Ethics according to the Oxford Dictionary means “moral principles that govern a person’s behaviour”. A company is not a human, so ethics in business should be about moral principles of the people who manage the company.
“The Insider” is a movie which best shows the theme of business ethics. It describes the situation when the executives of a tobacco company know the possibility of nicotine is addictive and can cause cancer, but still add it to the cigarettes to increase its sales. It is not against the law to do so. So this is a question about moral.
Firstly, there is no clear moral standard, however there should be a minimum standard which is not to harm others. of course this is only a minimum, and setting a higher standard should be encouraged.
Secondly, profit maximization to the shareholders is not the only objective. Shareholders are not the only party which has an interest in the company. Workers, customers, and second-hand smokers are also stakeholders and their benefits should also be considered.
Recently, technology has been developing at a fast pace, especially for genetic engineering. New materials are discovered and used widely, so ethical use of these materials is very important.