Final answer:
Formal codes of ethics are growing in popularity and are essential for guiding organizational conduct, reflecting societal values, and addressing a range of ethical issues, including corporate responsibility and challenges presented by emerging technologies.
Step-by-step explanation:
Establishing a formal code of ethics is C. growing in popularity. Codes of ethics are critical in guiding the conduct of an organization's members and addressing concrete matters such as bribery, discrimination, whistleblowing, environmental, and social goals. They are important for maintaining trust and goodwill and reflect the values of the societies in which businesses operate. Professional organizations and fields such as engineering and computer science, exemplified by IEEE-CS, have adopted codes of ethics that reflect the ethical obligations of professionals in these areas.
Corporate responsibility is a major focus in business ethics and emphasizes the moral obligations that corporations have toward their employees, society, and the environment. These ethical considerations have become increasingly significant as firms gain more market control and influence. Emerging technologies, including artificial intelligence, also pose important ethical challenges in business practices.
It should be noted that the establishment of codes of ethics is not mandated by the Corporate and Criminal Fraud Accountability Act; rather, it's an initiative that organizations take upon themselves to ensure ethical conduct across various levels.