Contents of a corporate code of ethics

The typical contents of a corporate code of ethics are as follows:

1. Values of the company. This might include notes on the strategic purpose of the organisation and any underlying beliefs, values, assumptions or principles. Values may be expressed in terms of social and environmental perspectives, and expressions of intent regarding compliance with best practice, etc.

2. Shareholders and suppliers of finance. In particular, how the company views the importance of sources of finances, how it intends to communicate with them and any indications of how they will be treated in terms of transparency, truthfulness and honesty.

3. Employees. Policies towards employees, which might include equal opportunities policies, training and development, recruitment, retention and removal of staff. In the case of HPC, the policy on child labour will be covered by this part of the code of ethics.

4. Customers. How the company intends to treat its customers, typically in terms of policy of customer satisfaction, product mix, product quality, product information and complaints procedure.

5. Supply chain/suppliers. This is becoming an increasingly important part of ethical behaviour as stakeholders scrutinise where and how companies source their products (e.g. farming practice, GM foods, fair trade issues, etc). Ethical policy on supply chain might include undertakings to buy from certain approved suppliers only, to buy only above a certain level of quality, to engage constructively with suppliers (e.g. for product development purposes) or not to buy from suppliers who do not meet with their own ethical standards.

6. Community and wider society. This section concerns the manner in which the company aims to relate to a range of stakeholders with whom it does not have a direct economic relationship (e.g. neighbours, opinion formers, pressure groups, etc). It might include undertakings on consultation, ‘listening’, seeking consent, partnership arrangements (e.g. in community relationships with local schools) and similar.