Code of Ethics in Business: BHP Billiton Ltd (Australia) Report

This report provides an overview of business ethics with a focus on BHP Billiton Ltd (Australia). It begins by defining the code of ethics and its importance in guiding professionals to conduct business with honesty. The key elements for designing a code of ethics, including values, principles, management support, personal responsibility, and compliance, are discussed in detail. Values are explained in terms of how an organization interacts with stakeholders, while principles support business values and guide employees. The report also emphasizes the importance of management support and personal responsibility in maintaining ethical standards. Furthermore, it outlines strategies to ensure compliance with the code of ethics, such as establishing clear policies, conducting training, imposing sanctions for violations, and setting up a committee to investigate ethical misconduct. The report concludes by referencing various sources on business ethics and BHP Billiton's code of conduct.

Business Ethics
BHP BILLITON LTD
(AUSTRALIA)

Introduction
 The term code of ethics means the guide of principles which has
been designed to aid benefit to the professionals to conduct their
business with honesty.
 The document of code of ethics outlines the aim and values of an
organization.

Introduction
 It guides the professionals to face challenges and the principles
of code of ethics are based on the standard and value of an
organization.
 The code of ethics is a set of rules to be followed by the
employees of a company to ensure its values that must be
reflected in the business deals.

Considerations for designing
code of ethics
The considerations or key elements required to design the code of
ethics in a company are values, principles, management support,
personal responsibility and compliance.

Values
 The values of a business are explained in terms of how an
organization works in a regular basis and interacts with their
employees, customers, other business partners and suppliers.
 The basic aim of code of ethics is to explain what the company is
all about and what it is based on. Another meaning of value is
respect if everyone regardless of what the situation is.

PRINCIPLES
 The word principle in business ethics means to support the
business values and guide employees.
 The main factors of business principles are profit in business,
satisfaction of the customers, and regular improvement in their
work. Corporate responsibility is another principle of business
ethics

MANAGEMENT SUPPORT
 The support of the management is also the main factor of code of
ethics. There are certain policies and issues of code of ethics in
business that must be reported if it is violated.
 Certain companies displays the code of ethics with the signature
of the management so that every employee must have a look
over it regularly.

PERSONAL RESPONSIBILITY
 Another major factor of code of ethics is personal responsibility. It
is the responsibility of every employee to maintain the code of
ethics.
 Certain information regarding legal and moral consequences
contained in code of ethics. The responsibility of the employer is
not to violate them.

COMPLIANCE
 Another factor is compliance. It is explained as any regulations or
laws might be referenced as rules to obey as a part of the regular
interaction in business.
 The requirements by International Organization for
Standardization can be acknowledged with the expectation that
legal regulation must be followed and every license must be
maintained.

STRATEGIES TO ENSURE
COMPLIANCE
 The first strategy that must be opted is to note down the policies
regarding ethics and the duties of the workers.
 By establishing this code, the workers will understand to resolve
issues.

STRATEGIES TO ENSURE
COMPLIANCE
 A meeting must be held with the employees to present them with
several case studies and examples that explains ethics as it will
help the employees to encounter issues.

STRATEGIES TO ENSURE
COMPLIANCE
 If the employees violate the code of ethics, then workers will be
imposed with sanctions. These sanctions might be a dismissal
letter, criminal charges or a letter of disapproval.
 By posting these ethics as reminder will help the employees not
to violate the rules.