These ethical practices are apart from the usual financial and prescribed business legal practices that have to be complied with. The survey, in collaboration with the Singapore Compact for Corporate Social Responsibility and the Singapore Business Federation, was to study the practice of business ethics among Singaporean businesses.

The survey questioned approximately 100 companies from 20 different industry sectors about the drivers of their Codes of Conduct such as keeping promises, agreements, contracts, respecting the dignity of all people, acting as a responsible member of the community, and reacting to the legitimate claims and concerns of others.

The results revealed some 65 percent agreeing that they adhered to the Code of Conduct provided a competitive advantage, with only 12 per cent disagreeing while 23 per cent were neutral. Further findings include:

• More than 60 percent of respondents believed that compliance with Code of Conduct would help retain employees and customers respectively.
• More than 62 percent had a published Code of Conduct, while 12 percent were in the process of establishing one.
• Almost 86 percent of companies had a Code of Conduct that was geared towards preventing code violations, rather than resolving, when such transgressions occur.

Thomas Thomas, the executive director of Singapore Compact for CSR, was reported  to have said that he believes that organisations are beginning to see that values bring intangible competitive advantages in the forms of reputation, the trust of society and good relations.