Thursday (13/7), Global Summer Week (GSW) 2023 held the 11th lecture by Dr. Zaleha Othman, a lecturer at Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia (UUM). In this lecture, GSW 2023 students are invited to explore the business ethics concept and its relationship with sustainability.
Dr. Zaleha started the lecture with an introduction to business ethics in the current context. She explained that there is a conflict between capitalism and ethics in business, which often raises the question of whether profitability should be the main focus of a company or whether ethical considerations should also be given priority. She quotes Robert Freeman, who argues that profitability should be the primary goal of business and that business ethics contradicts this. However, social contract theory suggests that companies have an obligation to consider the broader impact their actions have on society.
Dr. Zaleha continued that the increasing need for sustainability has changed the business landscape from a shareholder-focused approach to a more global perspective. This transition requires businesses to consider ethics as a means of driving sustainability. An ethical framework supports the idea that business can succeed while contributing to a sustainable future. Ethics is the philosophical foundation for many aspects of business studies, including supply chain management, human resources, and managerial accounting. A fundamental principle of ethics is “doing the right thing.” From a citizenship law perspective, ethics often align with what is considered “the right thing to do”, for example paying taxes.
Dr. Zaleha then concluded that there was a need for businesses to adapt their models to make them more ethically sustainable. This includes incorporating the Environmental, Social and Governance (ESG) pillars into operations, ensuring environmental safety practices, and promoting workforce health and safety. The three criteria for ethical sustainability are balance, creating, and process, emphasizing the need for a balance between ecological urgency, social desirability, and economic value. By adhering to ethical sustainability, businesses can contribute to a more sustainable future while also ensuring their long-term success. Zaleha ended the 11th lecture of GSW 2023 with a discussion and question and answer session, which was attended enthusiastically by the participants.
Reportage: Hayfaza Nayottama
