This due diligence form describes the General Code of Executive Ethics for all Corporate Executives and Members of the Board of Directors and Committees that has been adopted by the board of directors of a company. It reflects the company's vigorous and ongoing commitment to the highest ethical standards for its executives, officers, and board and committee members.
New York General Code of Executive Ethics for all Corporate Executives and Members of the Board of Directors and Committees
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FAQ
Regardless of whether your organization is legally mandated to have a code of conduct (as public companies are), every organization should have one. A code has value as both an internal guideline and an external statement of corporate values and commitments.
All Ethical Issues Point to the Board of DirectorsBecause a corporation is not human, there is no way to sanction the corporation or hold it accountable for illegal activity. A corporation doesn't feel guilt or remorse for having harmed its employees or customers.
Creating a code of ethics and/or a code of conduct is not required by law. However, these documents help improve company culture. While writing your code of ethics or code of conduct, make the language clear and concise. You should include examples to help strengthen the rules.
ShareSelflessness. Board members should make decisions in terms of the public interest.Integrity.Objectivity.Accountability.Honesty.Leadership.
Every company needs a code of conduct, regardless of its size. A code of conduct is a set of principles or rules that define the way in which you expect your employees to behave. A well-written code provides guidance upon which employees can base their decision-making.
Some of the most common internal ethical obligations in business relate to recruiting and hiring staff, maintaining a safe and healthy work environment, using business resources wisely and avoiding situations that have the potential to create a conflict of interest, such as accepting gifts from suppliers or making a
The board of directors is responsible for setting ethical standards and values, and ensuring that they are embedded in and become part of the DNA of their organisation. An ethical business should be a more sustainable business.
A lack of ethics has a negative effect on employee performance. In some cases, employees are so concerned with getting ahead and making money that they ignore procedures and protocol. This can lead to additional paperwork and careless errors that result in the task having to be completed again.
These include:Know the health of the company's ethical culture.Evaluating the ethics of the business strategy.Monitoring the real ethics risks in the organization.Monitoring the ethical behavior of the leadership team.Verifying that the elements of the ethics and compliance system are strong.More items...?
The Role of the Board of Directors Recruit, supervise, retain, evaluate and compensate the manager. Provide direction for the organization. Establish a policy based governance system. Govern the organization and the relationship with the CEO.More items...