What is one of the main purposes of the Code of Conduct?

The main purpose of the Code of Conduct is to provide guidelines and standards for expected behavior within an organization, particularly in relation to business relationships and ethical practices. Elevating corporate performance in business relationships is essential, as it sets the tone for integrity, accountability, and ethical decision-making. By fostering trust and promoting a culture of compliance and ethical behavior, the Code of Conduct helps to enhance overall corporate performance, as employees are more likely to engage positively with stakeholders, patients, and partners when they are guided by clear ethical standards.

While penalties for non-compliance are important in enforcing compliance, they are not the primary purpose of the Code of Conduct. Similarly, centralizing all employee rights may be a function of various policies but does not encapsulate the overarching goal of the Code itself. Finally, the Code of Conduct does not exist to replace other compliance documents; instead, it complements them by summarizing key ethical principles that should be adhered to across the organization.