Ethics in business is a step towards achieving a sustainable business and no trade can flourish without ethical values, Wipro chairman Azim Premji has said.
Speaking at a panel discussion on 'Ethics in Business is an Oxymoron', organised by Xavier Labour Relations Institute (XLRI) alumni association here last evening, Premji said neither any regulatory body nor any act can ensure ethics in business but it comes from within a company.
Stating that ethics in business was not an oxymoron, he cautioned that a minor mistake could damage the reputation of a company beyond repair whereas it took years to build trust among its shareholders, customers and suppliers.
He said, "ethical values attract right persons you are willing to do business with and the financial institutions also respond positively to ethically run businesses." "Besides, ethical values also help us to sail through the turbulent times," said Premji, one of the richest men in the world, while encouraging B-school students to follow internal discipline.