In this paper, the fundamental assumptions of ethics, values and individual moral agency were reviewed so as to arrive at a position that reconciles the tension between universal moral codes and the contextual influences of different psychiatric professional groups. The moral imperatives that merge from the Nuremburg 'Doctor's trial' and the subsequent allegations of abuses of power by psychiatrists under other authoritarian regimes necessitated the development of universal proclamations of ethical conduct. In light of this tension, the argument that a middle ground of negotiated morality according to basic Hippocratic notions and respect for life can become the foundation of binding moral absolutes in psychiatric ethics. It is neither credible nor possible to assert broader ethical maxims within the psychiatric profession, given the different contexts in which professional groups practice their craft. In conclusion, the empirical studies of the value systems of different psychiatric professions should be elaborated and that these be compared to identify the common ground that might form the basis of a global code of ethics for psychiatry.