Explain the different principles which generally forms the foundation of "Code of Business Conduct"

The Code of Conduct or what is popularly known as the Code of Business Conduct contains standards of business conduct that must guide actions of the Board of Directors and senior management of the company. The Code of Conduct outlines specific behaviours that are required or prohibited as a condition of ongoing employment. The code of conduct for a group or organization is an agreement on rules of behaviour for the members of that group or organization. Commonly generated by corporations themselves, corporate codes of conduct vary extensively in design and objective. Crucially, they are not directly subject to legal enforcement. In an era acutely aware of the dramatic social and environmental effects of corporate activity across the world, such codes of conduct have become the focus of considerable attention. Although the exact details of this code are a matter of discretion, the following principles have been found to occur in most of the companies: Use of company's assets; Avoidance of actions involving conflict of interests; Avoidance of compromising on commercial relationship; Avoidance of unlawful agreements; Avoidance of offering or receiving monetary or other inducements; Maintaining confidentiality; Collection of information from legitimate sources only; Safety at workplace; Maintaining and Managing Records; Free and Fair competition; Disciplinary actions against the erring person.