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An objective of IAFEI is “to promote ethical consideration in the practice of financial management throughout the world.” The model code provides principles which member institutes are encouraged to advocate in establishing or modifying their own educational materials. The codes’ premise is to promote global harmony and well being through responsibility and understanding. Achieving such harmony requires judgment about the proper balance between conflicting goals such as efficiency and social fairness.

The Model Code embodies aspirations regarding individual and peer responsibilities, as well as responsibilities to employers and to the public. In performing professional services, a member should seek to:

  • Act with objectivity and integrity, and in a lawful manner.
  • Neither knowingly misrepresents material facts nor willingly permits one’s judgment to be subordinated.
  • Avoid conflicts of interest in personal and in professional relationships.
  • Act in good faith, responsibly, with due care, competence and diligence.
  • Observe discretion regarding confidential information and personal relationships.
  • Employ, reward and recognize accomplishments without regard to race, personal background or religious practice.
  • Improve the health, safety and efficiency of working conditions.
  • Provide information to constituents, which in all material respects is complete, credible, and in conformity with standards.
  • Achieve responsible use of and control over assets and natural resources employed or entrusted.
  • Share knowledge and maintain skills important to relevant constituent’s needs, including employers, peers and public.
  • Be recognized as a responsible partner among peers and in society.

Prof. Gary J. Previts
Chairman, Financial Ethics Committee
December 1999