“but we must remember that good laws, if they are obeyed, do not constitute good government. Hence there are two parts of good government: one is the actual obedience of citizens to the laws, the other part is the goodness of the laws which they obey…”(Aristotle Politics 1294a-6). Therefore, what really are the reasons to have a code of ethics? Research reveals: 1. To help define what acceptable behaviors. 2. To promote high standards of practice. 3. To provide a benchmark for employees to use for self evaluation. 4. To establish a framework for professional behavior and responsibilities. 5. As a vehicle for company identity. Given these insights, certain questions need to be addressed. 1. Who decides what’s acceptable, the high standards, a benchmark, or a framework? If all if these “come down from on high” can “buy-in” be expected? 2. There must be a venue for all employees to have the opportunity for input for #1. 3. Where does the responsibility lie in promoting, reinforcing and enforcing the code of ethics? Compliance, HR, C-suite and what has been their training in the process of thinking ethically? 4. Is company identity that same as company reputation? If not, what’s the difference? Obviously, much thought and preparation need to go into the development of a code of ethics. So please go slow, think critically and implement carefully.