Company codes of conduct should respect employee rights as well as the rights of others in direct relationship with the corporation. The outcome of this practice is solely positive. While the cost of providing the respect of employee rights as well as the rights of third parties involved in the company is zero, the rewards are priceless. Corporations also have a responsibility to protect the environment and respect the community in which business activity occurs. These responsibilities include the promotion of a sustainable economy and recognition of the accountability we have to the economies, environments, and communities where we do business around the world.
Corporations can show their respect for the environment and community in a variety of ways.
There are also endless possibilities as to how corporations can also show their respect for their communities. Examples include, donating money to local charities, setting up employee community service projects, and so much more. It is necessary for corporations to return to the community part of their profits, which are generated thanks to the trust and respect of the public, customers and partners. Finally corporations have a responsibility to live out these beliefs no matter the situation or where or when business takes place. I firmly believe in each of the five stakeholder theories and would recommend them to all businesspeople.