Corporate Code

Aristotle (e.g. 384-324 BC)

A code for all.
All are equal before the code,
without impairment of diversity.

  1. Integrity:
    Ethical handling of personal and professional obligations
  2. Objectivity:
    Compliance with laws, regulations and rules
  3. Independence:
    Not improperly influenced by third parties
  4. Confidentiality:
    Ethical standards enforced without side effects
  5. Competency:
    Full, fair, accurate, timely, understandable action and reporting.
  6. Accountability:
    Adherence to the code’s principles, visibility
  7. Sustainability:
    Steadily positive results based on systematic approach
  8. Respect for Human Life:
    Protection of Human safety and dignity
  9. Protect the Environment:
    Protection of the environment as our home
  10. Social Welfare:
    The organization’s welfare seen as a part of world welfare

Based on International Standards


Corporate Social Responsibility


The concept of Corporate Social Responsibility (CSR) has a combination of two characteristics:

CSR is relatively new and constantly evolving.

In order to be able to understand and monitor the dynamics of Corporate Social Responsibility (CSR) and for Greece to be at the forefront of developments in this field, we should look back at its meaning and evolution through the various definitions that have given from time to time.


Corporate Social Responsibility (CSR) is defined as:

“A form of corporate self-commitment
integrated into a business model”

(Wood, 1991).

“The constant commitment of companies to contribute to economic growth
while improving the quality of life of workers and their families
as well as communities and society in general”

(World Business Council for Sustainable Development, 1998).

“The voluntary commitment of companies
to manage their activities in a responsible way”

(International Chamber of Commerce, 2002).


“The concept according to which
companies voluntarily integrate social and environmental concerns
into their business operations
and in their dealings with their stakeholders”

(European Commission, 2001).


“The responsibility of companies
for the impact they have on society”

(European Commission, 2011).

Through those definitions we identify the basic characteristics of the concept of Corporate Social Responsibility (CSR):
– It is selfcommitment,
– It is permanent,
– Concerns social, environmental and finally economic issues,
– Aimed at both the internal and external environment of the company,
– It is part of a strategic business model, and
– It aims at responsible development through the balancing of costs that externalize the operation of the company to the environment and society.

The definition of Corporate Social Responsibility (CSR) adopted in the framework of this National Strategy takes into account the international definitions but also the special characteristics of business activity in Greece.


The main aspects of the CSR for Greece are the following:


– Corporate Social Responsibility (CSR) is a voluntary self-commitment
of companies and organizations that aims at the responsible operation
and management of their activities.

– As a voluntary self-commitment, Corporate Social Responsibility (CSR) presupposes
the undertaking of initiatives and activities, in addition to the minimum compliance
with the respective legislation.

– Based on the above characteristics, the concept of Corporate Social Responsibility (CSR)
is an integrated network of policies and actions that each company adopts,
defining its relationship with society and is not limited to social / environmental labeling
products and services or in the reporting of actions and initiatives.

In summary, the concept of Corporate Social Responsibility (CSR)
includes the responsibility of each company or organization
towards people, society and the environment
for the way it affects them
for the way it affects them from doing business.



CSR is a dynamic concept whose principles and values are constantly evolving and following the concerns and challenges facing society. Today, these challenges require an immediate solution, but with a future perspective.

This future perspective closely links the concepts of CSR and Sustainable Development into a whole that integrates ensuring sustainability in the present while caring for the well-being of future generations and is the basis of our vision.

CSR applies to all those affected by the operation of companies and organizations.

These can be:
– Employees
– Shareholders
– Customers / Consumers
– Competitors
– Suppliers
– Environment
– Citizens / Society.


Responsible Management Excellence Model

In order to promote and spread ethics in the business world, EBEN has developed the Responsible Management Excellence (RME) Model for organizations seeking to become standard and top organizations. The whole idea refers to a holistic approach that combines Corporate Governance (CG) and Corporate Social Responsibility (CSR), each of which applies to all different business sectors.

The whole RME Model is based on the logic of Aristotle

that “excellence is a habit” and

“Leadership is needed Ethics (Business Ethics),
Logos (Management Systems),
and Pathos (Passion) for Ethics to achieve Sustainability”.

Following this holistic approach of Aristotle (Greek philosopher 384-322 BC. Teacher of Alexander the Great “I am indebted to my father for living but to my teacher for a life worth living”), EBEN’s RME is based in two main pillars, Corporate Governance and Corporate Social Responsibility, which have at their center the Corporate Code of the company.


The model consists of 10 basic criteria, which in turn are divided in a total of 50 sub criteria.

Corporate Governance is divided into:

  • Business Analysis,
  • Business Performance,
  • Internal Audit
  • and the Regulations & Communications related to the above areas.

Social Responsibility is divided into

    • Environmental actions,
    • Social activities,
    • Results of Economic Stability
    • and the Regulations & Communications regarding the above actions.

In turn, each of these “criteria” follows its own specific “secondary criteria” which are reviewed annually by the EBEN Ratification Committee to cover all aspects of business life.


Corporate Governance (CG) and Corporate Social Responsibility (CSR) intersect with the Standard Corporate Code, which is considered the heart of the model.

The code takes into account stakeholders and provides an ethical background for the day-to-day activities of all members of an organization.

The certification of application of the models in the organization is divided in
an Advanced achievement and an Exclusive achievement,
depending on the criteria used.

At the same time EBEN certifies those who succeed
meet the minimum criteria per level
in special ceremonies every year.
The existence and adoption of the Standard Corporate Code
is the basic requirement
and leads to the standard corporate code.

In addition, innovation (Platinum Award) is given to companies as a reward for its efforts for innovation that is considered vital for society.
The model also incorporates various modern systems & practices around the world, also taking into account local values, international principles, compliance and transparency issues.

The quality success of the RME Model
depends on the level of maturity of the CG systems
and the completeness of CSR actions
exercised in accordance with the Company Code,
who is promoted by the management,
is accepted by employees
and is supported by the shareholders.

Advantages of the combination

of Corporate Governance & Social Responsibility

Until today, approximately 30 organizations, including five well-known international shipping companies, have been certified at various levels of the RME model.

Many companies, regardless of local values and tradition, will always have the control of any costs of such actions without considering the benefits. The same goes for ethics. Many companies believe that in times of crisis the least we need to invest and count on is good corporate governance and the application of business ethics.


Many will create a simple code of conduct (hanging on the wall) just to please the parties involved, instead of diffusing it for adoption and extracting the benefits it can offer.

Many seem to be unaware or forget that ethical behavior and culture can offer many benefits, such as improved employee relationships, increased employee productivity, high morale, and a stronger company image.

Greater reputation not only helps you choose new and promising professionals, but also in attracting new customers. Therefore, including CSR in the structure of an organization is not a luxury, but it is something that can benefit the organization.


All of the features mentioned above can also help consumers recognize these businesses as a safe place in a turbulent time and investors find the guarantee of a long-term profitable business.
Supporting this view in a research, “Does Business Ethics Pay?” by the Institute of Business Ethics, found that

… the companies that distinguish
“Clear commitment to ethical conduct”
constantly surpass companies
who do not display
such ethical behavior.

HR Analytics System Description

Everything a company should do is to be inspired by its enduring:

To Create Value and Make a Difference… In everywhere it engages with. This is the basis for its attitude towards employees’ recruitment & advancement.

To achieve sustainable growth, company should have established a vision with clear goals.

Maximizing return to shareholders while being mindful of company’s overall responsibilities to all Stakeholders.

Being a great place to work where people are inspired to be the best they can be.

Nurturing a winning network of partners and building mutual loyalty.

Being a responsible global citizen that makes a difference.

ethical stance to all matters in accordance to local Values and international Principles in the Corporate Code, diffused to all systems, taken into account at all actions and by all without any exemption.


HRM Logic in a nutshell

Human Resource Management Performance Appraisal Mission Statement should read like this:

“None of us is as good as all of us.”

HR Manager should target at spreading company’s values among its employees and use tools such as the 360-degree evaluation, with inputs from superiors, peers, and subordinates.


HR Dept Objectives:

  • Provide recruiting services
  • Develop guidelines & procedures
  • Ensure thorough training of all employees.
  • Provide individual employees with orientation on the company at the time of joining.
  • Provide staff support. Staff includes full-time permanent employees, plus part-time employees, temporary employees, and independent contractors
  • Maintaining data records of all employees (Human Resources information System).
  • Evaluate and retain those employees who are assets to the company and turn all employees into such assets.
  • Satisfy the internal customers keeping them most productive at the same time. Internal customers are the window to external customers


 HR Policies:

Friendly, conversant, flexible and congruent with the business environment. Policies are legally compliant with clearly expressed processes for timely revisions and a framework in place to foster employee adherence.


HRIS (Human Resources Information System)

Primary function of the HRM process is to create information flows that support the following:

1. Repetitive work routines of the HR department Decision needs of those who manage the HR department. A use of Intranet or web for further communication among employees & HR is also helpful
2. The HRM process supports the work routines of the HR department and provides information for management decisions by:
I. Capturing, recording, and storing data concerning HR activities
II. Generating a variety of HR forms and documents
III. Preparing management reports Preparing governmental reports
3. The Payroll Process

HR planning

HR planning’s purpose is to determine what HRM requirements exist for current & future supplies & demands of workers. The organization ensures that they have the right number and kinds of people at the right place; this task is accomplished by regular recruitment and selection, performance evaluation, Promotions, Regular Training and development programs. The right culture is developed, sustained and is promoted into a habit for all employees of the corporate team.

Job Analysis & Design System

Job analysis:
It is the procedure for determining the duties and skill requirements of a job and the kind of a person who should be hired for the job. The right culture is always taken into account as a base for the Job analysis. Job analysis is divided into 2 processes they are:

Job description

It is a list of job duties, responsibilities, reporting relationship, working conditions and supervisory responsibilities.

Main advantages are:

  1. It helps the supervisors in assigning work to the subordinates so that he can guide and monitor their performances.
  2. It helps in recruitment and selection procedures.
  3. It assists in manpower planning.
  4. It is helpful in performance appraisal.
  5. It is helpful in job evaluation in order to decide about rate of remuneration for a specific job.
  6. It also helps in searching for appropriate training and development programs.

Job specification:

It is a list of a job’s human requirement that is education skills etc.

A company’s HR department checks its own job description and job analysis in which they get the information about the employees work activities, Human behavior, performance standard, job context and human requirements and also other information related to his conduct.

HR department uses this information for recruiting, selection, compensation performance appraisal, training and employee relationship.



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(Information, Compliance & Security / ICS)

ICS Scorecard is a module of the RME model.

This scorecard provides guidelines upon the methodology of evaluating basic parameters that provide sufficient security to a company against safe, accurate and transparent use of information applying simultaneously the GDPR obligatory regulations.

EBEN has created a framework upon which a company can regularly be evaluated upon information & communication processes and systems as well as be in line with the strict requirements of GDPR, Sarbanes Oxley, ISO 27001 standards & COBIT framework.

It is composed of 8 criteria having always as epicenter the Corporate Code of the company which is the guideline to ethical and moral companies.

The IT Compliance and Security Scorecard is closely related to the Responsible Management Excellence Model which is the Business Ethics tool of EBEN.

PDCA, plan–do–study–act (PDSA) cycle, Deming cycle

One basic approach to evaluate IT compliance & security is to test processes, system and operational methodology is the Plan–Do–Check–Act cycle (PDCA CYCLE but also known as PDSA Cycle).

It is a four–step methodology for improving IT and not only management systems and procedures as well as implementing changes in business process management.

Just as a circle has no end, the PDCA cycle should be repeated again and again for continuous improvement by the organization and depending upon this process the Validation assess the pre-determined by the RME Model level that each management system and action stands as to earn according grades.

PDCA is attributed to Dr. W. Edwards Deming, an American engineer, statistician and management consultant. Deming’s theories form the basis for TQM (Total Quality Management) and ISO 9001 quality standards. However its origin can be traced back to the famous statistics expert Mr. Walter A. Shewart, in the 1920’s.

Shewhart was an American physicist, engineer and statistician who is often considered the father of statistical quality control. He introduced the concept of PLAN, DO and SEE methodology. Afterwards Edward W. Deming modified the SHEWART cycle as: PLAN, DO, STUDY, and ACT.

The methodology (seen also as a model) is implemented to improve the quality and effectiveness of processes within product lifecycle management, project management, human resource management (HRM), supply chain management (SCM) and many other areas of business.


Its major stages are as following:

I. Plan.
Plan the appropriate actions, Define KPIs and Goals, prepare the needed documentation
II. Do.
Test the change / Implementation of the improvement.
III. Check.
Inspect / Audit the improvement, measure and assess the results before-and after data comparison and identify what you’ve learned.
IV. Act.
Review and take corrective and preventive actions. If the change did not work, go through the cycle again with a different plan. If you were successful, incorporate what you learned from the test into wider changes. Use what you learned to plan new improvements, beginning the cycle again.

Χρησιμοποιήστε όσα μάθατε για να σχεδιάσετε νέες βελτιώσεις, ξεκινώντας ξανά τον κύκλο.

In a nutshell major benefits of the PDCA are the following:

– Ongoing daily routine management-for the individual and/or the team

– Project management

– Continuous development

– Suppliers development

– IT resources management development

– New product and innovative services development

– Process trials and problem-solving procedures



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Sustainability reporting helps organizations to:

  • focus upon setting of goals,
  • improve internal processes,
  • measure performance and
  • manage change in an effective way

in order to make their operations efficient and long-lasting.

The organization’s sustainability report presents information, reflecting the organization’s significant financial, environmental and social impacts.

Through sustainability reporting organizations do not only strengthen their credibility among their stakeholders. Especially for companies sustainability reporting has a significant importance for the capital market since longterm investors prefer companies that are bases on a sustainable framework.

The Sustainability Report by EBEN is based upon the Responsible Management Excellence Model that covers all associated requirements expressed in set (sub) criteria and with direct/indirect links to all GRI categories and the 10 UN Global Compact principles.

The Responsible Management Excellence Model by EBEN

The Responsible Management Excellence Model by EBEN is based on two major pillars,
Social Responsibility (SR) and Corporate Governance (CG) both linked with the company’s Corporate Code.

The model consists of 10 basic criteria which in turn consist of total 50 sub criteria.

The philosophy of the model refers to Aristotle’s (ancient Greek Philosopher and teacher of Alexander the Great) teaching that for attaining Leadership we need business systems (logos), ethical behavior (ethos) and passion (pathos) for sustaining our culture.

The qualitative success of the depends upon the level of CG systems and CSR actions exercised in accordance to the Corporate Code.

At the moment suggested principles must include all 10 basic principles of the (standard) Corporate Code which is the heart of the model. The code takes the stakeholders into account and provides an ethical foundation for the daily actions of all members of an organization.

The Corporate Code

We declare our support for the relevant principles of the United Nations Global Compact and the Global Reporting Initiative (GRI) as the most important tools, such as ISO 26000, supporting organizations in the right direction for sustainable success.

Sustain Framework by EBEN

EBEN sustainability framework is provided analytically below as a guidance upon how a company may present sustainability disclosures irrespective of the nature of its business.

It contains norms that are widely accepted as parts of a sustainability report and in this essence comparable between different companies & organizations. This can help a company to better assess its position as a responsible citizen, to use its sustainability report as a benchmark in the business world and a base for sustainability.

Sustainability is, and will increasingly be, central to companies, markets and society especially in our period of crisis and lack of business ethics.

Sustainability reporting information is relevant to a company’s value prospects and should therefore be at the core of integrated reporting. This is the reason that sustainability reports are required to be presented alongside or in an integrated form with the annual financial reporting.

Within the implementation of the EBEN Sustain Framework, companies should give a presentation of themselves (type, products, markets etc) and then develop each of the issues set in the framework.

The development should not exceed a page or so per question except if systems or other events need further analysis due to their relative number or/and their complexity.

All vital information should be included in summarized form and in a systematic way regarding the Plan, Do, Check, Act phase with concern to systems or actions leading to KPIs. The reporting must be systematic so that it can be easily reviewed at intervals, assessed and clearly understood by all stakeholders.

We wish to thank all organizations that (will) use the EBEN Sustain Framework formal methodology in developing their Sustainability Reporting.

EBEN Awards are granted to such organizations at an annual event making them role model, after certification succeeded in accordance to pre-conditioned validation.

The EBEN Sustain Framework is reviewed annually following the Responsible Management Excellence Model review by EBEN Committee of Professionals who we thank for their contribution.



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