Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Institute of Directors Introduces Code of Conduct for Business Leaders

by June 7, 2024
June 7, 2024
Institute of Directors Introduces Code of Conduct for Business Leaders

The Institute of Directors (IoD) has launched a new code of conduct aimed at promoting ethical behaviour among business leaders, in an effort to restore public trust following several high-profile corporate scandals.

Referred to as the “bosses’ union,” the IoD has created this guidance to help rebuild the reputation of business and instil ethical practices in the boardroom. This move comes in response to significant corporate failures at the Post Office, Carillion, and BHS, which have severely damaged the public’s perception of business leadership.

Jonathan Geldart, the IoD’s director-general, remarked, “On occasion, business decision-makers fall short of what society expects. Those at the top may lose touch with what really matters, namely the need to demonstrate exemplary values and integrity in both their business decisions and their personal behaviours. As a result, in recent years we have observed corporate scandals, which have exerted a negative effect on the esteem in which business leadership is held.”

The Post Office scandal, involving the Horizon IT system, led to hundreds of sub-postmasters being wrongfully convicted for theft and false accounting, marking the largest miscarriage of justice in British legal history. Carillion’s collapse, the largest industrial failure in the UK, was caused by mismanagement and dubious accounting practices, resulting in the loss of 3,000 jobs and delays to over 450 public sector projects. The demise of BHS, once owned by Sir Philip Green, endangered thousands of jobs and pensions, with a parliamentary inquiry labelling it “the unacceptable face of capitalism.”

The IoD’s code includes principles such as demonstrating exemplary standards of personal conduct, acting with honesty and integrity, adhering to strong ethical values, communicating openly and honestly, taking personal responsibility for actions, and treating people without discrimination or bias. The code is currently out for consultation and is designed to be a voluntary commitment rather than an additional layer of compliance.

The code was developed by a commission led by Lord McNicol of West Kilbride, a trade unionist and former general secretary of the Labour Party. McNicol acknowledged that the guidelines in the code were “matters of common sense,” but stressed that it could serve as a valuable reference for directors facing stressful decisions, allowing them to consider, “What would a responsible director do in this situation?”

By implementing this code of conduct, the IoD aims to foster a culture of ethical behaviour and accountability within the business community, helping to prevent future scandals and regain public confidence in corporate governance.

Read more:
Institute of Directors Introduces Code of Conduct for Business Leaders

0
FacebookTwitterGoogle +Pinterest
previous post
UK Wage and Price Growth Set to Slow, Bolstering Case for Interest Rate Cut
next post
Britain Urged to Triple Offshore Wind Farm Construction Pace

You may also like

Taxpayers could lose £100m as HS2 land no...

October 20, 2023

Ted Baker to close all UK stores as...

August 19, 2024

Channel 4 boss warns AI firms are ‘scraping...

April 1, 2025

From Richard Branson to Yuri Milner: Four Influential...

August 23, 2024

UK SMEs brace for steep rise in redundancies...

September 1, 2022

Thousands of jobs in balance as decision on...

November 2, 2023

Brushed with value: How fine art is becoming...

July 24, 2025

UK pay growth accelerates as real wages climb,...

February 18, 2025

Moving your mental health forward

May 16, 2024

Net migration to UK hits record high of...

May 25, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • What James Carville doesn’t get about voter priorities

      July 25, 2025
    • Fields of fortune: Why farmland remains a tax-efficient safe haven — for now

      July 25, 2025
    • UK firms cutting staff at fastest pace since February as economic pressures mount

      July 25, 2025
    • River Island faces collapse unless landlords approve urgent rescue plan

      July 25, 2025
    • LVMH suffers steep drop in fashion sales as wealthy consumers tighten belts

      July 25, 2025
    • EU fails to reduce 50% steel tariff in draft US trade deal as industry warns of ‘catastrophic’ impact

      July 25, 2025

    Categories

    • Business (8,573)
    • Investing (2,145)
    • Politics (16,193)
    • Stocks (3,227)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved