Thankfully (for Google), that phrase is completely vapid and meaningless.
Also thankfully (for Google), self-enforced codes of conduct are vapid and meaningless.
Edit (in an effort to be more constructive): I think it's important to distinguish corporate posturing from actual, meaningful intent. I see no reason to consider Google's CoC as anything but the former.
It doesn't suggest that Employees should ever exercise their own moral judgement without first contacting Ethics & Compliance.