stringent than professional or corporate codes of ethics. Compliance need not be restricted to motives of fear of punishment and respect for authority. Regulation must strike a balance between nurturing the mechanisms that facilitate the flow of capital and protecting the interests of investors who provide capital. Full disclosure and marketplace provide it.
Respecting oneself honestly; Being prudent with other people's money; giving impartial advice; disclosing conflicts of interest; respecting property and legal rights; practicing basic business courtesy.
IA are expected to deal fairly and equally with all clients, not favoring some clients over others.
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