Understanding of Business Ethics by Leaders Based in Singapore: A Restorative Justice Perspective

Abstract

The debate between ethical business practices and leadership has been growing and gaining momentum since the global financial crisis in 2008. Though various steps and measures were created to plug the gaps in the area of compliance and corporate governance, there is also an increasing demand for leaders to focus on business ethics. Ethics in business has become a critical topic for business leaders. Similarly, business leaders in Singapore emphasize on business ethics. In Singapore, being a small state relying mainly on commercial organizations for growth and economic development, the government has put in place various measures to ensure transparency and business continuity. These rules and regulations are often translated by the leader. To understand the leaders’ perception of ethical business principles and practices, a research study was carried out in Singapore in 2010 and 2011 with five business leaders. Analysis supports the view that leaders in commercial organizations based in Singapore perceive business ethics as important. Their understanding of business ethics, however, reflected a combination of the individual leaders’ ethical values and the government’s regulatory practices. The research study also indicated the potential of restorative justice in commercial organizations based in Singapore. The leaders’ management style in ensuring conformance by their employees to business ethics highlighted the principles, values and practices of restorative justice.