External stakeholders are often less valued by companies and comprise the general community and independent concerned individuals or groups who feel that they will be affected by the company’s activities and outcome (Walker et al., 2008). In this respect, ethical codes clarify and make explicit the means and ends of an organization to the respective communities. Codes should be living documents that respond to the needs and aspirations of the community companies are to perform in (Lozano, 2001). The benefits of projecting an ethical image with an active code of ethics will maintain reputation far beyond the organization, into the wild community (Chua & Rahman, 2011). The communities have been considered in the code of ethics content by 74% of the target sample companies. Regarding the communities, the most frequent ethical policies are Charitable support (47%) and Sustainable development / improve communities (37%). These suggest that companies are committed to the local development of the communities they belong through active implication and dialog – Consulting with communities (26%). Table 8 present the ethical policies regarding the communities and a detail of items’ frequencies found in the corporate codes of ethics.