Part I　Lead-in Activities

Directions:You will hear a passage about business ethics.The words or phrases listed below will be of some help to you.

fiduciary n.a person who holds assets in trust for a beneficiary；受托人，被信托者

adj.relating to or of the nature of a legal trust（i.e.the holding of something in trust for another）信托的，受信托的

corporate entities公司实体

be entitled to有权，有……的资格

liabilities n.（liability的复数）债务

embody v.include or contain sth包括或含有某物

consequentialist n.结果论者

pragmatic adj.实际的，实用主义的

unrestrained adj.not subject to restraint自然的，无限制的

consultant n.顾问，咨询者

primum non nocere:a Latin phrase meaning“first，do no harm”首先，不要造成伤害

umbrella term:also called a hypernym，a term used to cover a broad number of functions or items that all fall under a single common category涵盖性术语

title to property财产所有权

counterproductive adj.tending to hinder the achievement of a goal反生产的，使达不到预期目标的

industrial espionage工业间谍，工业谍报活动（Industrial espionage，economic espionage，economic espionage or corporate espionage is a form of espionage conducted for commercial purposes instead of purely national security.Economic espionage is conducted or orchestrated by governments and is international in scope，while industrial or corporate espionage is more____often national and occurs between companies or corporations.）

corporate governance公司治理，企业管制，企业治理

social entrepreneurship社会创业，公益创业

political contributions政治性捐款

manslaughter n.［U］crime of killing a person unlawfully but not intentionally非预谋杀人罪；过失杀人

Complete the following paragraphs according to the recording you have just heard.

Business ethics reflects the____1__of business，of which one aim is to determine the fundamental____2__of a company.If a company's purpose is to____3__shareholder returns，then sacrificing profits____4__other concerns is a violation of its____5__responsibility.

Economist Milton Friedman writes that corporate executives'“responsibility…generally will be to make as____6__money as possible while____7__to their basic rules of the society，both those embodied in law and those embodied in ethical custom”.Friedman also said，“the only entities who can have responsibilities are____8__…A business cannot have responsibilities.So the question is，do corporate executives，____9__they stay within the law，have responsibilities in their business activities other than to make as much money for their___10___as possible？…Another view of business is that it must___11___corporate social responsibility（CSR）:an umbrella term indicating that an ethical business must act as a responsible citizen of the communities in which it operates even at the cost of profits or other goals.In the US and most other nations corporate entities are legally treated as persons in some respects.For example，they can hold title to property，sue and be sued and are subject to___12___，although their free speech rights are limited.This can be___13___to imply that they have independent ethical responsibilities.Duska argues that stakeholders have the right to expect a business to be ethical；if business has no ethical___14___，other institutions could make the same claim___15___would be counterproductive to the corporation.

Judge whether the following statements are true or false according to the listening material you have just heard.

1.Corporate entities are legally considered as persons in most nations but not in USA.

2.Ronald Duska views Friedman's argument as pragmatic rather than consequentialist，implying that unrestrained corporate freedom would benefit the most in long term.

3.Ronald Duska observed，“There is neither a separate ethics of business nor is one needed”，implying that standards of personal ethics cover all business situations.

4.Peter Drucker observed that the ultimate responsibility of company directors is not to harm.

5.Ethical issues include the rights and duties between a company and its employees，suppliers，customers and laborers，its fiduciary responsibility to its shareholders.