Code of Ethics:
Three general principles are to be included in a company's Code of Ethics:
1-honest and ethical conduct.
2-full, fair, accurate, timely and understandable disclosure in SEC filings.
3-compliance with applicable governmental rules and regulations.
In practical terms, business ethics standards distinguish between desirable and undesirable behavior and actions in
relation to the following, as well as among other considerations:
• General understanding of what is considered to be right or wrong,
• Compliance with laws and regulations, both external and internal,
• Resolution of conflicts,
• Conflict of interest,
• Bribes and kickbacks, and
• Social responsibilities.
Despite the existence of various acts, codes and regulations addressing issues of business ethics on national,
corporate and individual levels, there are always external and internal factors that may encourage unethical behavior.
• On the individual level, the personal judgment of an employee often depends on his or her personal life experience,
educational background and social status. All of these are different for everyone and as a result, each individual may
react differently to the same situations.
• On the organizational level, organization-specific features such as management style, group dynamics,
remuneration/promotion systems and practices, performance evaluation, budgeting and reporting processes as well as
overall condition of the business, are all important factors impacting the behavior of individuals in more or less
• Outside of the organization, external pressures and influences such as those of competitors, investors, partners,
customers, governments (especially in a different country) and other stakeholders may compel individuals to
compromise their ethical standards.
Members of IMA shall behave ethically. A commitment to ethical professional practice includes overarching
principles that express our values, and standards that guide our conduct.
means fairness and straightforwardness of conduct. It is the quality of being upright, having integrity,
truthfulness, sincerity, frankness, and freedom from deceit or fraud.