Investment professionals - like all professionals - are faced with a fundamental tension between the rational pursuit of their self-interest and the moral expectation of subordinating their self-interest in favour of serving the interests of key stakeholders (e.g., clients, employer), the industry, and society as a whole. Ethical standards and codes serve as guiding principles for professionals, however, the application of these principles is rarely straightforward and often involves multiple, interrelated considerations, nuanced individual judgements, and conflicts.

While the s...