Business Ethics Essay Example | Topics and Well Written Essays - 2500 words - 7

Business Ethics - Essay Example Social responsibility according to Ferrell & Ferrell 2014, p.30) refers to the obligations of an organization to ensure it positively affects the society while minimizing its negative impacts on the society. It is worthwhile to note that although the terms ethics and social responsibility are often used interchangeably, they do not have a similar meaning. Social responsibility is a general concept that relates to the impact of entire organization’s activities on the society, whereas business ethics is linked to a work group or an individual’s decisions that the society evaluates as right or wrong (Ferrell & Ferrell 2014, p.30). Bank Muscat is the flagship financial institution in Oman with a proven record of accomplishment of excellence in service. The bank enjoys a 40% market share in Oman. The bank’s head office is in Muscat, Oman and it has an extensive network of branches throughout Oman. Additionally, the bank operates directly and indirectly in all six Gulf Cooperation Countries states, a representative office in Singapore that focuses on trade business and financial institutions, and an associate in a securities company in India. The bank is publicly listed as a joint stock company on the Muscat Securities Market as well as on the Luxembourg Stock Exchange (Bank Muscat 2012, p.14). Bank Muscat is the pioneer bank in Oman to set up a fully functional Corporate Social Responsibility (CSR) department. The organization considers CSR as one of its central values, and the bank’s CSR policy is founded on a strong belief in the positive significance of CSR. The bank’s CSR policy reflects its care and concern for various segments of the society. Bank Muscat does not view social responsibility as mere involvement in charitable activities and organizing voluntary programs, but responsibility for the overall society’s development (Bank Muscat 2011, p.15). The objectives of this paper are to explore the concepts of business ethics