A Code of Conduct sets out the guidelines for resolution of issues and formalising the relationship between Family Members and the Business. It also addresses the overlap between Family and Business Values.
Code of Conduct outlines procedures for dealing with the conflict ridden issues which are critical to the future of the business.
The guidelines for code of conduct have to be framed separately for Family and the interface between Family and Business.
Code of conduct for Family will include communication, conflict management, decision making and confidentiality.
Business code of conduct will include integrity, honesty, respect, trust, responsibility and adhering to all rules
Code of conduct for Family Business should:
- Protect the reputation of the Family and Business
- Promote trust and understanding in every opportunity
- AchieveFamily togetherness by articulating and managing differences
- Follow ethical values in all dealings
- Be fair – treat family members, employees and others with fairness
- Speak with one voice
- Promote Respect & Care for each other
- Respect differences
- Encourage openness, fairness & mutual respect amongst the members