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Business Ethics and Covid-19

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Saksham Arora
Saksham Arora

The document discusses business ethics during the COVID-19 pandemic. It begins by defining business ethics and describing COVID-19. It then discusses how some businesses have taken advantage of shortages to increase prices, while others like Merck have prioritized public welfare over profits. Donations from Indian business leaders like Azim Premji and Shiv Nadar are noted. The conclusion reflects on risks to ethics from disruption and differences in viewpoints between management and employees. It also critiques China for viewed prioritizing profits over people during the pandemic.

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BUSINESS ETHICS AND COVID-19 Saksham Arora BBA 6 Sem 5034
BUSINESS ETHICS Define Business ethics is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. The law often guides business ethics, but at other times business ethics provide a basic guideline that businesses can choose to follow to gain public approval. 2
COVID-19 A coronavirus is a kind of common virus that causes an infection in your nose, sinuses, or upper throat. Most coronaviruses aren't dangerous. In early 2020, after a December 2019 outbreak in China, the World Health Organization identified SARS-CoV-2 as a new type of coronavirus. The outbreak quickly spread around the world. COVID-19 is a disease caused by SARS-CoV-2 that can trigger what doctors call a respiratory tract infection. It can affect your upper respiratory tract (sinuses, nose, and throat) or lower respiratory tract (windpipe and lungs). It spreads the same way other coronaviruses do, mainly through person-to-person contact. Infections range from mild to deadly. 3
24,400,124 Total Cases Around World - 16.2Cr 4 Total Cases In India Total Deaths 2.66L Total Recovery 2.04Cr Data as on 14-05-2021
COVID-19 IMPACT ON BUSINESS ETHICS 1. Nation wide help 2. World wide help
Even as governments, civil societies and businesses are trying their best to tackle the Covid-19 crisis, some sellers are not shying away from making money out of the suffering. Sample this: even though the Centre rightly banned the export of masks by mid-February, the country ran into a shortage of masks as the corona scare started peaking. There were reports that a few companies withdrew hand sanitizers from the market citing quality issues to create supply shortage and a spike in demand. The demand for hand sanitizers saw a 10-fold jump last month, and prices increased almost three-fold. The rise in rates forced authorities to declare masks and sanitizers essential commodities for the next 100 days and invoke the Disaster Management Act to ensure price regulation and availability. Skyrocketing prices of hand- sanitizers on its website forced Amazon India to take a tough stand against predatory sellers. It sent a notice to sellers, citing its fair pricing policy: Sell the largest section at the lowest price". A famous case study from Merck & Co, which is taught across business schools, offers a great example of business ethics. When the company found a cure for river blindness an eye and skin disease caused by a worm at a development cost of more than $100 million, it was evident that the market for this medicine existed in poor countries where patients could not afford it. But greater common good outweighed profits and Merck gave the drugs away for free. Compassionate practices will yield more profits in the long run
It has to come from within, and when it does, it is deeply satisfying. The responsibility of philanthropy rests with us. The wealthier we are, the more powerful we get. We cannot put the entire onus on the government. 7 Azim Premji FORMER CHAIRMEN WIPRO
DONATIONS MADE BY INDIANS BUSINESS TO INDIA 1. Azim Premji and family 7,904 crore 2. Shiv Nadar and family 795 crore 3. Mukesh Ambani and family 458 crore 4. Kumar Mangalam Birla 276 crore 5. Anil Agarwal and family 215 crore 8
Azim Premji the founder chairman of Wipro has been dubbed Indias most generous by the Edelgive Hurun India Philanthropy List 2020. With a donation of 7,904 crore, Premji and his family topped the EdelGive Hurun India Philanthropy List 2020. He has donated 10 times more than the second person on the list, Shiv Nadar and family. The Azim Premji Endowment Fund owns 13.6% of the IT Czars shareholding in Wipro and has the right to receive all money earned from promoter shares. On 1 April 2020, Azim Premji Foundation committed 1,000 crore for tackling the COVID-19 pandemic outbreak along with 100 crore from Wipro and 25 crore from Wipro Enterprises a sum total of 1,125 crore. These donations are in addition to the annual corporate social responsibility (CSR) activities of Wipro, and the routine philanthropic efforts of the Azim Premji Foundation. Azim Premji is a role model for Indian philanthropy and is continuing to inspire other entrepreneurs into giving, said Rahman. 1. Azim Premji and family 7,904 crore 9
After Azim Premji, HCL Techs Shiv Nadar is Indias second most generous man. Nadar attributes his success to education and scholarships that he received early in his life. And, hence, most of his donations are focused on ensuring good quality education. As of 2019, Nadar has invested over $800 million through the Shiv Nadar Foundation. Nadars wife, Kiran Nadar, chairs the Kiran Nadar Museum of Art. It is Indias first private philanthropic art museum exhibiting modern and contemporary works from India and other parts of the subcontinent. 2. Shiv Nadar and family 795 crore 10
3. Mukesh Ambani and family 458 crore . The richest man, not just in India, but all of Asia ranks third on the Edelgive Hurun India Philanthropy List 2020. Last year, on 30 March, Reliance Industries announced a donation of 500 crore to the PM CARES Fund and 5 crore each to the Chief Ministers Relief Fund of Maharashtra and Chief Ministers Relief Fund of Gujarat to support the fight against the COVID-19 pandemic in India. 11
Top 3 donations 12
world highest donation Jack Dorsey: The Twitter CEO has donated 1,000 million US dollar in global fight against coronavirus. Dorsey's donation is the highest so far. 13
INDIA AND REST OF WORLD After supplying Hydroxychloroquine, Remdesivir and COVID-19 vaccines to the rest of the world for the past one year, the Indian government has now sought assistance from other nations to tackle the second wave of the pandemic that is ravaging the country. The crippling shortage of oxygen nationwide is being met by humanitarian assistance from other nations in the form of oxygen generation systems, distribution equipment such as cryogenic tankers, industrial and personal oxygen cylinders and concentrators 14
WORLD HELPING INDIA IN SECOND WAVE 15 You can find details at: https://www.moneycont rol.com/news/business/ economy/heres-the-full- list-of-foreign-medical- aid-that-have-reached- india-till-now-and- where-they-are-headed- 3-6881361.html
CHINA AND COVID-19 It is a matter of life and death, but China is choosing to make profits at the cost of peoples lives. Not only have Chinese companies indulged in surge pricing with an increase in demand, they are now sending sub-standard Covid-19 related critical equipment to India. In 2020 it was mask and now its oxygen concentrators The increase in price is nearly three times the actual rate of the product in many cases. China who started covid is now a single country who benefits out of it as we all know that as demand increases and supply remains the same then prices shoots but in this state its role of a government to ensure the quality of goods exported and to maintain a price. Its not that government of India is doing well but if you are exporting a life saving equipment its you which have to take care of price and quality and as we know that china as a whole is always been a country which chooses to make money. 16
CONCLUSION 90% of respondents believe that disruption, as a result of COVID-19, poses a risk to ethical business conduct 43% of board members think the pandemic could lead to better business ethics; only 21% of junior employees agree 55% of board members have confidence in management teams to demonstrate professional integrity; only 37% of junior employees share the same sentiment 17 A research by EY
CONCLUSION When a business is earning its then only in the state to give contribution to society and it also depend on the thinking of board members running it. This same is responsible for countries around world as we can see the example of china in above slide for making pandemic a profit earning situation and various countries sending aids also. 18
Thanks! Any questions? You can find me at: sakshamarora7313@gmail.com 19 Saksham Arora BBA 6 Sem 5034

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Business Ethics and Covid-19

  • 2. BUSINESS ETHICS Define Business ethics is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. The law often guides business ethics, but at other times business ethics provide a basic guideline that businesses can choose to follow to gain public approval. 2
  • 3. COVID-19 A coronavirus is a kind of common virus that causes an infection in your nose, sinuses, or upper throat. Most coronaviruses aren't dangerous. In early 2020, after a December 2019 outbreak in China, the World Health Organization identified SARS-CoV-2 as a new type of coronavirus. The outbreak quickly spread around the world. COVID-19 is a disease caused by SARS-CoV-2 that can trigger what doctors call a respiratory tract infection. It can affect your upper respiratory tract (sinuses, nose, and throat) or lower respiratory tract (windpipe and lungs). It spreads the same way other coronaviruses do, mainly through person-to-person contact. Infections range from mild to deadly. 3
  • 4. 24,400,124 Total Cases Around World - 16.2Cr 4 Total Cases In India Total Deaths 2.66L Total Recovery 2.04Cr Data as on 14-05-2021
  • 5. COVID-19 IMPACT ON BUSINESS ETHICS 1. Nation wide help 2. World wide help
  • 6. Even as governments, civil societies and businesses are trying their best to tackle the Covid-19 crisis, some sellers are not shying away from making money out of the suffering. Sample this: even though the Centre rightly banned the export of masks by mid-February, the country ran into a shortage of masks as the corona scare started peaking. There were reports that a few companies withdrew hand sanitizers from the market citing quality issues to create supply shortage and a spike in demand. The demand for hand sanitizers saw a 10-fold jump last month, and prices increased almost three-fold. The rise in rates forced authorities to declare masks and sanitizers essential commodities for the next 100 days and invoke the Disaster Management Act to ensure price regulation and availability. Skyrocketing prices of hand- sanitizers on its website forced Amazon India to take a tough stand against predatory sellers. It sent a notice to sellers, citing its fair pricing policy: Sell the largest section at the lowest price". A famous case study from Merck & Co, which is taught across business schools, offers a great example of business ethics. When the company found a cure for river blindness an eye and skin disease caused by a worm at a development cost of more than $100 million, it was evident that the market for this medicine existed in poor countries where patients could not afford it. But greater common good outweighed profits and Merck gave the drugs away for free. Compassionate practices will yield more profits in the long run
  • 7. It has to come from within, and when it does, it is deeply satisfying. The responsibility of philanthropy rests with us. The wealthier we are, the more powerful we get. We cannot put the entire onus on the government. 7 Azim Premji FORMER CHAIRMEN WIPRO
  • 8. DONATIONS MADE BY INDIANS BUSINESS TO INDIA 1. Azim Premji and family 7,904 crore 2. Shiv Nadar and family 795 crore 3. Mukesh Ambani and family 458 crore 4. Kumar Mangalam Birla 276 crore 5. Anil Agarwal and family 215 crore 8
  • 9. Azim Premji the founder chairman of Wipro has been dubbed Indias most generous by the Edelgive Hurun India Philanthropy List 2020. With a donation of 7,904 crore, Premji and his family topped the EdelGive Hurun India Philanthropy List 2020. He has donated 10 times more than the second person on the list, Shiv Nadar and family. The Azim Premji Endowment Fund owns 13.6% of the IT Czars shareholding in Wipro and has the right to receive all money earned from promoter shares. On 1 April 2020, Azim Premji Foundation committed 1,000 crore for tackling the COVID-19 pandemic outbreak along with 100 crore from Wipro and 25 crore from Wipro Enterprises a sum total of 1,125 crore. These donations are in addition to the annual corporate social responsibility (CSR) activities of Wipro, and the routine philanthropic efforts of the Azim Premji Foundation. Azim Premji is a role model for Indian philanthropy and is continuing to inspire other entrepreneurs into giving, said Rahman. 1. Azim Premji and family 7,904 crore 9
  • 10. After Azim Premji, HCL Techs Shiv Nadar is Indias second most generous man. Nadar attributes his success to education and scholarships that he received early in his life. And, hence, most of his donations are focused on ensuring good quality education. As of 2019, Nadar has invested over $800 million through the Shiv Nadar Foundation. Nadars wife, Kiran Nadar, chairs the Kiran Nadar Museum of Art. It is Indias first private philanthropic art museum exhibiting modern and contemporary works from India and other parts of the subcontinent. 2. Shiv Nadar and family 795 crore 10
  • 11. 3. Mukesh Ambani and family 458 crore . The richest man, not just in India, but all of Asia ranks third on the Edelgive Hurun India Philanthropy List 2020. Last year, on 30 March, Reliance Industries announced a donation of 500 crore to the PM CARES Fund and 5 crore each to the Chief Ministers Relief Fund of Maharashtra and Chief Ministers Relief Fund of Gujarat to support the fight against the COVID-19 pandemic in India. 11
  • 13. world highest donation Jack Dorsey: The Twitter CEO has donated 1,000 million US dollar in global fight against coronavirus. Dorsey's donation is the highest so far. 13
  • 14. INDIA AND REST OF WORLD After supplying Hydroxychloroquine, Remdesivir and COVID-19 vaccines to the rest of the world for the past one year, the Indian government has now sought assistance from other nations to tackle the second wave of the pandemic that is ravaging the country. The crippling shortage of oxygen nationwide is being met by humanitarian assistance from other nations in the form of oxygen generation systems, distribution equipment such as cryogenic tankers, industrial and personal oxygen cylinders and concentrators 14
  • 15. WORLD HELPING INDIA IN SECOND WAVE 15 You can find details at: https://www.moneycont rol.com/news/business/ economy/heres-the-full- list-of-foreign-medical- aid-that-have-reached- india-till-now-and- where-they-are-headed- 3-6881361.html
  • 16. CHINA AND COVID-19 It is a matter of life and death, but China is choosing to make profits at the cost of peoples lives. Not only have Chinese companies indulged in surge pricing with an increase in demand, they are now sending sub-standard Covid-19 related critical equipment to India. In 2020 it was mask and now its oxygen concentrators The increase in price is nearly three times the actual rate of the product in many cases. China who started covid is now a single country who benefits out of it as we all know that as demand increases and supply remains the same then prices shoots but in this state its role of a government to ensure the quality of goods exported and to maintain a price. Its not that government of India is doing well but if you are exporting a life saving equipment its you which have to take care of price and quality and as we know that china as a whole is always been a country which chooses to make money. 16
  • 17. CONCLUSION 90% of respondents believe that disruption, as a result of COVID-19, poses a risk to ethical business conduct 43% of board members think the pandemic could lead to better business ethics; only 21% of junior employees agree 55% of board members have confidence in management teams to demonstrate professional integrity; only 37% of junior employees share the same sentiment 17 A research by EY
  • 18. CONCLUSION When a business is earning its then only in the state to give contribution to society and it also depend on the thinking of board members running it. This same is responsible for countries around world as we can see the example of china in above slide for making pandemic a profit earning situation and various countries sending aids also. 18
  • 19. Thanks! Any questions? You can find me at: sakshamarora7313@gmail.com 19 Saksham Arora BBA 6 Sem 5034