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Corporate Ethics vs. Corporate Code: What is the Difference?

A company’s corporate code is a complete list of corporate rules, common goals, and values. Most often it is a large document that spells out all the laws of your company to the smallest detail. It may include the history and mission of the company, the departmental structure, company procedures (hiring, onboarding, employee evaluations, training, dismissal standards), internal regulations (working hours, sick leave, vacations, holidays, workplace), company policy (confidentiality of data, security rules).

Corporate ethics is one of the important sections of the corporate code. It is mentioned in the welcome book so that newcomers could better adapt to the company and get acquainted with the company standards.

Basics of corporate ethics

The corporate ethics of the company is built on common values, traditions, and norms of behaviour of the employees.

Its basis consists of such components as:

  1. Company values are shared by every employee.
  2. Adherence to the overall mission of the company.
  3. Belief in the success of the company.
  4. Productive cooperation between employees allows for achieving common goals.
  5. Career development: training, courses, advanced training.
  6. Motivation, performance appraisal, remuneration.
  7. Norms of business behaviour, style of dress.

The aggregate of these characteristics makes up the ethical basis. Each employee, coming to the company, follows these rules and thereby forms the corporate ethics of the company.

Advantages of having corporate ethics in the company

There are several important benefits to having an ethical company that makes it stand out from the rest. For example, the corporate ethics policy unites and consolidates the staff. It helps create a team of people with the same goals and mission. And it doesn’t mean whether the people are working in a support of a virtual CasinoChan Canada, in a marketing agency, law firm or volunteer organisation.

Traditions become the basis of a respectful attitude towards each other. And in such an atmosphere it’s much easier to work on common tasks and achieve the desired results.

Creating a positive image of the company is also important. In today’s world, with more and more companies, having a positive image is not a privilege but a necessity. This will not only help the business attract investors but also be a guarantee the quality of your services among your partners. A company with well-regulated processes and a well-organised workflow deserves more confidence from its clients.

Corporate ethics also plays role in the adaptation of newcomers: newcomers who have just joined a company more easily endure the onboarding period if they have a general understanding of the company and its processes. The list of rules and regulations relieves a new employee from unnecessary questions and makes it clear at once whether the company suits him or not.

SOME MISTAKES THE FOUNDERS DO WHILE CREATING A CORPORATE CODE:

What are the main mistakes companies make when creating corporate ethics rules? Creating rules does not mean following them. It is important not only to write down the correct principles but also to put them into practice. And copying someone else’s ethics is an unacceptable mistake in developing a corporate culture. Until the company finds its true face, it cannot develop as it should.

The other important mistake is connected to slogans. A company that sets out its code of ethics in slogans does not say anything concrete, which means it has nothing to say to its employees.

And so corporate ethics is much more than just a set of rules, ideas, and slogans. It is a company philosophy that defines its life and has an impact on its success.

Baker McKenzie Law Firm Announces Partnership Promotions

Baker McKenzie law firm is pleased to announce that 84 of our colleagues have been promoted to partner. Promotions take effect from 1 July.

A job promotion is when an employee is elevated to a higher rank, position, or role within a business or organisation because of their exceptional performance. Job promotions are usually accompanied by increased responsibilities or a higher salary.

Across the law firm’s practice groups globally, Tax and Dispute Resolutions saw the largest intake of new partners, with mergers and acquisitions also significantly adding to their numbers.

During Financial Year 2020 Baker McKenzie also added 68 lateral partner hires, demonstrating the Firm’s continued commitment to investing in top talent across the globe. Combining this year’s promotions and new lateral talent, the law firm added 152 partners to its ranks.

Milton Cheng, Global Chair of Baker McKenzie, said: “Congratulations to all of our new partners. Welcoming 152 new partners, both home-grown and lateral, over the last 12 months is a clear sign of the importance we place in the long-term growth strategy of the law firm.

I wish them all the best in their future career with Baker McKenzie.”

Baker McKenzie is a multinational law firm headquartered in Chicago, Illinois. Founded in 1949 as Baker & McKenzie, it has 77 offices in 46 countries, and over 6000 lawyers worldwide. It is one of the largest law firms in the world by headcount and revenue.

Anita Horváth appointed co-head of the Europe energy group

We are delighted to announce the appointment of partner Anita Horváth as co-head of the Europe energy group. Serving alongside fellow co-head, Arek Krasnodębski, she will focus on further developing our transactional work within the energy sector.

Anita is among the premier lawyers advising on complex domestic and cross-border M&A, joint ventures and private equity transactions in Hungary and the region, due to her excellent international reputation, clients increasingly call on her to lead multijurisdictional transactions. In addition to her regional appointment, Anita has also recently been named co-head of our Corporate and M&A practice in Hungary, alongside Rob Irving.

We congratulate Anita on her appointment, and wish her continued success in her new roles.

About Dentons

Dentons is the world’s largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognised by prominent business and legal publications for its innovations in client service, including founding Nextlaw Enterprise, Dentons’ wholly owned subsidiary of innovation, advisory and technology operating units. Dentons’ polycentric approach, commitment to inclusion and diversity and world-class talent challenge the status quo to advance client interests in the communities in which we live and work.