Like others have mentioned, I think it needs to be by engineering or by the team--the company (i.e. business units) should not be involved in that sort of decision.
But one other thing I'd add is any rules that are implemented should be enforced by tools and not by people. Worst case scenario, IMO, is some over-zealous grammar snob (yes, we exist; I know because we can smell our own) writes some documentation outlining a set of coding guidelines which absolutely nobody actually reads or follows. They become obsolete over time, and as new people are added to the team and old people leave, they simply become stale.
Then, some conflict arises, and someone is put in the uncomfortable position of having to confront someone else about coding style--this sort of confrontation should be done by tools and not by people. In short, this method of enforcement is the least desirable, in my opinion, because it is far too easy to ignore and simply begs programmers to argue about stupid things.
A better option (again, IMO) is to have warnings thrown at compile time (or something similar), so long as your build environment supports this. It's not hard to configure this in VS.NET, but I'm unaware of other development environments that have similar features.