Ethical practices in Business Essay Example | Topics and Well Written Essays - 250 words

Ethical practices in Business - Essay Example These include community, environmental and social aspects and also the economic impacts (Holm & Lillywhite, 2002). Let us try and find out the ethical practices followed in some leading organizations. Westpac Banking Corporation Take the example of Westpac Banking Corporation. This is the first Australian bank which has developed and implemented a strict social, environmental and ethical code of conduct for the complete supply chain of about ten thousand companies. Such supplier companies need to strictly adhere to the requisite minimum standards of regulatory compliance and follow responsible and ethical business practices. According to the general manager of Westpac Banking Corporation, Lyn Lennard, companies which fail to maintain the standard business practices will be removed from the supply chain. The bank will be working closely and encourage these companies to adhere to the business practices. Moreover there will be time to time monitoring and review which will help the bank to ascertain whether such supply chain organizations are strictly following these standards (Westpac.com, 2008). BP Australia Pty Limited Let us consider the ethical practices at BP Australia Limited. Initially a local Australian company, this has now grown into a global energy group operating over 100 countries and employing over 100000 people worldwide (bp.com, 2011).