"The code of conduct of a company summarizes its philosophy of doing business. The exact details of this code are a matter of discretion." Enumerate the principles of drafting the code of conduct as followed in most of t

'Code of conduct', which is popularly known as 'Code of Business Conduct', contains standards of business conduct that must guide actions of the Board and senior management of the company. The Code of Conduct for each company summarises its philosophy of doing business. 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.