In a business world plagued by unethical practices, adhering to ethical standards may seem idealistic to most - due to deeply ingrained practices. They leverage the unethical system for personal gain, acclaiming it as a "pragmatic survival strategy". However, pursuing wealth and fame through unethical practices often lands them in prison.

Such actions can lead to devastating consequences for everyone. Subpar drugs and adulterated food can endanger lives of our dear ones. Poor construction can bury our loved ones in the rubble of unsafe buildings. Loan defaulters may build villas abroad, leaving us to foot the bill through higher taxes.

Avoiding responsibilities is easy. But avoiding its consequences is impossible. So, we must all unite, speak up, and take action – now!

I share my thoughts below for creating the necessary ethical environment requiring collective efforts from everyone, in addition to the roles of employees, senior management and boards.

Family: Family is the bedrock of ethical values. But parents' pursuit of careers, wealth and power limits valuable family interactions. Parents should revive spending quality time with their children to infuse spiritual values, prioritise moral values alongside economic success, instil courage and sacrifice to act against wrongdoing, and shape peer interactions and mindful use of technology.

Educational institutions: Educational institutions must integrate ethics into the curriculum by instilling the value of "Performance with integrity" over "Performance at any cost".

Simple ethical concepts, spiritual values and real-life examples should be introduced early. In university, ethics should focus on teaching students how to make principled decisions in real-life professional ethical dilemmas.

Civic organisations: Ethical leaders from all walks of life must unite to rekindle moral values, honour and dignity. By raising awareness, they must combat malevolence with courage and sacrifice over greed. Otherwise, we risk descending into a jungle ruled by the survival of the fittest.

Society also needs collective vigilance. After all, millions of eyes are far more potent than a few regulators.

Finally, consumers wield far more market influence than they realise. Citizens must be educated about their rights and to demand ethical conduct from businesses by voicing disapproval via boycotting.

Media: The media, including social platforms, must refrain from honouring unethical business houses and leaders.

Corporate malfeasance occurs behind smokescreens. Hence, journalists need to be well-trained and collaborate with experts to analyse financial and business matters comprehensively.

Many initially reported incidents float into oblivion during the lengthy investigation and judicial process. The media must consistently track and report updates even if there is "no progress" to facilitate closure.

Verified crowd-sourced information enhances investigations. However, vigilance against potential disinformation is crucial.

State oversight organs: Government bodies must collaborate to strengthen oversight frameworks, especially due to technology's growing influence.

Officials must avoid mixed messaging and perceived leniency towards ethical misconduct which emboldens the rich and powerful to act with impunity.

Given the increasing sophistication and complexity of business, highly skilled investigative and enforcement units must be established. They must harness technology, like AI-generated exceptions lists from financial statements, to detect potential malfeasance.

Laws should ensure the independence and diligence of auditors and independent directors and sharply define their responsibilities and liabilities for negligence.

Rules and directives alone cannot replace character or ensure the right values. As such, we must integrate all the levers mentioned above to ensure that the head, heart and hands are aligned to counter the temptation of corporate malfeasance and uphold ethics.

The author is former chairman and managing director of Unilever Bangladesh Ltd.