Assume that you find yourself in the terrible dilemma of possibly having to report an improper act by one of your business partners. Reporting has consequences; not reporting does, too. Think about the myriad tricky issues you may face en route to a decision. You would certainly consult your code of conduct. You would also consider a host of other practical issues such as the seriousness of the misconduct, alternative remedial options, the potential impact on the business and individuals, the reporting escalation path and even the consequences for your career.
After wading through this muddle of issues, however, an obvious solution isn't always clear.