The purpose of developing a Code of Conduct has to be established first. Once it is developed in consultation with all the Family Members, it should be implemented in the family as well as business. A Code is always a work in progress. It’s better to make a start with an unsophisticated Code, developed or revised according to sound principles, than to lose the benefits of having one, or worse, to promote a Code that is irrelevant or unrealistic. Code of Conduct can enhance the reputation of an organization and contribute to its success.

Code of Conduct should include the following:

• Ethical principles - includes behaviour in family and business space and respect for all Family Members
• Values - includes an honest, unbiased and unprejudiced approach in family and business matters
• Accountability - includes taking responsibility for your own actions, ensuring appropriate use of information, exercising diligence and duty of care obligations and avoiding conflicts of interest
• Standard of Conduct - includes complying with the job description, commitment to the organization and proper computer, internet and email usage
• Standard of practice - includes current policies and procedures and business operational manual
• Disciplinary actions - includes grievance handling and specific measures for any violation of the Code

Two key actions to Code implementation

• Communicate Codes through the right channels and explain why they’re important
• Integrate codes into the organization’s practices and back it up with enforcement