Last month the Institute of Directors (IoD) launched a public consultation on a Voluntary Code of Conduct for Directors. The Code is structured around six key principles of “Director Conduct”:
- Leading by example
- Integrity
- Transparency
- Accountability
- Fairness
- Responsible business
These principles are certainly not new, but through the Code it is proposed they will be underpinned by a number of undertakings.
The Code aims to be a roadmap that will guide all directors irrespective of the specific legal entity concerned (or other codes that may apply to them) and will need to be considered in tandem with the statutory directors’ duties under the Companies Act 2006. It is this point that leaves one wondering if the Code will help UK business win back trust (as is hoped) given that the statutory directors’ duties have been in place for many years and yet we still see scandal after scandal unfold. Only time will tell…
If you want to input into the consultation, views are being sought until 16 August 2024 ( see the link below).
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