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Abstract
The legal and moral justification for the existence of any corporation is that it benefits society. Beyond the general guiding principles of a code of ethics, each corporation should have an internal system of checks and balances that evaluates the extent to which moral obligations are being fulfilled. The best way to accomplish this is to establish a moral audit committee (MAC) to deal with the specific moral issues faced by the corporation. A leading corporation in the international waste disposal industry has been accused of violating safety standards in the course of its operations and not living up to its moral obligations to protect the interests of its shareholders, clients and society in general. The company's record of violations may be attributed to the absence of an MAC, which would have provided guidance concerning moral issues that the company has failed to address. Three specific issues that should be addressed by the MAC are: 1. the pursuit of profits at the expense of public safety, 2. full disclosure to shareholders of pending lawsuits and legal action taken against the company, and 3. top management's attitudes with respect to moral responsibility.