ABSTRACT
Corporate social responsibility is a journey, and codes and standards can serve as a map to guide companies towards greater transparency and accountability. Statements of values and principles serve as a magnetic north for companies, orienting companies in times of crisis as well as through times of opportunity. In corporate responsibility, there is a continuum from values, through principles and codes, to standards: it is necessary to delineate values and principles before articulating codes and standards. Most companies use their websites to communicate their values, principles and codes. A code of conduct or standard can assist a company in managing change in a highly complex business environment. Codes of conduct and standards oriented towards process contain useful guides for implementing and controlling social and environmental standards. For multinational companies with global operations, the setting of values, principles and codes can be a mechanism for building a common, shared, sense of identity within the company.
