What Is a Code of Ethics? (Read more)
A code of ethics is a guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the business or organisation, how professionals are supposed to approach problems, the ethical principles based on the organisation's core values, and the standards to which the professional is held.
A code of ethics, also referred to as an "ethical code," may encompass areas such as business ethics, a code of professional practice, and an employee* code of conduct.
*Employees includes Chairman, Managing Directors, Directors, Managers & workers at Local, international & HQ offices
A code of ethics sets out an organisation's ethical guidelines and best practices to follow for honesty, integrity, and professionalism.
For members of an organisation, violating the code of ethics can result in sanctions including termination.
In some industries, including banking and finance, specific laws govern business conduct. In others, a code of ethics may be voluntarily adopted.
The main types of codes of ethics include a compliance-based code of ethics, a value-based code of ethics, and a code of ethics among professionals.
A focus on climate change has become an integral part of companies' codes of ethics, detailing their commitment to sustainability.