The purpose of this work is to identify why it is important for organizations to introduce their business ethics as it can be characterized as one of the preconditions for success. The first part of this work defines ethics as it is the general framework for considering business and management ethics. Since ethics deals with morality, the relationship between ethics and morality is described in this work, and how these two concepts differ. When we get a clear picture of what ethics is, then we have to understand what business and management ethics are, which are the essence of this work. They are related to the behavior, compliance with the rules and principles of an organization, and the business of that organization. If a company wants to be competing successfully and efficiently on the market, they have to have a good relationship between managers, employees, and associates. The rules of conduct, the fundamental values and the principles of organization are clearly stated in the Code of Ethics to make this relationship work better. The Management ethics gives clears instruction and rules for a manager how to behave in a company he manages. The result of this is an ethical approach and each of them has its own criteria and standards. The best known ethical approaches are the utilitarian approach, access to moral rights, and access to justice. The final work ends with the example of the ethics code of Generali Group, that includes interests and expectations of the general public: employees, investors, clients, suppliers and the local community. Their code of ethics has shaped the purpose of arranging complete and harmonious relationship between local Generali companies and the countries where the group operates.