Contrary to my expectations that during my MBA subjects like corporate finance, new business, and marketing strategy would be the most valuable, I was pleasantly surprised that Ethics in Business and Government, taught by Prof. Theodore Panayotou was one of my favourites.

Not that I was a sociopath earlier; during my formative years, I had been guided by my parents, school, and the society around me about ‘morals’. But what I hadn’t fully grasped earlier was that in life, not everything is black and white. Often, the boundaries are blurred, and rather than right or wrong, the choices are between the worser wrong and the lesser wrong, or the also good and the better good- and that too is heavily context dependant. I’ve got news for you- there are no easy answers.

But it’s important all the same; I’ve seen first-hand that a lack of understanding of ethics and corporate governance has led to the downfall of many a ‘star’ performer. I’m not sure if looking upwards will give us the answers but understanding the nuances of ethical dilemmas certainly will help. Some of the learning outcomes in this course were:

• How to recognise ethical dilemmas and unconscious biases
• How to analyse and resolve ethical dilemmas. Remember- staying ethical comes at a cost.
• How to promote ethical conduct within the organisation
• Choosing between right and right; wrong and wrong. Here, it’s helpful to ask ‘who are the stakeholders’ affected by my decision?
• How far can the rules be bent before they break? What is the ‘slippery slope’?
• Where do strategy end and ethics begin?
• How to recognise and resolve conflicts of interest?
• How to anticipate and pre-empt threats to the image and reputation of the company
• How to use codes of conduct to maintain employee motivation and customer loyalty
• How to gain competitive advantage and goodwill through ethical conduct and social responsibility. Law is the minimal standard of ethics; a higher standard is required for society to function well.

Some sample situations could be:

• A shipmate you work with is a good friend, he works hard and knows his stuff. However, you don't feel confident recommending him for promotion. What do you write on his appraisal?
• A port official asks for a cash bribe of USD 1,000 to clear the ship. He threatens to detain the ship if you don't pay up. Your company policy does not allow engaging in giving bribes. Your ship is on a tight schedule, and every hour of delay could cost the owners USD 2,000. What would be the right course of action?
• You spot a boat full of migrants in the Mediterranean Sea. The people are waving their hands and requesting assistance. You spot a number of women and children in the boat but you also see a large number of healthy males. The law of the sea requires you to assist the boat but you are also concerned for the safety of the crew. There are numerous reports of rescued migrants turning hostile or passing on infectious diseases to the crew.
• You have just concluded a large contract with a vendor of engine spare parts. Over lunch, you talk about your common interest in motor car racing. Few months later, the vendor offers you an all-expenses-paid trip to see the F-1 Grand Prix in Monaco. If you refuse, you might offend him; if you accept, you may be in violation of a company policy.

Some of the strategies are:

• Ask who the stakeholders are, and how each decision might affect them.
• Put yourself in the shoes of the various stakeholders.
• Should I decide based on the consequence or the action? The former is usually better.
• Being physically removed from the action creates different decisions
• When things are uncertain, minimise losses
• Do no harm
• Make things better
• Respect others
• Be fair
• Be compassionate
• Say NO with tact
• Walk the talk
• In a dilemma, consider a compromise - survive to fight another day
• And my favourite, not least because it makes me chuckle every time I think of it- when faced with a dilemma, make it a trilemma (or even a quadrilemma), i.e. don’t think binary- and evaluate if you have a third or a fourth option.

At work, I’m faced with dozens of critical decisions every day, and many of them involve ethical dilemmas. Even with a good moral compass, I found these dilemmas challenging intellectually, and even more emotionally. I can’t say I’ve got all of them right- but I’d like to think that I used some of my education to good use in my work environment.

Having a sense of integrity helps; integrity is not just morals or values or ethics, but it means that our intentions have become larger than personal. Integrity means that in your thoughts and emotions, everything that you do is not just your personal well-being, but about the larger well-being.

YouTube video on ethical theories