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The stakeholders and shareholders have interests and responsibilities in the ethical issues which are economic, legal, ethical, and philanthropic. The stakeholders and shareholders have an interest in ethics since they act as the code of conduct that guides their day-to-day activities of planning, organizing, implementing, monitoring, and evaluation. In addition, stakeholders have vested interests in ethics because they are set to enhance coexistence in a society.
Stakeholders and shareholders of the Clean Power Company have responsibilities in the ethics of the company. Their responsibilities enhance the investment by the organization directly and to the other beneficiaries indirectly. The company will make more profits, employees will be earning more, community services like the construction of schools and hospitals will be undertaken by the company, and environmental conservation projects will be implemented by the company.
It is ethical to lower the price of the stocks. Therefore, stakeholders and shareholders develop an interest in the ethic because it reduces fluctuation in the prices of goods and services through standardization. Thus, stakeholders have the responsibility of coping with the inflation rates. In addition, stakeholders have the responsibility of utilizing all the available resources effectively. Effective utilization of resources can only occur when the stakeholders cooperate and realize the need to plan, organize, implement, and monitor activities that boost the economic status of a country.
Legal ethics have to be adhered to in spearheading the development of the new site and also in the selection, recruitment, and placement of new employees. Stakeholders and shareholders have vested interests in the ethics because they enhance legal immigration and legal human resource practices. When legal ethics are adhered to, there is a tendency for peaceful coexistence, honesty, respect, accountability, and transparency in the organization and in the country.
Philanthropic duties include community work like construction of roads, installation of electrical cables, building schools, supplying schools and institutions with learning facilities, and providing other services freely or at a cheaper price to the community. Stakeholders and shareholders have great interest in carrying out philanthropic duties. This ensures that the stakeholders are in harmony with the local community.
In conclusion, it is important for stakeholders to be aware of laws and ethics when doing business. Awareness enables them to learn their roles and responsibilities. In addition, awareness enables them to participate in the formulation of ethics. Therefore, they will respect the ethics and laws and do anything to adhere to them. Stakeholders should share common interests and also complement each other in their responsibilities.