The ethical conduct of companies in Latin American countries has become highly relevant, mainly due to recent corruption scandals and cases of fraud involving employees and management. With the growing internationalization of companies, investors and foreign clients demand the implementation of good practices. Among these practices, the most common is the code of ethics, which, in summary, aims to convey the ethical behavior of the organization in relation to its different stakeholders, as well as communicate the conduct that the organization expects from its employees.

In an unprecedented study published in the Journal of Business Management (RAE), by FGV’s Sao Paulo School of Business Administration (EAESP), professors from the Department of Economics and Business of the University of Almería (Spain) carried out a survey of the 100 largest listed Latin American companies, from several industries. The survey, carried out by Arturo Haro-de-Rosario, María del Mar Gálvez-Rodríguez, Alejandro Sáez-Martín, and Carmen Caba-Pérez, intended to analyze ethical values fostered in the codes of ethics and identify the influence of gender diversity in the composition of the Boards of Directors (BD) of these companies.

The results showed that Latin American companies develop codes of conduct with ethical values that seek to improve relations with their stakeholders, especially upholding values such as transparency, integrity, trust, and responsibility. The results also show that the composition of the Board of Directors (BD) is a key factor in the development of the content of the codes of ethics. The survey highlighted the fact that women influence the corporate principles that foster efficiency, responsibility, loyalty, and gender diversity in the organization.

In addition, the researchers found that the presence of women on the BD contributes to upholding values that ensure careful customer relations and the importance of the quality of the services offered by the company. Despite the difficulties that women still face in joining the BDs for Latin American companies, the authors argue that the inclusion of women adds new points of view to the Boards of Directors.

Click here to read the full study, available in Spanish.