Establishing ethical codes of conduct is voluntary; however, the pressure from governments, industrial associations, and other stakeholders to do so has increased (Petersen & Krings, 2009). Adams et al. (2001) note that this pressure may be an instance in which government intervention has a positive effect on business. Considering these factors, Canary & Jennings (2008) conducted a study which suggest that some codes are primary written to convey relevant laws and regulations to organization. A major criticism of self-regulation through codes of ethics is that these documents do not have the same clout as government regulation (Preuss, 2010). However, the government should encourage firms to copy the good ethical actions of foremost firms, not simply their words (Forster et al., 2009). Governments were considered as major stakeholder among companies in 95% of the target sample companies. The most valued ethical policies regarding governments were: Compliance with law (95%), Bribe, corruption, and facilitation payments (79%), Competition and antitrust law (68%), and Political donations (68%). An interesting presence in this nomenclature is Compliance with code if law is less restrictive (26%). This suggests that companies are targeting ethical standards higher than the laws as they tend to being perceived as global pioneers on ethics. A detail on ethical policies regarding governments is presented in Table 7 with relevant examples extracted from companies’ codes of ethics and a frequency of items’ occurrences.