What is Code of Ethics?
‘Code of Ethics’ refers to the set of rules that dictate how ethically business is conducted by an organization. It helps any employee in the organization choose the right path in case they are faced with any kind of moral dilemma.
It is very similar to the ‘Code of Conduct’ drafted by the companies. Even though these terms are used interchangeably, there are clear distinctions between the two. While the code of ethics is public with anyone having an interest in the company being able to read it. However, the code of conduct is generally private and is made accessible to the employees and other stakeholders within the company.
Another major difference between the two is the content of the documents. While the code of conduct would be more about the rules and regulations, the code of ethics talks about the values and principles of the company.