Nowadays, ethical codes are adopted in almost all companies. As a rule, they comprise the ethical codes of business, the professional practice codes, and the codes of employees conduct. All these codes have a considerable impact on the business relationships between the stakeholders.
First of all, a code of ethics is important for the stakeholders because of its high degree of authority and its binding force. Although this notion does not include any document which guarantees the legal force, the ethical code outlines the philosophy of a company. It is more than significant for the stakeholders as they are provided by the whole information concerning the unacceptable and acceptable behavior in the company. In most cases, it influences the business politics of the majority of stakeholders.
Moreover, the ethical code helps a stakeholder to make his/her mind concerning the necessity of investigating money in the company. For instance, quite often, moral as well as professional issues are taken into account by numerous stakeholders. If the ethical code of the company does not cover the reduction of hazardous wastes or it uses to reveal the confidential data, it is obvious that some stakeholders can doubt about investigating money is such firm.
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In conclusion, it is noteworthy to notify that ethical code is one of the inevitable parts of any company. Firstly, it is a regulation of the business policy and relationships between colleagues. Secondly, by means of an ethical code, a stakeholder has an opportunity to be guaranteed the basic data about the company. A lot of stakeholders are given a chance to understand if the company is reliable. Furthermore, an ethical code of a firm is one of the best representations of it as it demonstrates not only its business strategy and the key principles it follows but also the professionalism and the competence of its workers.