Plz give me some tips
I'm not really good at business law
the question is
"You are advising a client who is the managing partner of a 6 person partnership engaged in a property development in NSW. The partnership is considering doing something which while legal, may not be morally correct (unethical). Write an essay setting out the theoretical framework you would use to discuss with the client what they should do in such a situation.
(My Question is what Kind of framework is needed?)
In your answer, you are to discuss the importance of ethical decision making and give two examples of relevant corporate ethical scandals that have occurred over the past decade in Australia.
(give me some relevant examples)
To discuss what the client should do in a situation where the partnership is considering an action that is legal but may not be morally correct, you can employ a theoretical framework. The framework that can be used for such ethical dilemmas is known as the ethical decision-making process.
The ethical decision-making process typically involves five key steps:
1. Identify and define the ethical issue: Clearly define the ethical dilemma at hand and identify the specific actions that the partnership is considering.
2. Gather relevant information: Research and gather all relevant information about the situation, including legal obligations, contractual agreements, and potential impact on stakeholders.
3. Identify alternative actions: Brainstorm and identify alternative courses of action that the partnership could take to address the situation. Consider the legal and moral implications of each option.
4. Evaluate the alternatives: Assess and evaluate each alternative in terms of its ethical implications, potential consequences, and alignment with the partnership's values. Consider the potential impact on stakeholders and the broader community.
5. Make a decision and take action: Make an informed decision based on the evaluation of the alternatives. Communicate the decision to all relevant parties involved and take appropriate action.
Now let's discuss the importance of ethical decision making and provide two examples of corporate ethical scandals that have occurred in Australia over the past decade:
1. The Banking Royal Commission: This major scandal in Australia's financial industry exposed numerous unethical practices within major banks and financial institutions. It highlighted issues such as misleading financial advice, fraudulent lending practices, and the mistreatment of customers. The scandal resulted in significant reputational damage for the banks involved and led to calls for stronger ethical regulations and oversight.
2. Volkswagen Emissions Scandal: Although this scandal originated in Germany, it had a global impact, including in Australia. Volkswagen was found to have installed software in their diesel vehicles that manipulated emissions tests to meet regulatory standards. This act was both illegal and highly unethical, as it deceived regulators and consumers about the environmental impact of their vehicles. The scandal resulted in considerable financial penalties, reputational damage, and legal consequences for Volkswagen.
By discussing these examples, you can further emphasize the importance of ethical decision making and highlight the potential consequences of unethical behavior for both individuals and organizations.