Businesses with ETHICAL responsibilities ensure fair practices across their operations, treating employees, stakeholders, and customers with fairness and respect. This might involve setting a higher minimum wage, using ethically sourced materials, and providing competitive pay and benefits while promoting respect.

Companies can establish their own ethical standards, or they may be shaped by external factors like customers or the law. Fair treatment of all employees, customers, and business partners regardless of differences is a valid example of these standards. Just compensation and benefits for employees can highlight a business with strong ethics, as well as initiatives that support suppliers that are owned by military veterans or minority groups. Honesty and transparent communication with investors and clients goes a long way to show your business cares about its ethical obligations and seeks to profit in an ethical way, beyond just legal or regulatory requirements.

In 2022, Pfizer was named one of the most ethical companies in the world. During the COVID-19 pandemic, Pfizer gave $5 million through its Global Medical Grants program. This money was meant to improve recognition, treatment, diagnosis, and handling patients. They also offered grants to clinics, medical centers, and hospitals to improve handling and helping COVID-19 patients.

Starbucks was named as one of the world’s most ethical companies in 2021. It verified that its coffee supply chain is ethically sourced. Starbucks specifies its approach on CAFE (Coffee and Farmer Equity) practices, which are the standards created in collaboration with Conservation International. It ensures that Starbucks maintains a positive social impact while sourcing its product.