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Code Of Conduct And Ethics Report Act 375

1637 words - 7 pages

Code of Conduct and Ethics ReportIntroductionCode of Conduct is the set of anticipated behavior that incorporates an ethical and moral demeanor for an organizations employee to follow. It entails a high regard of social awareness that encompasses integrity and honesty decisions and behavior. Upon researching codes from other organizations a common factor that exists pertaining to expectations is compliance of legal and government regulations, preservation of confidentiality, avoiding unfair competition, avoiding and reporting acts of bribery. Adherence of such conduct is contributed with and a solid internal control mechanism and business plan that is embedded into the culture of the organization.ImportanceMany corporations have various code of conduct and expect their employees to adhere to them. These standards are important because they set the standard for their employees on how to act and handle different situations that might arise. The code of conduct also shows the public what the company stands for and what it will tolerate from employees. On the same line the company needs to establish a clear commitment to ethical behavior otherwise they will lose consumer support and may go under. If a company loses face in the public eye they will most likely never recover. Some CEO's may think that if they shed some ethics that their profits will increase but this in not true. Without ethics or the knowledge of what is right or wrong we would be not better than single cell organisms. If a company is shown to be shady in the public eye because they have substandard ethics in place then the consumers may not do business with them and it is extremely difficult to gain that trust back.CommitmentAs executives of the company we have the duty to create an environment conducive to ethical behavior. A Code of Ethics or Conduct is the foundation of establishing a respectable character for the organization's culture.TradeoffSome are skeptical about maintaining the highest degree of ethical standards and still remaining profitable. Each company has a financial responsibility to increase profits for its shareholders but not at the expense of its stakeholders. The company must be able to balance both shareholder and stakeholder interests. Stakeholder interest can reduce profits because paying higher wages, increasing employee benefits, or contributing to the community, increase operating expenses and cuts into the profit margin. Contrary to what many believe there have been studies that prove a positive relationship between ethics and profits (Hartman, 2005). Arnold Hiatt, former CEO of Stride Rite Corporation said, "look at a well run company and you will see the needs of its stockholders, its employees and the community at large being served simultaneously" (Hartman, 2005, p. 272). Many reputable companies such as Apple, Bureau Veritas, and Disney have implemented ethical codes of conduct and still remained profitable. Apple, Bureau Veritas, and Disney realize...

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