As stated above, the mere presence of a code may be an indication that management places some value on ethical behaviour; that moral considerations may have a place in the organization's functioning, and that consequences, positive and/or negative, may be attached to the ethical dimensions of organizational behaviour (Adams et al., 2001). Thus, training managers in “management ethics” may contribute to their skills and perhaps to their performance as a role model in this respect (Adam & Rachman-Moore, 2004). Most of the times, codes mention that it is the task of managers to monitor compliance and conduct reviews (Gordon & Miyake, 2001). Management was considered to be a distinct category of the companies’ stakeholders in 74% among the target sample companies. The companies’ codes contain specific policies on ethics regarding the management conduct, compliance, responsibility and attitude on specific issues, which are presented in Table 3. Also, a detail of items’ frequency is presented, as it appears in the analyzed codes of ethics. The ethical policies with the higher frequency are Providing training and resources (68%) and Promoting ethical conduct / Role-models (47%). These findings suggest that the managers are perceived as the most important pillar on ethical conduct, and managers should be aware about their influence on ethics. The following policies can be considered as general specifications regarding the management to start designing a code of ethics for a specific company.