Most publications treat corrections like a stain to be scrubbed from view. The fix goes at the very bottom of the page, in smaller type, phrased to minimize the error. The reader who was misled the first time almost never sees it.
We think this gets the ethics exactly backwards. If a mistake was worth making publicly, the correction is worth making just as publicly.
The rule we hold ourselves to
When we get a fact wrong, the correction goes at the top of the article, dated, in plain language, describing what we said and what was actually true. No passive voice, no hiding behind the phrase mistakes were made.
This costs us something. It is a visible admission that we are not infallible, printed where every future reader will see it. But that cost is the point. A correction that embarrasses the writer is doing its job; a correction designed to be missed is not a correction at all.
Trust is not built by never being wrong. It is built by being honest about being wrong in a way the reader can actually find. Everything else is public relations wearing the costume of accountability.
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Further reading: Journalism ethics and standards