A business code says a lot… A business code says nothing… Which statement is true? This booklet argues that both statements are true. Indeed, a code says a lot, but at the same time, it says absolutely nothing! It says a lot in theory, but it does not say anything about practice. It says a lot about the desired situation, but it does not say anything about the current situation. It says a lot about how things should be, but it says nothing about how things actually are. And because a code says much and nothing at the same time, it is of utmost importance for organisations not only to have a good code, but also to embed it properly. An ever increasing number of organisations are adopting a code. An ever increasing number also have a reasonable to good code. And increasingly organisations are also paying attention to the way in which it is embedded. Three cheers for that! Still, the value of a code is often underestimated or underutilised. Nothing more but a few communication efforts, an e-learning module and an ethics hotline are employed. And then the code dies a slow death. This booklet shows that the code is an instrument rich in potential, very rich even. It also shows that to utilise its potential, life has to be breathed into a code. But how do you do that? What does it require? And when can you speak of a living code? These questions are the focus of this booklet.