A session on 'Introduction to Business Ethics and its relevance' was conducted by Mr. Badri Souri Narayan - Founder & Director - HexaCore Global. He stated that reputation is important because it is the opinion that people have about somebody or something, based on what has happened in the past. He added that Business ethics should be practically discussed in institutes or companies and implementing business ethics is also a very important term. A business firm is admired when it has fair, ethical and does adherence to values and completes its responsibilities towards country and societies. The company should have a meaningful presence in sectors for society at large. He averred that Ethics is a set of principles of right conduct or rules governing the conduct of a person or the members of a profession. Ethics are the guiding principles which help the individual or group to decide what is good or bad. Further, morals are the beliefs of the individual or group as to what is right or wrong, having more theological meaning. Morals may differ from society to society and culture to culture. At the conceptual level, both morality and ethics have to do with distinguishing between good or bad or right and wrong. Ultimately, the distinction between the two is as substantial as a line drawn in the sand. He shared that Ethics try to create a sense of right and wrong in organizations and often when the law fails, it is the ethics that may stop organizations from harming the staff, society, or environment at large. It is seen that ethics are more or less generally uniform across organizations.
He stated that Ethical behavior builds trust among shareholders, employees, customers, and the community, builds brand value, happy employees, and happy community, therefore, the ethics is important for a company. Greed or overreaching ambition is the reason that one compromise on ethics. Business ethics may also be defines as giving fair value to all stakeholders in exchange for fair value from all stakeholders.