Members of the Turnaround Management Association (hereinafter “TMA”) are dedicated to the highest standards of professionalism, integrity and competence for those engaged in all matters involving turnaround and crisis management and corporate renewal. The following principles are guidelines for the conduct of members in fulfilling those obligations in addition to their obligations under Australian Corporations Law.
The transactions in which we engage are diverse, multifaceted and sometimes complex. It is thus not possible to state a set of rules that would prescribe proper behaviour under every circumstance. However, to provide guidance and clarity, we have developed and stated our Code of Ethics.
This Code is composed of Canons and Ethical Standards. The Canons are broad principles of conduct. The Ethical Standards (E.S.) are more specific goals toward which members should aspire in professional performance and behaviour.
A member shall maintain and advance knowledge of the practice of turnaround and crisis management and corporate renewal, respect the practice and contribute to its growth.
E.S. 1.1 Professional Boundaries:
A member bound by this Code of Ethics is one who is engaged in the practice of providing managerial services and consultation services to businesses, debtors, creditors and other interested parties with respect to troubled businesses, organizations and associations. While such services include a wide range of issues and problems, a member must take care not to perform services that require a license, unless the member is so licensed to perform such services.
E.S. 1.2 Standards of Excellence:
A member shall strive to improve his or her professional knowledge and skill. Within his or her practice, a member shall demonstrate a consistent pattern of reasonable care and competence.
E.S. 1.3 Conduct:
A member shall uphold the law in the conduct of his or her professional activities.
E.S. 1.4 Human Rights:
A member shall uphold human rights in all of his or her professional endeavours.
E.S. 1.5 Continuing Education:
A member shall seek out and participate in educational programs to enhance his or her professional knowledge.