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The publicity surrounding corporate financial failures is promoting efforts to improve ethical business practices and corporate governance. Establishing a corporate code of conduct is the cornerstone for both an effective ethics program and corporate governance process. In recent months, regulators have supported, if not spurred on, these efforts.
Current events have given organizations an opportunity to reevaluate, reemphasize, and reeducate employees and the public at large on the company code of conduct. For companies to establish a more formal code of conduct and ethics program, or even to improve existing ones, the tone must be set at the top. Effective standards for ethical conduct must be initiated, supported, encouraged, and practiced by top management. With assistance from practitioners, the Financial Executives International (FEI) Research Foundation discusses some examples of corporate ethics programs and codes of conduct below.
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