"Ethics is not merely what's enforceable," says C.J. (Pete) Silas, chairman and chief executive officer of Phillips Petroleum.

"Laws can be bent, dodged or misinterpreted, so that abiding by the letter of the law precludes observing the spirit of the law," Silas said."We have to discard the false views that see ethics as what's enforceable, expedient or excusable. We have to do what we know is right and not do what we know is wrong."