According to integrative social contracts theory, the ethical standards a company should try to uphold

are governed both by $(1)$ a limited number of universal ethical principles that are widely recognized as putting legitimate ethical boundaries on actions and behavior in all situations and $(2)$ the circumstances of local cultures, traditions, and shared values that further prescribe what constitutes ethically permissible behavior and what does not$-$but universal norms always take precedence over local ethical norms.

should be determined by the company's board of directors.

are governed by each country's Code of Required Ethical Conduct, which sets forth that each individual$/$group$/$business$/$organization has a "social contract" to observe the ethical and moral standards that the country has adopted.

are governed by the school of ethical universalism.

should never be absolute but rather always provide some wiggle room according to the circumstances of the situation.

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