Business ethics refers to the socially determined moral principles which should govern business activities. It concerns itself with the relationship between business objectives, practices, and techniques and the good of society. An enterprise can foster ethics at the workplace by following certain basic elements of business ethics.

Top management's commitment is crucial for fostering ethics at the workplace. Businesspersons, by virtue of their widespread control over society's resources, have a much greater effect on what happens in society. They are expected to have higher standards over and above other people.

Publication of a 'Code' involves establishing written or unwritten codes or principles governing a professional or human activity. These codes serve as standards of conduct approved by society in a particular field of activity.

Establishment of compliance mechanisms ensures that ethical behaviour is just and fair conduct which goes beyond observing laws and government regulations. It means adhering to moral principles and being guided by particular values.

Involving employees at all levels is essential because ethical activity is valuable in itself and enhances the quality of our lives and that of the work we do. An ethically responsible enterprise develops a culture of caring for people and environment.

Measuring results helps assess whether the enterprise commands a high degree of integrity in dealing with others. Ethical business behaviour improves public image, earns people's confidence and trust, and leads to greater success.