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While it’s not possible to anticipate all ethical issues you might encounter with stakeholders, it is...

While it’s not possible to anticipate all ethical issues you might encounter with stakeholders, it is good practice to have some solid guidelines in place in your company’s code of ethics. What is one guideline you would include in your company’s code of ethics that pertains to stakeholders? Why?

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Answer #1

Stakeholders in a firm pertain to customers, employees, investors, suppliers and broadly speaking communities and governments.

One of the most important guideline in company's code of ethics would be integrity with regards to the business. The stakeholders should be honest in undertaking day to day business activities otherwise the business will all go down the hill and the profit wouldn't increase. Stakeholders should behave in an accountable and trustworthy manner thus avoiding any behaviour which directly harms the business or brings discredit. Without such a guideline, the company can't perform efficiently and survive in the market with higher competition.

When all the employees and investors are honest, the business is able to function smoothly and there is more communication which is productive and efficient.

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