An act was passed, which forbade (prevented) companies from jointly setting prices in ways that restrain free competition and trade. Unfortunately, many senior people, well respected and positioned were of the opinion that ‘price fixing’ was good for their organizations and the public.
- Using inside information to set-up a business opportunity for oneself or family or friends. - Buying stock in the company for which one works is not objectionable but it should be based on the same information available to the public. - The use of any company secrets by employee to secure a personal gain Threatens the interest of the company.
Conflict of Interest arises when two conditions are met: 1. The professional is in a relationship or a role that requires exercising good judgment on behalf of the interests of an employer or client and 2. The professional has some additional or side interest that could threaten good judgment in serving the interests of the employee or client. E.g. When an engineer is paid based on a percentage of the cost of the design and there is no incentive for him to cut costs- The distrust caused by this situation compromises the engineers’ ability to cut costs and calls into question his judgement.
- Employees are obliged to protect confidential information regarding former employment, after a change of job. - The confidentiality trust between employer and employee continues beyond the period of employment. - But, the employee cannot be forced not to seek a change of job. - The employer’s right to keep the trade secrets confidential by a former employee should be accepted at the same time, the employee’s right to seek career advancement cannot also be denied.
1. Based on ordinary moral considerations: I. Respect for autonomy: - Recognizing the legitimate control over private information (individuals or corporations). - This control is required to maintain their privacy and protect their self-interest. II. -Respect for Promise: Respecting promises in terms of employment contracts not to divulge certain information considered sensitive by the employer III. - Regard for public wellbeing: Only when there is a confidence that the physician will not reveal information, -The patient will have the trust to confide in him. Similarly only when companies maintain some degree of confidentiality concerning their products, the benefits of competitiveness within a free market Are promoted. 2. Based on Major Ethical Theories: - All theories profess that employers have moral and institutional rights to decide what information about their organization should be released publicly. - They acquire these rights as part of their responsibility to protect the interest of the organization. - All the theories, rights ethics, duty ethics and utilitarianism justify this confidentiality but in different ways.
