Businesses urged to join the conversation about how to create an ethical culture

IBE news
14 June 2023

Tags: Ethics Programme issues

Businesses are being urged to support a major new consultation to develop guidance on how to create and maintain an ethical corporate culture.

The consultation, launched today by the Institute of Business Ethics, will cover issues including business recruitment practice, staff remuneration, the role of boards and senior leadership in determining and sustaining an ethical culture, and how companies identify and protect against ethical risks. It is intended to help company boards meet the standards expected by the UK Corporate Governance Code which is also currently under review.

The consultation has been based on recommendations of a steering group including senior business leaders, company secretaries and business ethics specialists.

Recent research by the Institute found that just one in two FTSE 100 companies had written commitments to protect staff reporting concerns about ethical behaviour: with just one in two FTSE 100 and FTSE 250 businesses having publicly accessible codes of ethics.

Dr Ian Peters MBE, Director of the Institute of Business Ethics, said:

“The cornerstone of any business must be its culture. Unless a positive and ethical culture is created and maintained, companies risk a raft of problems from staff dissatisfaction to poor customer experience.

“We want to help companies ensure they’re following the gold standard when thinking about or creating their ethical culture. This consultation has been informed by some of the most senior and experienced businesspeople in the country – and I would encourage companies to share their thoughts to help British business.”

The Institute is accepting written submissions until Sunday 13 August. Businesses can make submissions below.

Dr Ian Peters MBE is available for comment.

Media contacts:

Maiya Harrison-Genis and Chris Rogers, iNHouse Communications
(T) 020 7240 7338
Out of Hours contact: Chris Rogers, 07720 054189

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