Global Best Practice - Ethical Procurement
Procurement transactions have the potential to result in unethical acts, such as bribery and corruption. That's why it is important for all procurement entities to have a well-documented code of ethics that all associates must follow. Adhering to a well-established code of ethics is essential for all procurement professionals and stakeholders to establish public trust and ensure that procurement funds are never used for personal gain. Those who engage with procurement should also be asked to uphold the same code of ethics to ensure that nobody associated with public procurement is realizing personal gain through procurement operations or contracts. This practice outlines the different elements to include in a procurement code of ethics, including conflict of interest, conduct with suppliers, corruption, business gifts and hospitality, and others. It also outlines steps that procurement should take to ensure that all entity employees and suppliers are following the code of ethics.