Moral Value, Ethics and Good Governance Practices A moral value is a universally accepted ethical principle that governs

the day to day living of life. These principles are important in maintaining unity, harmony and honour between people. Moral values are the standards of good and evil, which govern an individuals behavior and choices. When moral values derive from society and government they, of necessity, may change as the laws and morals of the society change. Ethics concern an individual's moral udgements about right and wrong. !ecisions ta"en within an organisation may be made by individuals or groups, but whoever ma"es them will be influenced by the culture of the company. The decision to behave ethically is a moral one# employees must decide what they thin" is the right course of action. This may involve re ecting the route that would lead to the biggest short$term profit. Ethical behaviour and corporate social responsibility can bring significant benefits to a business. %or e&ample, they may'

attract customers to the firm's products, thereby boosting sales and profits ma"e employees want to stay with the business, reduce labour turnover and therefore increase productivity attract more employees wanting to wor" for the business, reduce recruitment costs and enable the company to get the most talented employees attract investors and "eep the company's share price high, thereby protecting the business from ta"eover.

(nethical behaviour or a lac" of corporate social responsibility, by comparison, may damage a firm's reputation and ma"e it less appealing to sta"eholders. )rofits could fall as a result. The word *governance+ became a common business bu,, word following the headline$ ma"ing corporate scandals of companies such as Enron and World-om. The current interpretation of governance re.uires that the governing members of an organi,ation/whether a corporate board of directors or the partners/establish policies, continuously monitor their implementation, and develop systems and processes of accountability to ensure the organi,ations stability and prosperity. The cornerstones of governance are values and ethics.

%or e&ample, a practice might adopt the following core value' *To treat each employee, business partner, and the community$at$large with dignity, honesty, and respect.+ The business plan and administrative processes should then be aligned to ensure that physicians and staff can demonstrate their commitment to this core value as they perform their daily duties. The partners, as business leaders, must set the standard and e&ample# staff and other business partners will follow if they believe the value is consistently applied. The second cornerstone of governance is to incorporate ethics in business practice decisions. When the most difficult business decisions in a practice are consistently based on the values and ethics inherent in governance, however, the practice will almost certainly profit and grow in the long term. -onsistent demonstration of commitment to values and to good governance practices fosters trust/and trust between patients and physicians is "ey to growth. Effective governance practice also encourages sta"eholders to identify, communicate, and recommend solutions related to the changing needs of the practice. 0mmediate and short$ term needs are addressed in a timely manner# long$term needs are integrated into the business plan.