This paper describes how Business and Society, a compulsory subject for all undergraduate students in an Australian business school, is used for a transformational approach. We explain how reflection is central in both the objectives and the pedagogy of the subject. Students conduct individual research projects and present that in a two-minute video presentation. The reflective activities are not only designed to develop a capability for reflection but also to show how reflection is an integral part of professional practice, grounded in the concept of reflection as “turning things over in the mind to a purpose,” after John Dewey. Developing these activities has required the teaching staff to reflect on the effectiveness and relevance of these aspects and to examine the various ways in which “reflection” is used in tertiary education. In the paper, we describe and explain some of the distinctive features of the course, and explain the practical, but conceptually sound, approach to ethics which underpins the design and teaching and show how it is possible to address the notions of the good life in a plural society. We also consider questions of assessment, including the assessment of reflective capacity and issues of moderation with large classes and multiple markers.