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