Explain how businesses can apply the King Code principles of transparency, accountability and responsibility for good corporate governance to improve ethical business conduct.

Ethical behaviour refers to the principles of right and wrong or what is acceptable in society. It conforms to a set of values that are morally acceptable. It forms part of a code of conduct to guide employees to act ethically.

Professional behaviour refers to what is right or wrong, or acceptable, specifically within a business. It is a set of standards of expected behaviour and involves applying a code of conduct of a profession or business.

The key distinctions between ethical and professional behaviour are:

• Ethical behaviour is rooted in broader societal principles of right and wrong, while professional behaviour is based on what is right or wrong within a business context.
• Ethical behaviour aligns with morally acceptable values, whereas professional behaviour adheres to a set of expected standards.
• Ethical behaviour forms part of a code of conduct to guide employees to act ethically in general, while professional behaviour involves applying a specific code of conduct for a particular profession or business.