Codes of ethics are seen as the most important part of company ethical programs. It is demonstrated that such documents exist in almost every American and a significant portion of European organizations. Nevertheless, this in no way changes the fact that many comments and concerns are voiced with respect to company codes of ethics. This article discusses such concerns and divides them into three main groups. The conclusion is that the codes, if developed properly and treated seriously, play a useful role while simultaneously contributing to overcoming some harmful myths about the business ethics.