Managing stakeholders’ influence on embracing business code of conduct and ethics

What is it about?

When poorly introduced in an organization, the business code of conduct and ethics can work against the company simply because it will be received with ‘intentional rebellion’ from stakeholders, notably staff. However, when a soft stakeholder engagement and consultative approach is used and followed, multiple stakeholders feel proud and are much willing to live by the promise spelt out in the business code of ethics. Cited notable benefits of living by the code include reputational enhancement, strategic competitiveness and increased possibilities of wining cross border cooperation among like-minded pharmaceutical players. In the efforts to reap from the code of ethics, communication was observed as an indispensable activity. Refresher trainings to remind the stakeholders about the promises in the code, is also needed as time passes by, otherwise they forget. Needless to say, rewarding those who live an exemplary life in embracing and living by the code was cited as key in sustaining the ethical agenda. Lastly, managing multiple stakeholders influence is curve-linear and involves back and forth consultations.

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Why is it important?

For many years, issues surrounding bioethics have dominated priorities of World Health Organization (WHO), UNESCO and many international and national development allies. However, there is an escalating violation of medical codes of conduct and ethics. Hence, this publication is a step towards the implementation of the principles and objectives of the UNESCO Universal Declaration on Bioethics and Human Rights which is currently challenged with a difficult question posed by life sciences – How far can we go given the dented medical relationship between ethics, medical science and freedom?

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