List out from the given statements the important ethical principles that a business should follow:

a) To take the necessary action for the development of the concerned industry or business.

b) Pay taxes and discharge other obligations promptly.

c) To ensure the best utilisation of the human resources.

d) Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc.

e) Ensure payment of fair wages and fair treatment of employees.

Choose the correct answer from the options given below:

Key Points

“Business Ethics is an art and science for maintaining harmonious relationship with society, its various groups, and institutions as well as recognizing the moral responsibility for the tightness and wrongness of business conduct” -Wheeler.

12 Ethical Principles To Be Followed In Business Are As Follows: 

1. Honesty
2. Integrity
3. Trustworthiness
4. Loyalty
5. Fairness
6. Compassion / Empathy
7. Respect
8. Law-Abiding
9. Commitment to Excellence
10. Positive Leadership
11. Reputation and Morale
12. Accountability

Additional Information

1. Thus, a business must pay taxes and discharge other obligations promptly to follow the principle of Law-Abiding. 
2. A business must refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc. to follow the principles of Loyalty, Honesty, and Integrity.
3. And a business must ensure payment of fair wages and fair treatment of employees to follow the principle of Fairness and Respect.

Thus, option 2 is the correct answer.