The voluntary Code is aimed at directors to help directors make better decisions. It also provides organisational leaders with a behavioural framework that can help them build and maintain the trust of the wider public in their business activities.

While the Code will not be mandatory for IoD members, it will help directors navigate the complex trade-offs that they deal with every day.

Jonathan Geldart, director general of the Institute of Directors, said: ‘We should be proud of UK businesses, but sometimes decision-makers fall short of societal expectations.

‘Those at the top may lose touch with the need for exemplary values and integrity in their decisions and behaviours. This has led to scandals and controversies, negatively affecting business esteem. Without public trust, businesses may find their freedom increasingly questioned.