Values and

Ethics in
Leading
Corporations
Exploring Tata Group, Godrej and other
industry leaders
 TABLE OF
CONTENTS

01 Concept of Values
and Ethics 04 Indian Oil
Corporation Ltd

02 Tata Group
05 Bhilwara Group

03 Godrej
06 Cases and
Questions
 Concept of Values
Values represent basic convictions that a specific mode of conduct is personally or socially
preferable to an opposite mode of conduct. For example, a businessman is expected to supply
true information about his products rather than making false claims.
A value represents the basic conviction that a specific mode of conduct or end state of existence is
personally or socially preferable to an opposite or converse mode of conduct or end state of
existence. It contains moral flavor, which carries an individual's idea as to what is right, good, or
desirable

Definition by Milton Rokeach :

"Values are beliefs that guide
actions and judgments across a
variety of situations.“
 Distinctive Features of Values
1. Values represent basic convictions that a specific mode of conduct is socially preferable to
an opposite mode of conduct. They determine what people consider good or bad, fair or
unfair in a civilized society. For example, businessmen who make false claims about their
products are considered bad.
2. Values are manifested in thoughts, speech, and actions of people.
3. Values are inherent in all cultures and societies. They influence values of individuals,
groups, and organizations.
4. Values are comprehensive standards that direct behavior in a variety of ways.
5. Values are the most central to the core of every person, group, and organization.
6. Values provide standards of morality.
7. Values are relatively stable and enduring as these are passed from one generation to
another.
 CORE VALUES OF A
BUSINESS

01 Honesty in dealings 04 07
Excellence Safety of
products

02 Innovation and
creativity
05 customers
Service to and Services

03 Achievement
06 Humility 08 Gender
Equality

According to Collins and Porras, "Core values are

inherent and sacrosanct and so cannot be
compromised either for convenience or for short-term
economic gain."
 LEVELS OF BUSINESS
VALUES

Individual Group Organizational Environmental

The members of a The values held by formal Various environmental

and informal groups in the Business values at the
business firm hold their organization level emerge constituents of business hold
own values regarding organization are crucial in norms and values of good
determining overall from objectives, policies,
their personal conduct in philosophy, and culture of business. These include
business. These organizational values. investors, lenders, customers,
Group business values the organization as a
constitute the base of whole. employees, suppliers,
business values. may or may not be in government, etc.
agreement with individual
values.
Concept of Ethics
Definition:
•The word 'ethics' comes from the Greek root 'ethos,' meaning character, guiding beliefs,
standards, or ideals that pervade a group or community.
Business Ethics:
•Business ethics refer to the moral principles that should govern business activities. They
concern determining what is right and wrong while doing business.
•Purpose: To guide employees and managers in performing their jobs ethically.

Examples of Ethical Practices:

•To charge fair prices from customers •To use fair
weights for measurement of commodities •To pay
taxes to the government honestly •To charge
reasonable profits from customers •To ensure genuine
and safe products for the public •To give fair treatment
to workers
Characteristics
of Business
Ethics
• Business ethics is an umbrella term covering all
business practices desirable from the societal
perspective.
• Ethics co-exist with law but have a broader
coverage, aiming at perfection in life conduct
and guiding lawmakers.
• The concept of equity aims at fair and
reasonable treatment for all.
• Business ethics emphasize making a business
honest, just, and responsible.
 Determinants of
Business/Managerial
Ethics
•Social Factors:Ethics are concerned with social morality, including values, norms, traditions, and
customs.
•Economic Factors:Economic development influences business ethics, which tend to be more
liberal with economic progress.
•Cultural Factors:Cultural values influence the code of conduct for individuals and organizations,
shaped by heritage, family, religion, education, and government.
•Political Factors:Business ethics are influenced by political ideology and legislation affecting
aspects like business location, quality maintenance, and fair treatment.
•Organizational Factors:Philosophy, policies, manager attitudes, and superior-subordinate relations
impact ethical perception.
•Institutional Codes:Professional bodies like ICICI, ICSI, and AIMA set codes of conduct
influencing ethical behavior in business.
 Need and Importance
of Business Ethics
•Business is part of society; social values should guide business.
•Failure to meet societal expectations can result in loss of image, market share, and right to exist.

•Managers must serve as trustees of groups like customers, workers, shareholders, and suppliers,
respecting social norms.
•Consumers' powerful associations necessitate ethical practices to avoid confrontations.

•Laws reflecting societal ethics require adherence to avoid legal intervention.

•Alignment of job values with social values is essential for manager satisfaction.
 Benefits of Ethics and
Values in Business
•Ethical Decision-making: Guides decision-making by differentiating ethical and unethical alternatives.

•Standards of Behavior: Ethics are norms that guide behavior and performance.

•Corporate Culture: Shared values contribute to corporate culture.

•Social Responsibility: Helps fulfill responsibilities towards stakeholders.

•Credibility: Enhances credibility and goodwill in the market.

•Stability and Growth: Provides stability and growth, essential for global market success.

•Abiding by Laws: Compliance with laws is considered ethical.

Questions

Q1: Define Values. Elucidate Q3: Define business

its importance in a business. ethics and explain its
determinants.
Q2: State the relationship Q5: Write a short note on
between ethics and values. Q4: “The group the core values of a
What makes a business business values may or business.
following ethical practices may not be in
distinct from the non- agreement with
individual values.”
following one? .
Explain the statement
 02
TATA GROUP
 Introduction to
Tata Group
o Founded: 1868 by Jamsetji Tata.
o Scope: Operates in Steel (Tata Steel), Automotive (Tata Motors), IT (TCS), Consumer
Goods (Tata Consumer Products), Power, and Chemicals.

o Global Presence: Active in over 100 countries.

o Revenue: ₹10.8 trillion (₹10,83,735 crore) as of 2022-23 Fiscal Year

o Workforce: Approximately 825,000 employees.

o Significance: Recognized for its commitment to ethical practices and corporate

values. .
 Core Values of Tata Group
Integrity:
o Description : Commitment to honesty and transparency in all dealings.
o Example : Tata Steel’s adherence to global compliance standards and transparent reporting.

Responsibility:
o Description : Focus on social and environmental stewardship.
o Example : Tata Trusts’ extensive COVID-19 relief efforts, including funding for PPE and healthcare.

Excellence:
o Description : Pursuit of high standards and meritocracy.
o Example : TCS’s consistent recognition for excellence in IT services globally.
Pioneering:
o Description : Encouragement of innovation and bold initiatives.
o Example : Tata Nano’s development as the world’s most affordable car.

Unity: o
: Promotes collaboration and mutual respect.
Description
o Example : Successful joint ventures like Tata Starbucks, reflecting strong teamwork and shared values.
 Integration of Values
in Tata Group
Management
Individual Group Organizational Environmental
Values Values Values Values

Training and Development: Team Collaboration: Policies and Compliance: Community Initiatives:
▪Programs: Ethics workshops ▪Emphasis: Merit-based ▪Implementation: ▪ Engagement: Projects in
and leadership development. recognition and teamwork. Environmental, anti- education, healthcare, and
▪Example: TCS’s ethics and ▪Example: Tata Motors’ corruption, and CSR conservation. ▪ Example: Tata
compliance training. cross-functional teams for policies. Trusts’ rural education
▪Impact: Strengthens ethical vehicle innovation. ▪Example: Tata Steel’s programs and Swachh Bharat
culture and accountability ▪Impact: Enhances adherence to ISO 14001 for mission. ▪ Impact: Positive
motivation and environmental management. societal and environmental
collaborative success. ▪Compliance Checks: contributions.
Regular audits to ensure
policy adherence.
 ETHICAL POLICIES
AND PROGRAMMES
AT TATA GROUP
Tata Code of Conduct (TCOC) Ethical Programs
o Overview : Comprehensive framework for ethical o Ethics and Compliance Program:
▪Purpose: Embed ethical behavior into corporate culture.
behavior. ▪Components: Workshops, e-learning, and ethics helplines.
o Key Policies: ▪Example: TCS’s interactive ethics training and global
▪ Anti-Corruption compliance framework.
: Zero tolerance for bribery and
corruption. o CSR Initiatives:
▪Conflict of Interest ▪Focus: Address social issues and enhance community welfare.
: Ensures personal interests do not
interfere with professional duties. ▪Programs: Education, healthcare, rural development.
▪ Confidentiality: Protects sensitive business information. ▪Example: Tata Trusts’ support for healthcare during the
o Implementation COVID-19 pandemic.
: o Sustainability Programs:
▪ Training: Regular, mandatory ethics training. ▪Objective: Promote environmental sustainability.
▪ Monitoring : Continuous audits and compliance checks. ▪Actions: Investment in renewable energy projects.
▪Example: Tata Steel’s transparent environmental audits ▪Example: Tata Power’s large-scale solar
to ensure sustainability compliance. energy initiatives.
 ETHICAL POLICIES
AND PROGRAMMES
AT TATA GROUP

Policy Updates Measuring Effectiveness

o Purpose: Address emerging ethical and regulatory

o Assessment Tools: Regular audits and employee feedback.
challenges.
o Process: Regular reviews and updates. o Metrics: Compliance rates, CSR impact, and environmental
performance.
o Example: Recent updates to the TCOC to enhance data
o Example: Tata Steel’s annual sustainability reports assessing
protection measures.
environmental impact.
 Case Studies –
Ethics and Values
in Practice
Key Takeaways
• Environmental Stewardship:
Initiatives like Tata Steel’s water
recycling and Tata Power’s green
energy investments showcase a
strong focus on sustainability. •
Social Responsibility:Programs such
as Tata Trusts’ rural health care and
TCS’s digital literacy highlight Tata's
dedication to improving community
well-being.

• Innovation in Practice: Tata

Motors’ sustainable manufacturing
reflects innovative approaches to
reducing environmental impact.
 03
GODREJ
 INTRODUCTION TO
GODREJ

Godrej Group is an Indian multinational conglomerate headquartered in Mumbai,

Maharashtra, which is managed and largely owned by the Godrej family.
Founded by Ardeshir Godrej and Pirojsha Burjorji Godrej back in 1897
Operates in sectors including real estate, consumer products, industrial engineering,
appliances, furniture, security, and agricultural products.
Today, Godrej’s businesses serve over 1.1 billion consumers globally across a wide mix
of industries.
Their values strengthened with re-emphasis through the codified ‘Godrej Way’
principles distinguish their successes, even as they grow and adapt, in sync with the
changing times. Now let us closely look at the ethics and values practiced by Godrej.
THE GODREJ WAY
“There are many ways to do business.
We choose the Goodness Way.”
Purpose: In over a century, the one thing Godrej has never let go of is Trust and being a good company. It’s
at the heart of everything that they do in The Godrej Way.
Values: To live their purpose, they make sure that they are guided by the right values.

GODREJ’S VALUES IN ITS OWN WORDS

We have bold ambitions. We set It’s the most important thing. We We are 100/0. Take 100%
the bar high. We outperform hold ourselves to the highest accountability with 0 excuses. We
expectations. We adapt. We are standards of personal and business speak our mind. We challenge the
agile and resilient. We champion integrity. Our word is stronger than status quo. We focus on the details,
new ideas. We take risks. any contract. but never forget the bigger picture.
THE GODREJ WAY
GODREJ’S VALUES IN ITS OWN WORDS

We place our consumers at the heart We own up to and learn from our We treat people like we would want
of all we do. We obsess over current mistakes. We ask for feedback. And to be treated. We embrace and
and future needs of our consumers. then grow with it. We give credit celebrate diversity. We foster
And then deliver. We offer consumers wherever due. collaboration.
amazing quality products at great
value.
 Some Corporate Policies : Godrej
WHISTLE BLOWER POLICY CORPORATE SOCIAL RESPONSIBILTY
POLICY
The Whistleblower Policy allows Godrejites to raise
concerns about unacceptable, improper, or unethical Godrej Group’s ‘Good & Green’ vision focuses on creating a
practices being followed in the organization, without more inclusive and greener India.
necessarily informing your superior. Their strategic Corporate Social Responsibility (CSR)
You will be protected against any adverse action and/ projects are aimed at achieving Good & Green goals and have
or discrimination as a result of such a reporting, helped them build a reputation of being one of the most
provided it is justified and made in good faith. The issues socially and environmentally responsible companies in
raised could include: India. The key purpose of this policy is to:
· Reporting in good faith, your belief that there is waste of · Define what CSR means to us and the approach adopted to
organization funds achieve our Good & Green goals
· Reporting in good faith the violation or suspected violation · Identify broad areas of intervention in which the company will
of a law, rule or regulation undertake projects
· Participating in or giving information in an investigation, · Define the kind of projects that will come under the ambit of
hearing, court proceeding, legislative, or other administrative CSR
review, etc.
 Ethics in Practice:
Godrej

• 1. Diversity is core to people philosophy

 Fostering an inclusive environment for all Godrejites is something the company has worked very hard on and takes much pride in it.
 Here is what Nisaba Godrej, Executive Director, GCPL (Godrej Consumer Product Ltd.), and a host of other Godrejites believes what
diversity and inclusion at the workplace, means to her.

“As part of the Godrej Group, we foster a strong culture of continuous improvement in training, health and safety. Our people are the
key to building a strong safety culture and we regularly strive to connect with all of our team members to enable this. We treat people
like we would want to be treated. We embrace and celebrate diversity. We foster collaboration. As a part of the 120-year young Godrej
Group, we are fortunate to have a proud legacy built on the strong values of trust, integrity and respect for others.”

2. Community waste management initiative

 An organisation as a part of society works keeping in mind the bearing of its actions on the environment. Godrej’s community waste
management initiative aims at reducing waste and help the government dispose off it in a safe and eco-friendly manner. They partner
 with five municipal corporations in India and established scientific waste management systems. This resulted in diverting over 7,200
 MT of waste from landfills, lowering the impact of emissions as well as brining dignitytothe work of sanitation workers on ground.
 04
INDIAN OIL
CORPORATION
LTD
 Overview of Indian Oil
Corporation Ltd.
○ Indian Oil Corporation Limited, trading as Indian Oil, is an Indian multinational oil and gas
company under the ownership of the Ministry of Petroleum and Natural Gas, Government of
India.
As a diversified and integrated energy major, Indian Oil spans across oil, gas, petrochemicals,
○ and alternative energy sources.
The world of Indian Oil is marked by exceptional talent, cutting-edge technologies, and

○
pioneering R&D. Renowned for its adherence to best practices, commitment to quality, and
transparency, Indian Oil excels in harnessing energy responsibly and delivering it to
consumers with remarkable affordability.
In the realm of energy, Indian Oil represents a blend of innovation, integrity, and excellence.
○
Ethics, Vision, and Core Values
Core Values:
•Care
•Innovation
•Passion
•Trust
Added to the core values to further the mission of serving the nation. This value embodies the sentiment of "Pehle Indian Phir Oil,"
•Nation-First:
reflecting a profound sense of duty to serve the nation and its people. It highlights our commitment to being always on duty to propel the nation.

Vision:
•To be the 'Energy of India' and to become 'A globally admired company.'
•Era of Transformation:We are broadening our horizons, expanding across new vistas, and infusing new-age dynamism among our employees.
•Historical Context:Our journey began with the merger of Indian Oil Corporation Ltd. and Indian Refineries Ltd. in 1964. This journey has been
guided by our core values of Care, Innovation, Passion, and Trust.
•Objective:To embody the collective conscience of Indian Oil and its people, steering us towards our North Star -being the Energy of India, and
Globally Admired.
Project Sattva:
•Revealed how deeply ingrained the core values (Care, Innovation, Passion, Trust) are for every single IOCian.
•The introduction of the Nation-First value reflects our profound sense of duty to serve the nation and its people.
 Transparency,
Accountability, and
Integrity: IOC
Corporate Governance:
Indian Oil endeavors to uphold the principles and practices of corporate governance to ensure
transparency, integrity, and accountability in its functioning. These are vital to achieve our vision of
becoming the 'Energy of India' and a globally admired company.
Code of Conduct:
IOC's code of conduct requires employees to act with professionalism, honesty, and integrity, and
conduct business fairly and transparently.

Integrity Pact:
IOC has an Integrity Pact for its major procurement, works, and services contracts. The pact is
monitored by a panel of independent external monitors nominated by the Central Vigilance
Commission.
 Employee Well-Being
and Environment: IOC

Employee Well-Being:
All our refineries and major installations have a fully equipped ‘Occupational Health Centre’ meeting
the statutory requirement to take care of employees’ health and protect them from work-related
hazards and risks. Indian Oil doctors and paramedics are specially trained to monitor the health of
employees working in hazardous areas vis-à-vis with the chemicals being handled. The
healthcare personnel regularly interact with shop floor managers and staff. Various media of
communication such as house journals, posters, films, etc. are extensively used for creating
awareness regarding occupational hazards and its mitigation measures.

Environment:
Indian Oil has been yet again voted a Great Place to Work for the year 2019. It has been
recognized as one of India's Best Workplaces and ranked 29th on the list featuring business,
academia, and government organizations in the country.
 Social Responsibility
and Customer Value
Social Responsibility:
•CSR Thrust Areas:
•Healthcare and Sanitation
•Safe Drinking Water and Protection of Water Resources
•Education and Employment-Enhancing Vocational Skills
•Rural Development
•Environment Sustainability
•Empowerment of Women and Socially/Economically Backward Groups

Customer Value:
•Value Creation:
•Constantly create value for customers through continuous supply of petroleum products.
•Cater to market aspirations by continuously offering novel products and services.
•Even during the pandemic, delivered services at fuel stations and addressed consumer complaints and issues in a
timely and transparent manner.
•Provided timely and doorstep service for B2B clients.
 Government Engagement,
Shareholder Engagement,
and Sustainability: IOC
Government and Regulatory Bodies:

Financial Contributions:
Contributions such as tax payments, license fees, and investment in infrastructure development
contribute towards India’s economic growth.
Alignment with Government Initiatives:
Activities align with government initiatives such as ‘Make in India’ and ‘Aatmanirbhar Bharat.’
Engagement:
-Robust engagements with government and regulatory bodies enable participation in national
and international policy formulation and establishment of
regulatory frameworks.
-Utilizes technical expertise and industry experience in policy and regulatory matters.
 Government Engagement,
Shareholder Engagement,
and Sustainability: IOC

Shareholder Engagement:
Sustainable Return:
Strive to provide sustainable returns on investments through dividend payments, share price appreciation, and capital and
interest payments.
Disclosure:
Ensure proper disclosure of sustainability KPIs, and financial and non-financial factors that provide valuable information to
investors.

Sustainability:
Perception of Growth:
Indian Oil perceives sustainable growth as an opportunity to enhance its business processes and practices, enabling it to
positively impact its entire scope of business.
Values Driving Responsibility:
Belief that responsible businesses can be profitable, leading to investments in technologies and products and new energy
infrastructure to shape a low carbon future.
 05
BHILWARA
GROUP
 ABOUT THE BHILWARA
GROUP
● Conglomerate Overview:
○ Industries: Textiles, Engineering, Energy
○ Commitment: Corporate Social Responsibility (CSR)

● CSR Focus Areas:

○ Education: Enhancing learning opportunities
○ Healthcare: Improving health services
○ Rural Development: Empowering rural communities
○ Environmental Sustainability: Promoting eco-friendly practices

● Objective: Driving long-term, positive change in communities

● Flagship Company:RSWM Ltd

● Sector:Leading Textile Manufacturer in India

● Guiding Principles: Adopts Ministry of Corporate Affairs' National Voluntary Guidelines on Social, Environment
and Economic Responsibilities of Business
LNJ Bhilwara Group –Core Values (GRIP)
1. Giving Back to Society
Actively help communities, promote education, health, and women’s
empow erment.
Protect the environment beyond legal requirements and uphold Indian
culture.
2. Respect for Individuals
Treat all stakeholders with trust and respect.
Be open to ideas and feedback, support stakeholders in times of need.
3. Integrity
Fulfil commitments with honesty and transparency.
Prioritize collective interests over self-interest, discourage internal politics.
4. Passion
Pursue aggressive growth and excellence in all activities.
Foster continuous learning and innovation, creating a lively workplace.
 Corporate Governance & Ethics: Bhilwara Group

Principle 1: Governance for Ethics, Transparency, and Accountability

Meaning:Businesses should conduct and govern themselves with integrity, accountability, and
transparency.
Board: 10 members (5 independent, 5 executive/non-executive).
Key Committees: Audit, CSR, Nomination & Remuneration.
Code of Conduct and Whistle-blower Policy for employees and directors to safeguard the reporting of
unethical behaviour or fraud

Principle 2: Sustainability (People, Planet, Profit)

Meaning:Businesses should provide goods and services that are safe, contribute to sustainability
throughout their lifecycle.
People:Employee welfare, skill development, community support during COVID-19.
Planet:Recycling (12.45% recycled materials), renewable energy (solar, wind), water conservation.
Profit:Cost optimization, increasing profitability, debt repayment.

Principle 3: Employee Well-being

Meaning:Businesses should promote the well-being of all employees.
19,699 employees (1,746 on a contractual basis).
Benefits: Subsidized lunch, accommodation, education for workers’ children.
100% of employees received safety and skill-upgrade training.
 Stakeholders, Human Rights & Environment : Bhilwara Group

Principle 4: Stakeholder Engagement

Meaning:Businesses should respect the interests of and be responsive to all stakeholders.
Regular engagement with stakeholders (employees, customers, vendors).
Collaborative approach for sustainable development and risk management.

Principle 5: Human Rights

Meaning:Businesses should respect and promote human rights.
Adherence to basic human rights principles (dignity, non-discrimination).
Certified under OHSAS 18001 for workplace safety.
No human rights complaints received in 2020-21.

Principle 6: Environmental Protection

Meaning:Businesses should respect, protect, and make efforts to restore the environment.
Water management: Treats and recycles water used in production.
Energy management: Focus on reducing energy consumption, switching to LED lighting.
Clean energy: 22.7 MW solar power, 20 MW wind energy.
Waste management: Recycles 30 tons of fabric waste and 150 MT of plastic bottles monthly.
100% of employees received safety and skill-upgrade training.
 Advocacy, Inclusive Growth & Customer Value : Bhilwara Group

Principle 7: Responsible Advocacy

Meaning:Businesses should work with industry associations to promote public interest.
Member of several industry associations (CII, TEXPROCIL, IMC).
Advocates for industry-wide sustainability and economic policies.

Principle 8: Supporting Inclusive Growth

Meaning:Businesses should support inclusive growth and equitable development.
CSR focus on education, healthcare, rural development, and environmental conservation.
CSR initiatives near operational units for local impact.

Principle 9: Customer Value

Meaning:Businesses should provide value to their customers responsibly.
Focus on delivering quality, innovation, and customer satisfaction.
Continuous engagement through forums, new product developments, and knowledge sharing.
100% of customer complaints in 2020-21 resolved amicably.
 06
CASES AND
QUESTIONS
Case Study: Tata Steel’s Ethical Leadership in
Jamshedpur
Background: Tata Steel, a flagship company of the Tata Group, was established in 1907 by Jamsetji
Tata. It is renowned for its commitment to ethical business practices, community welfare, and
environmental sustainability.
Project Overview: In the early 2000s, Tata Steel embarked on a significant project to modernize its
Jamshedpur plant. The goal was to increase production capacity while ensuring minimal
environmental impact and enhancing the quality of life for the local community.
Ethical and Value-Driven Approach:
Environmental Responsibility:
Tata Steel implemented advanced technologies to reduce emissions and conserve resources.
The company invested in wastewater treatment plants, air pollution control systems, and energy-
efficient processes.
This commitment to environmental sustainability reflects Tata’s core value of Responsibility.
Community Welfare:
Tata Steel’s project included initiatives to improve local infrastructure, healthcare, and education.
The company built schools, hospitals, and roads, benefiting thousands of residents.
This aligns with Tata’s value of Unity, emphasizing the importance of giving back to the community.
Case Study: Tata Steel’s Ethical Leadership in
Jamshedpur
Employee Welfare:
The modernization project also focused on enhancing the working conditions for employees.
Tata Steel introduced safety training programs, upgraded facilities, and ensured fair wages.
This demonstrates the value of Integrity, ensuring ethical treatment of all stakeholders.
Transparency and Fairness:
Throughout the project, Tata Steel maintained transparent communication with all stakeholders,
including employees, local communities, and government authorities.
This approach ensured that all actions stood the test of public scrutiny, embodying the value of
Integrity.
Outcome:
The modernization of the Jamshedpur plant was a resounding success.
Tata Steel not only increased its production capacity but also set new benchmarks for
environmental sustainability and community welfare.
The project reinforced Tata Group’s reputation as a leader in ethical business practices.
Questions:
1. How did Tata Steel’s modernization project in Jamshedpur reflect the company’s commitment to
environmental sustainability?
2. In what ways did Tata Steel’s project benefit the local community and its employees?
 Case Study: Values and Ethics in Business
Unilever’s Ethical Leadership

Background: A prominent example of ethical leadership in business is Unilever under the leadership of
former CEO Paul Polman. Polman was widely recognized for his commitment to
sustainability and ethical business practices. Under his leadership, Unilever focused on:

Sustainability:
Implementing sustainable practices across its supply chain.

Corporate Social Responsibility (CSR):

Engaging in initiatives that benefit society and the environment.

Transparency:
Being open about business practices and their impacts.
These efforts not only enhanced Unilever’s reputation but also contributed to its long-term success
by building trust with consumers and other stakeholders.
Case Study: Values and Ethics in Business
Ethical Dilemmas and Decision-Making:
Businesses often face ethical dilemmas that require careful consideration and decision-making. For
example, the introduction of new technologies can create opportunities for innovation but also
potential for abuse. Leaders must navigate these challenges by:
Being Transparent:
Clearly communicating the potential impacts of decisions.
Inviting Feedback:
Encouraging input from employees, stakeholders, and society.
Reflecting on Past Experiences:
Learning from previous decisions to improve future practices.
Conclusion: Values and ethics are integral to the success and longevity of any business. By prioritizing
ethical behavior, companies can build trust, ensure legal compliance, foster a positive work
environment, retain customer loyalty, and contribute to long-term sustainability. The case of Unilever
under Paul Polman’s leadership exemplifies how ethical practices can lead to both business success
and positive societal impact.
Discussion Questions:
How can businesses balance profitability with ethical practices?
What role do leaders play in fostering an ethical organizational culture?
How can companies ensure that their ethical practices are effectively communicated to stakeholders?
 REFERENCES
Websites:
Corporate Policies: godrejenterprises.com
Ethics: godrejinfotech.com
Code of Conduct: godrejindustries.com
Additional Resource: godrejcp.com
Source: Adapted from the Business Responsibility
Report of RSWM BhilwaraGroup

Books:
“Management Principles and Applications” by T.N. Chhabra
“Management Principles and Applications” by Dr. Beauty Das
"Business Ethics: Ethical Decision Making & Cases" by Ferrell, Fraedrich, and Ferrell
"Principles of Management" by Hill and McShane "Management Principles and
Practices" by Singh "Ethics in Management: A Case Study Approach" by Bhatia