Ethics are essential in many different organizational fields, dealing with what is right and wrong.

While
unethical practices may lead to short-term profits, they cannot sustain long-term success. In today's
business landscape, ethics, anti-corruption measures, and corporate governance practices are critical
concerns that can significantly impact a company's competitive advantage and financial performance. To
excel, an organization must design and formulate appropriate techniques and plans, and it is worth
noting that ethical behavior always pays dividends.

The significance of ethics lies in fostering confidence, which is essential for finance to move freely
through the economy's veins, whether it involves a large transaction or a small deposit. Finance has a
significant influence, and its power can corrupt individuals, leading to a risk of devolving into a
dictatorship. The government is unlikely to regulate this force entirely, and money's impact is limited
only by ethical considerations.

Enterprises are under pressure to adopt robust codes of ethics to regulate the behavior of board
members, managers, and employees in light of the new demands. Multinational corporations must also
set standards for those in their supply chains. ITC Limited is an Indian multinational corporation with a
diverse business portfolio that includes FMCG, Hotels, Paperboards & Packaging, and Agri-Business. This
demonstrates ITC Limited's dedication to the highest levels of transparency, accountability, and ethical
behavior. The corporation has established a well-defined corporate governance system to ensure the
fair and equitable treatment of all stakeholders, including shareholders, employees, consumers, and
society at large. ITC Limited has a robust system of internal controls and risk management in place,
focused on assuring the financial reporting and commercial operations of the company's integrity and
reliability. Additionally, the corporation has a specialized Internal Audit function that acts independently
of the business units and reports directly to the Audit Committee. ITC Limited is well-known for its
steadfast dedication to corporate governance. ITC Limited prioritizes corporate governance and is
committed to sustaining the highest levels of openness, accountability, and ethical behavior in all its
operations.

Corporate governance is a crucial aspect of combating corruption, and all private sector stakeholders –
investors, shareholders, regulators, and media – have a role to play in achieving this goal. Boards of
directors have significant accountability for the moral principles and integrity standards that drive the
culture of how a firm conducts its business. It is crucial to ensure that all employees understand and
adhere to the company's ethical principles, which can help to create a culture of integrity and build trust
among all stakeholders. Corporate governance should be an ongoing process, with regular assessments
and updates to ensure that the company remains compliant with relevant laws and regulations, and
adheres to the highest ethical and moral standards. Ultimately, corporate governance is critical to
building a sustainable and successful business that benefits all stakeholders, from employees and
shareholders to customers and society at large.