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Key Ethical Principles

The document outlines key ethical principles and standards of business practice that should be considered when developing an ethics policy. It discusses honesty, fairness, promise-keeping, respect for others, integrity, corruption/bribery, customer treatment, supplier relationships, and fair competition. It also discusses commitments to employees regarding legal concerns, harassment, employment terms, career opportunities, and health and safety.

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dhir.ankur
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54 views

Key Ethical Principles

The document outlines key ethical principles and standards of business practice that should be considered when developing an ethics policy. It discusses honesty, fairness, promise-keeping, respect for others, integrity, corruption/bribery, customer treatment, supplier relationships, and fair competition. It also discusses commitments to employees regarding legal concerns, harassment, employment terms, career opportunities, and health and safety.

Uploaded by

dhir.ankur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Key Ethical Principles.

 Overview. Your policy should be based on some ethical principles. Here are the most critical
principles you need to consider when developing the policy:
 Honesty. This principle determines rules for creating, distributing and using any piece of corporate
information. It states that employees will never deliberately mislead, say things that are false and
be preconceived.
 Fairness. The principle says that employees will create, follow and achieve a business process on an
even-handed basis.
 Promise-keeping. Every person acting on behalf of your company will not make promises that
cannot be kept. Also the company is obligated to keep its commitments.
 Respect for others. The company and its workers will be open and direct in communications with
inside and outside communities. Every person acting on behalf of the company will honor and value
abilities and contributions of others and express his/her respect to others.
 Integrity. All the principles outlined in your ethics policy will be treated and followed by all the
people working for the company. This principles states integrity of the rest ethical principles.

2.  Standards of Business Practice.

 Overview. Your firm should be committed to high ethical standards in the business practice to
ensure that the integrity of employees, customers, suppliers and partners is maintained. Here are
several standards that you can include in your ethics policy.
 Corruption and Bribery. You should create a fair and ethical business environment in your company
to resist to corruption or bribery in whatever form it may take.
 Customer Treatment. You need to establish rules that support mutual trust and confidence between
your business and customers. All your workers should strive to consistently deliver service
excellence and meet customer expectations.
 Supplier Relationships. This standard of ethical business practices requires you to establish
relationships with your external suppliers that provide your offices with necessary products and
services.
 Competition. Just like any other businesses, your company has to compete in your market. This
standard requires you to compete vigorously but in an ethical and fair way.

3.  Approach to Corporate Governance.

 Overview. Your business firm needs to develop and follow an approach that could help protect
interests of your shareholders and run business operations in conformance with relevant legal and
regulatory environments. Here are several basic components that you can use to develop your
corporate governance approach.
 Compliance with the Law. Your company is obligated to comply completely with all relevant local,
national and international laws. It will act in compliance with legal guidelines, including industry-
specific rules and regulations.
 Accounting Standards. The company will keep relevant and true records of business transitions,
operations, assets and liabilities in compliance with appropriate accounting and regulatory
requirements.
 External Reporting. The company will generate and provide reports to regulatory bodies,
government agencies or other appropriate institutions to ensure that all business information is
correct, timely and not misleading.

4. Commitments to Employees.

 Overview. Your firm needs to optimize both individual and business performance through
committing to creating an environment in which your people want and are able to contribute to
business success. Here’re several commitments.
 Legal Concern. Your business should deal with its employees in compliance with national legal
regulations and requirements and act under labor or social security laws.
 Harassment. Any unwanted behavior which is regarded as intimidating, upsetting, embarrassing,
humiliating or offensive refers to harassment. In your company racial, sexual or any other kind of
harassment should be unacceptable.
 Employment Terms. Your business needs to work on creating permanent long-term relationships
with potential employees. Every worker of your company will be paid for work under labor and
employment terms established by national legislation, appropriate agreements or/and industry
standards.
 Career Opportunities. In order to retain your employees you need to provide career opportunities.
Every employee should have an opportunity to develop his/her potential and build a career path
further in your company.
 Health & Safety. You can’t operate your business without providing health and safety guarantees to
your workers. You’ll need to make regular and systematic reviews of the efficiency of your methods
of operation in order to create low-risk working environments.

5. Employees’ Commitments to Organization.

 Overview. Your employees should meet some commitments in order to avoid situations when
occurrence of business impropriety and any other circumstances ...

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