On account of fraudulent activities like corruption, inaccurate financial reporting, etc, several big giants have lost their wealth and some of them have collapsed also like Enron, and WorldCom. In these fraud scandals, the CEOs and CFOs were held as the main reason for their downfall (Strischek, 2010). In this article, the focus would be on the discussion of aspects of business ethics, corporate social responsibility and corporate governance. The contribution of various studies and laws would also be briefly introduced，while other regimes adopt an inclusive approach and include other stakeholders like employees, customers, and the Environment at large, within the ambit of corporate responsibility.
Irrespective of the manner in which corporate governance practices define the responsibility and scope of the company’s activities, the notion has a different ethical character. This is reflected in the fact that corporate governance calls for companies to bear the responsibility for the impact of their actions on the societies and the stakeholders. Thus, the importance of corporate governance is consistent with the importance of business ethics. Management’s task is not restricted to dealing with various stakeholder groups in an ethical manner, but it also calls for resolution of conflicts of interest which occur between the company and its various stakeholder groups.