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Organisations of any kind must adopt values that will promote adherence to ethical principles, thereby 
maintaining the confidence of stakeholders. Senior leadership must endorse 
organisational values 
that 
promote ethical conduct, such as the following: 

Openness - being full and complete in the provision and disclosure of information 

Trust - relying on the judgments and information provided by others, and being trustworthy in 
turn 

Honesty - telling the truth, and being prepared to give information on which others can depend 

Respect - treating others with dignity and adopting a professional manner 

Empowerment - ensuring that those who are entrusted with responsibilities have the authority to 
carry out their tasks 

Accountability - taking full responsibility for outcomes 
4.2 A corporate code of ethics 
Corporate codes of ethics are published by organisations in order to communicate values to 
stakeholders. As well as stating the core principles governing how their commercial objectives are to be 
pursued, such codes might include statements specifically in relation to: 

Customers, whose purchases may be influenced by ethical considerations 

Shareholders, 
whose 
investment 
decisions may be influenced by ethical factors 

Employees, who need to know what is expected of them 

Suppliers, who need to understand the expectations of their customers, and who also should be 
treated ethically

Lobby groups, who may have an interest in organisational practices

Local communities, which may need reassurance that the organisation will act as a ‘good citizen’ 
4.3 The Seven Principles of Public Life 
The UK Government's 
Committee of Standards in Public Life
(1995) set out seven principles that 
individuals employed in the public sector must follow.
(a)