The codes are often addressed to employees, as much as to the general public (Gordon & Miyake, 2001) because, as Donker et al. (2008) note, corporate reputation regarding ethical behaviour of management and employees can have an important impact on economic corporate performance. All the 19 companies in our target sample pointed employees to be an extremely important stakeholder. The following Table 4 shows the ethical policies companies promote regarding their employees. A further detail on the items’ frequencies is also presented. In accordance with Singh (2006) who content analyzed a number of 80 codes of ethics, we found that a greater number of the codes are concerned with conduct against the firm – Conflict of interest (89%), Property of assets (79%), Confidentiality corporate information (74%) – than with conduct on behalf of the firm. Diversity and discrimination obtained 100% among different ethics policies regarding employees. An interesting appearance in this list of ethical policies is Conduct outside the workplace / Maintain company's reputation (16%). This suggests that companies demand a total commitment of their employees, even outside the working hours and the work environment. Although less frequent, some companies promote ethical policies directly addressed to the wellbeing of their employees: Wage ensure decent living standards (16%) and Balance between personal and professional life (5%).