Which principle is part of ethical management practices?

Transparency in operations and decisions is a fundamental principle of ethical management practices. This principle emphasizes the importance of openness and clear communication within an organization and with its stakeholders. When leaders and managers practice transparency, they foster an environment of trust, accountability, and integrity. It encourages ethical behavior and helps ensure that decisions made within the organization are justifiable and in alignment with both the company's values and the interests of its stakeholders.

In contrast, other principles listed do not align with ethical management. For instance, focusing on short-term financial performance may lead to decisions that benefit the company in the immediate term but compromise ethical standards or long-term sustainability. Ignoring stakeholder feedback disregards the interests and concerns of those affected by an organization's actions, which can lead to disillusionment and loss of trust. Similarly, an overemphasis on competition might encourage unethical practices, such as deceptive marketing or harmful business strategies, as organizations strive to outdo one another at all costs. Thus, transparency stands out as a key component that promotes a strong ethical foundation in management practices.