'itself' in the first one is an incorrect pronoun for 'manager', and is not in a very natural position in the sentence.
Therefore, the manager not only has to adhere to ethical standards themself...
If you want to use 'itself', use 'management' instead:
Therefore, management not only has to adhere to ethical standards itself...
The second part of that sentence: "their observance in the organization' is not very understandable either.
(b) sounds fine to me.