Regular review of the Code will demonstrate the organization's continuing commitment of leadership.
The Key factors influencing the need to revise a Code are:
- Changes in the organization’s business or the environment/ locations in which it operates
- Changes in relevant laws and regulations
- Constructive feedback from other Family Members, employees or stakeholder groups as to modifications required
- Public opinion regarding acceptable business behaviour
- Experience gained from monitoring infractions, or difficulties in applying the code
- Input received from those accountable for drafting the code (including the organization’s leadership) regarding missing elements, unclear language or other flaws in the code
However, if substantial effort is extended while preparing the Code, the fundamentals will hardly need drastic modification for a considerable period of time. Organizations, should however, review the contents of the Code annually and report regarding whether it continues to be appropriate or any revision is essential.