The Code of Ethics sets out the ethical principles of the organization and the best practices to be followed with respect to honesty, integrity and professionalism.
For members of the organization, violation of the code of ethics can lead to sanctions up to and including dismissal.
In some industries, including banking and finance, business conduct is regulated by special laws. In other cases, a code of ethics may be adopted voluntarily.
The main types of codes of ethics are Compliance Based Code of Ethics, Values Based Code of Ethics and Professional Code of Ethics.
A focus on climate change has become an integral part of company codes of ethics, detailing their commitment to sustainability.
Evaluation costs are the fees a company pays for discovering defects in its products before they are delivered to customers; they are a form of quality control.
The articles of association can be seen as a user manual for the company, defining its purpose and outlining the methodology for carrying out the necessary day-to-day tasks.
When a company or government agency buys or leases existing manufacturing facilities to launch new manufacturing activities, this is called an investment in existing facilities.