While social networking is vital for businesses in acquiring industrial intelligence and successfully competing in the marketplace, its use may give rise to numerous risks. An organization can be in turn both the victim or the perpetrator of harm, such as the leaking of strategic information, the dissemination of material damaging to its e-reputation, the collection of data infringing the right to privacy, or communication infringing advertising regulations or general terms of use. A charter of good practices in social networking is a useful tool that can be used to mitigate these risks. Being enforceable upon its signatories, such a charter could enable the creation of an ethical strategic network that recognizes the changes introduced by Web 2.0 and its legal context.