Hi,
Ethics is all about the moral dilemmas faced. Obviously, for any corporation worth its salt, ethics is the fulcrum around which the business is built. If there are no ethics in place, sooner or later, the business will collapse because the organization would never have a value system that guides and empowers.
The ethical issues faced by managers could include matters such as bribing for business, racial profiling during recruitment, nepotism, favoritism, compromising on quality, having double standards for goods intended for export markets versus those for domestic markets, and so on.
Trust that I have managed to shed some light on the topic.