This article discusses the concepts of business ethics and corporate governance, their importance, and their application in Unilever. It also analyzes the failures in upholding these concepts through the example of WorldCom. The article provides a detailed explanation of Unilever's corporate governance arrangements and its Code of Business Principles. The board of Unilever is responsible for the long-term success, performance, direction, general affairs, and management of the business. Unilever's corporate governance arrangements are based on globally accepted principles of good governance and best practice.