Envisioning humans and (smart) robots collaboratively working on the manufacturing shop floor, sharing spaces, tasks and objectives, reflects the ambitious goal that the ideal factory of the future aspires to attain. However, ensuring the effective implementation of this novel form of labour organisation remains an ongoing area of research. Key aspects such as the future role of workers, potential psychological risks, and the overall ethical considerations of human-robot (H-R) collaboration warrant further investigation until the underpinning safety challenges have been addressed. This study presents a novel ethical framework for H-R collaboration in manufacturing, which involved 30 subject-matter experts in ethics within the European context in a collaborative design process conducted through a year-long three-round data collection qualitative Delphi study. The ethical framework adopts a human-centric approach, recognising the influences that expand beyond the specific context of H-R dynamics on the shop floor, towards organisational and societal governance for a more responsible integration of (smart) robotics into the professional settings. Ethics, in this regard, aims to foster ethical awareness and accountability in the processes and practices of design and innovation, involving all stakeholders who play a role in shaping the future of Industry 5.0.