Advances in Consumer Research
Issue 4 : 3314-3322
Original Article
Corporate Governance and SDG 16: Enhancing Institutional Integrity through Ethical Business Practices
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1
Lecturer, Faculty of Liberal Arts, Shinnawatra University, Thailand.
2
Lecturer, Department of Economic Sciences, International Institute of Management and Business, Belarus.
3
Lecturer, Faculty of Cosmetics and Medical Cosmetology, Shanxi Pharmaceutical Vocational College, China.
Abstract

Corporate governance is one of the key tools of making organizations promote ethical behavior and accountability as well as transparency. It is important to align with Sustainable development goal 16 (SDG 16) that aims to promote peace, justice and strong institutions as a way of fostering institutional integrity. The present paper explores the association between the practices of corporate governance and institutional integrity in organizations with a focus on ethical business practice as a strategic instrument in the accomplishment of SDG 16. In the research, 50 multinational and domestic corporations were contacted by structured surveys and semi-structured interviews with the top management, compliance officers, and stakeholders. It discusses how governance structures, code of ethics, audit committees and whistle blower systems can work effectively in encouraging an ethical behavior and reducing corruption. Results show that the higher the ethical compliance, the trust of stakeholders and credibility of the institution have been found in institutions with strong governance structures. Nonetheless, issues of inequalities in regulators and country to country variations in ethical standards still remain as well as a lack of stakeholder education. The paper adds to the body of literature on sustainable corporate governance and advances some applicable guidelines to policymakers and business heads to increase institutional integrity

Keywords
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