A Code of Conduct is a key vehicle for:

• Setting the boundaries of acceptable behavior
• Introducing new members to the organization’s standards
• Attracting and retaining high-calibre employees and business partners
• Providing reassurance to members and others subject to the code that they will not inadvertently stray offside
• Informing contractors, suppliers and others doing business with the organization of its expectations regarding acceptable/ unacceptable behavior
• Providing the basis for sanctions against those that deviate from the Code
• Fulfilling the regulatory obligations of public companies

Organizations which develop a Code acquire a reputation for honesty, integrity and principled business dealings. An effective Code also reinforces the organization's culture and provides protection from the possibility of unethical behavior. Merely issuing a Code does not assure an organization that it will be observed, it has to be implemented with all sincerity.