This paper examines the issue of ethics policy in organizations. While the actions of top management may be the single most important factor in fostering corporate behaviour of a high ethical standard, there should be policy where policy is needed. The perceptions of three managerial groups -top-marketing-and purchasing managers -are compared regarding firstly, whether they see a need for policy on a range of ethically contentious issues, and secondly whether they believe there is policy covering these issues in their own organizations. No significant differences between the three groups of managers were found, either with regard m their perceptions of needs for policy, or as far as the existence thereof is concerned. However, an overall comparison of need for policy and the existence of policy showed a significant difference on the scenarios presented t o respondents. Furthermore, the study identifies grey areas of ethics in business where managers bdieve policy is needed, but is not perceived to exist. The use of an ethics policy matrix in organizations is suggested as a practcial tool for the examination of ethically contentious issues.