IBE Webinar recording: Profit with purpose - who cares?
Catch up with the recording of the 30 November 2023 co-hosted IBE / Thinks Insight & Strategy webinar
01 December 2023
A board's core purpose is to promote the long-term success of the company in line with its values. Boards that embrace ethical standards explicitly in the way they and the company operate are best placed to achieve the durable benefits that come from doing business ethically.
The board is the forum for reviewing holistically the organisation's stakeholder relationships. In reality, it is the only forum, as it directs the company's purpose, business model and strategy.
IBE Guidance
A summary of good practice
- It is imperative that the board review is based on the organisation's values. These are the foundation as to how business is done whatever the situation.
- Values are not just about ensuring good behaviour by employees. They are also important support in decision-making. Boards frequently have to make difficult decisions and address problems for which there is no absolutely right answer, for example in considering executive remuneration, or the use of artificial intelligence. A clearly articulated and consistently applied set of values will help guide boards in their decision-making.
- Directors also need to have a clear set of policies on topics such as managing conflicts of interest; financial reporting; and its dealings with stakeholders, amongst others.
- As the board has responsiblity for the organisation's culture, it is good practice to establish a board level committee with oversight for establishing, reinforcing and monitoring the ethics policy and identifying ethical risks and opportunities.
Further resources
IBE response to FRC consultation on proposed revision to the UK Corporate Governance Code
Read IBE's response to the FRC consultation.
08 September 2023
Webinar recording: Ethical Governance - dilemmas and trade-offs?
Catch up on our webinar Ethical Governance: dilemmas and trade-offs? hosted by EY, IBE and ICAS
07 September 2023
The ethics of corporate advocacy recording
Catch up with our latest webinar with David Grayson and panel.
19 May 2023
Measuring Ethical Culture: what are the metrics we should all be tracking?
As we launch our new Good Practice Guide, Rachael Saunders, Deputy Director, considers the metrics we should all be tracking.
23 January 2023
IBE challenges business to reappraise the way it promotes business ethics
The IBE has published a discussion paper, Organising for Ethics, which poses a series of questions and challenges for people involved in ethics functions at all levels, including the board.
22 September 2021
From aspiration to action? Reflections on The Ethics Study 2021
The Ethics Study author, Rob Hayward, shares his personal reflections in our latest guest blog.
15 April 2021
Building Back – Ethically
Dr Ian Peters' article for One magazine on culture and reputational challenges for all organisations. Putting values at the heart of purpose.
25 March 2021
Decisions, decisions…
Read the latest blog by Mark Chambers, IBE's Associate Director (Governance).
11 March 2021
Rotten: Why Corporate Misconduct Continues and What to Do about It
View the recording of our webinar.
14 January 2021
Public standards remain crucial for private sector providers
Lord Evans, Chair of the Committee on Standards in Public Life, discusses how public standards remain crucial for private sector providers.
24 November 2020