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Home Business More top UK firms than ever before have a code of ethics but staff need more support
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More top UK firms than ever before have a code of ethics but staff need more support

by Uma Rajagopal
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  • New report reveals that 88 per cent of FTSE 100 companies have adopted a code of ethics, soaring by nearly 10 per cent from 81. 
  • However, of the 88 with a code, less than a third provide a decision-making framework for staff’s day-to-day decisions. 
  • “Ethical decision-making models are a key cog in the wheel of ethical business, staff need more help in making day-to-day decisions ethically”, says country’s leading ethics expert. 

20 March 2023. More top UK firms than ever before have adopted a code of ethics but more needs to be done, according to a new report from the Institute of Business Ethics. The report found that the number of FTSE 100 companies with a code of ethics has increased by nearly 10 per cent since 2021, increasing from 81 to 88 FTSE 100 companies. 

However, the Institute has warned that staff need more help in making day-to-day decisions ethically after the report found that only 27 of the 88 companies with a code of ethics employ an ethical decision-making framework. With just 30 per cent of companies adopting a framework, the leading ethics institute has called for businesses to step up and provide support for staff. 

The framework seeks to help staff make decisions ethically by prompting questions such as ‘is it lawful?’, ‘would I feel comfortable explaining my decision to my colleagues, family, and friends?’, or ‘what would my mum think of this?’, to name a few. 

Dr Ian Peters, Director of the Institute of Business Ethics, commented:

“A code of ethics should be the cornerstone of any business. Used correctly, a code supports a healthy culture and reassures customers that the business will do the right thing for the right reasons. Within that code should be a process to support ethical decision-making, and it is disappointing to see so many businesses lacking this key tool. 

“Our report shines a light on the increase in businesses with a code of ethics, but more must be done to provide decision-making tools to help staff to make ethical decisions. Here at the Institute of Business Ethics, we champion the highest standards of ethical behaviour in business. Businesses that have and maintain a code of ethics with clear ethical decision-making processes are much better placed to succeed.”

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.