I need help in understanding the logic and application of ethical standards in this scenario:

The Board of Directors, shareholders, and stakeholders are just now learning that the corporation employed offshore banking transactions to minimize tax burdens.

• To what extent the corporation's shareholders might feel the corporation breached any measures of an entity of the highest ethical standards.
• To what extent the corporation's Board of Directors might ever feel that you as CFO breached any measures of an entity of the highest ethical standards.
• What are two of the ethical in "ethical approaches" that provide ethical reasoning that would be used to address a company's offshore profits issue (specify the approaches)