Ethical Practices

Ethical culture in business involves applying ethical principles to the activities of business and to the relationships between businesses and various stakeholders. It applies to a wide range of business activity such as relationships with suppliers, employees, and consumers as well as the overall system by which a company is directed and controlled (i.e. governance).

These are values which a business commits to adhering to and is accountable for. Commonly used word by businesses to demonstrate an ethical culture include:: responsibility, integrity, honesty, respect, trust, openness, fairness and transparency.

These values are then translated into a Code of Ethics which serve as a guideline for all employees in making discretionary decisions. The Code of Ethics forms the foundation for the organization’s approach to its ethical commitments and to corporate responsibility.

Business ethics is the use of ethical values to guide business behaviour. The conduct of both the individuals and the organization as a whole need to be aware and are responsible for upholding the Code of Conduct. It applies to any and all aspects of business conduct, from boardroom strategies and how companies treat their employees and suppliers to sales techniques and accounting practices.

Ethical trade is about having confidence that the products and services we buy have not been made at the expense of workers in global supply chains enjoying their rights. It encompasses a breadth of international labour rights such as working hours, health and safety, freedom of association and wages.

Some of the key issues addressed in current codes of business ethics are bribery & corruption, gifts & hospitality, the use of social media, conflicts of interest,  diversity, health and safety both in the workplace and in the supply chain, bonded labor,  environmental stewardship and political donations & lobbying.