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During the last decade the fight against private sector corruption has intensified. Governments, international organizations, NGOs have prioritise it due to the devastating effects that corruption has on economy, governance and society in general. Private sector corruption has proved as virulent and dangerous as public sector corruption. As a result of government and civil society pressure, corporations have instated new codes of ethics or updated their already existing ones to meet the anti-corruption demands. However, their efficiency has proven weak. Scholars and practitioners have been engaging in different debates focused on the pros and cons of corporate codes of conduct. The present article summarises the results of these debates, underlining the features of an efficient code of conduct.