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12/2/2009
- Ethical business involves not just business practices but the endeavour itself must have an ethical foundation.
- Ethical development practices includes sustainability, the three pillars of which are: Environment, Economics and Social Equity. Although there is considerable material on ethical environmental practices there is still some debate in regard to practical application. The matter of social equity and economics as they pertain to community building are more difficult to define and apply.
- When looking at the three pillars of sustainability a good way to make specific application of these principles is to understand the interests of the stake holder groups that are affected. For example, in development typically the five stakeholder groups are: the investors, the regulators, politicians, the existing community and finally the marketplace. In order for a development to be successful as an ethical endeavour, all of the stakeholder groups must find benefit in the finals value proposition of the development. In community for example, this would involve public consolation to understand from the community's perspective, heritage, culture, needs in terms of services, recreation and employment, concerns about how to manage resources and growth and of course education one of the most important investment for our future. From this localized principles of economy and social equity can be developed. A local sustainability charter can then be developed that includes regulatory, industry best practices as well as community concerns.
- The most successful developments and the most difficult to replicate generally are those that are the most authentic. This means fully understanding the marketplace, the land and the community in which the development it to be built.
- Ethical investments in real estate development are those that are founded on these principles of sustainability and applied locally understanding the stakeholder groups that are affected. It of course also involves, simply put, the ethics of those who carry the vision and business ethics into the execution of the endeavour.
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