Elucidate the following: Best practices in ethics programme

Best Practices in Ethics Programme : Business should act ethically to protect their own interest and the interests of the business community, keep their commitment to society to act ethically, meet stakeholders expectations, prevent harm to the general public, build trust with key stakeholder groups, protect themselves from abuse by unethical employees and competitors, protect their own reputations, protect their own employees and create an environment in which workers can act in ways consistent with their values. Examples of some of the best practices in ethics programme are given below- Staff training, evaluations of compliance systems, appropriate funding and staffing of the corporate ethics office, and effective protection to employees who "blow the whistle" on perceived actions which are contrary to the spirit and/ or letter of the code. Annual training on the ethical code of conduct is a good practice. Many corporations establish independent "help lines" where employees can seek guidance when they are faced with an ethical dilemma, or when they encounter any unethical conduct in the workplace. Establishing a regular review system to ensure that the codes are dynamic, and are updated in the light of new developments. Every member of the Board of Directors should be required to sign the Code of Ethics, and pledge that she/he will never support a Board motion to suspend the Code. All outside law firms and auditing firms that consult to publicly listed corporations should be required to sign statements noting that they understand and accept the corporation's Code of Ethics. Thus, the best practices in ethics programme is that businesses should act ethically to protect their own interest and the interests of the business community, keep their commitment to society to act ethically, meet stakeholders exceptions, prevent harm to the general public, build trust with key stakeholder groups, protect themselves from abuse from unethical employees and competitors, protect their own reputations, protect their own employees and create an environment in which workers can act in ways consistent with their values.