• info[at]asiathemes[dot]com
  • (2)245 23 68

A comprehensive code of ethics plan

A comprehensive code of ethics plan

admin / January 31, 2019

Outline

I. Introduction
II. Necessities of a Code of Ethics Document
III. Steelox Manufacturing Company code of business ethics
A. Responsibility to our Shareholders
B. Responsibility to our Customers
C. Education and Training
D. Monitoring
E. Confidentiality
F. Reporting
G. Special Ethical Obligations
IV. Conclusions and Recommendations

Introduction

Code of Ethics is an important investment undertaking by any organization today as it helps to determine and define acceptable undertakings within these firms. A firm or an institution normally lays down this code to govern how it is supposed to conduct business in a manner that is acceptable both internally and externally according to the agreed regulations making it an all-encompassing document that covers employees as well as other stakeholders (Mc Namara, 2010).

Most importantly, the code should clearly cover the scope and duties for all the employees as it helps to tackle problems that occur within their operations.

For example, should the firm face any difficulty on how business runs, it management can rely on the code of ethics to determine whether the procedure adopted is appropriate or whether there is a better approach that can be used. This paper is a detailed write up of code of ethics documents for Steelox Manufacturing Company.

Necessities of A Code of Ethics Document

One great necessity for a Steelox’s Code of Ethics document is that the document has to have constant review and updating just like any other document in a dynamic business environment (Payne, Raiborn & Aswik, 1997).

Once the code of ethics is in place it is important to realize that the business proceeds by the governance of this document and any lapse or failure in its implementation may result in mix-ups within the company that can ultimately affect the business. Customers are the primary shareholders that make the business thrive in the market and therefore the document is especially designed to appeal to their special needs and preferences.

It has therefore been known to be a good practice for companies to have an updated code of ethics although there have been myths claiming that companies always hire ethically fit employees and deal with ethically conscious suppliers; a factor that may not always be the case.

A code of ethics is an important document that every company eventually needs for smooth running. This is seen in the way the government has employed the Sarbenes – Oxley Act 2002 (SOA) to force compliance into good work ethics. The SOA extensively covers corporate financial matters highlighting requirements of compliance in various areas such as company tax returns, fraud, and accountability.

It also covers auditor independence, financial statements, and corporate responsibility. The Act also mentions the bodies charged with the responsibility of arbitration in the event where there has been violation of the code of ethics and where the firm’s conduct is under question.

Therefore, with government Acts such as SOA in place to push for compliance for firms towards corporate financial obligations, there is a need to define the steps in the implementation of the code of ethics that which is workable.

Steelox Manufacturing Company is a medium sized company that specializes in the manufacture of steel ramps of various specifications used in the construction industry and its mission is to supply high quality steel ramps to construction firms’ at the most competitive price.

Steelox ensures high quality through a collaborative effort with raw steel suppliers whose materials must be of a specified standard.

Additionally, the highly automated manufacturing processes at their main plant are calibrated to international standards to ensure quality. Finally, the employees follow a set of laid down rules during production to maintain these standards. As a result, Steelox has drafted a Code of Business Ethics listed below to govern the way it conducts its business in an acceptable manner.

Steelox Manufacturing Company Code of Business ethics

A. Our Responsibility to Shareholders

Steelox greatly depends on its shareholders for the proper running and management of the corporation. It wants to remain a formidable competitor in the manufacture of steel ramps therefore; we are committed to laying down a strategy towards achievement of this goal that will also incorporate a code of business ethics for its success. Having understood the importance of having a code of business ethics, the management has undertaken the task of enforcing a code of business ethics in order to align the firm’s processes to its mission and vision.

The management is tasked with ensuring that Steelox continues to produce high quality steel ramps for the ever-growing construction industry while still maintaining the organization’s profitability. Therefore, the Code of Business Ethics will clearly pinpoint our employees and shareholders to the areas that need input to ensure that the company succeeds.

B. Responsibility to our Customers

Steelox Manufacturing Company has its mission to remain the most dependable steel ramps provider for the construction industry both locally and internationally.

Steelox values high quality production processes measuring up to internationally acceptable standards combined with encouraging innovation within the firm to offer an avenue for the employees to express their innovativeness.

Steelox also values its relationship with its customers who are mainly from the construction industry thus; they critically evaluate and cherish client feedback concerning their products to improve more on their services.

C. Education and Training

Steelox’s Code of Business Ethics education and training is taken seriously because it ensures that there is standardization across the firm concerning processes in steel ramps manufacture. There will be initiation of education and training through induction and orientation exercises that will be carried out after every two years.

This education and training will also define Steelox’s social responsibility, which will allow the company to understand the responsibility they have towards the community through supporting communal activities for a noble course.

The area of specific interest will be expertise provision and construction using Steelox products as well as other charitable engagements. Finally, the new employees at Steelox will be oriented using the Code of Ethics as a guideline where clearly defined structure of redress after a likely violation is explained under this section on training and education.

D. Monitoring

The monitoring of the code of business ethics will run across all the manufacturing processes within Steelox. The process will be enforced within different departments that will typically involve the Human Resources, Financial, and Supplies departments.

Acceptable practices on how to tender for the raw materials from steel suppliers and other procurement procedures will be defined to ensure transparency and competitiveness within procurement processes. Steelox will take the necessary responsibility to ensure that continued training is provided for the implementation of the business code.

E. Confidentiality

The Steelox code of business ethics defines the obligation Steelox has towards corporate and private data and information therefore any data or information that is likely to benefit their competitors must be kept confidential. Additionally, personal data and information about Steelox’s employees and shareholders must remain confidential as is required and governed by the Privacy Act.

All other stakeholders’ information should be kept in confidence with any violation of this requirement being liable to dismissal and eventual prosecution.

F. Reporting

The standard procedure for reporting of the violation of the Code of Business Ethics will be outlined by a review that must be applied to each particular case to determine whether there was a violation. The heads of the respective departments will be expected to receive any reports and present them to the board for arbitration and conclusion.

G. Special Ethical Obligations

Steelox incorporates the zero tolerance policy to a number of issues:

Company information espionage: No information relevant to Steelox’s current operations should otherwise be disclosed to competitors or other parties without the management’s approval
Bribery or financial inducements: The employees shall provide services and products to the clients as required of them without any demand or acceptance of any kind of inducement or bribe. In such an event, Steelox reserves the right to retract the product, terminate, or dishonour the service while appropriately indicting the employee involved.
Gender or racial discrimination: The firm offers an indiscriminately free environment to encourage employee innovation. Steelox also offers career advancement opportunities that are zero tolerant to gender or racial discrimination.
Unfair competition policies: Steelox as a firm or any of its employees or shareholders does not tolerate any type of engagements that are deemed inappropriate within the manufacturing industry. Sourcing from government and corporate world black lists is not tolerated at Steelox.

Conclusion and Recommendation

Nowadays firms are being compelled to have a code of business ethics to ensure their credibility. This means that the process of formulating a code of ethics for any company, Steelox included is an important undertaking. The code will ensure that the vital areas of the company’s values are well catered for during the company’s daily activities.

The Code of Business Ethics also ensures that the firm can transact across board with other firms in similar industry without conflict. Steloox as a manufacturing company is already deriving the benefits of the implementation of this all-important document seen in streamlined processing and increased profitability.

References

Mc Namara, C. (2010). Complete Guide to Ethics Management: An Ethics Toolkit for Managers. Retrieved from www.managementhelp.org/ethics/ethxgde.htm

Payne, D. Raiborn, C., & Askwik, J. (1997). A Global Code of Business Ethics. Journal of Business Ethics, 16 (16), 1727-1735. Retrieved from
http://www.springerlink.com/content/j266180167488g61/

@ 2017 Esol Theme powered by WordPress Developed by ASIATHEMES