This excerpt taken from the ERII DEF 14A filed Apr 28, 2009.
CODE OF BUSINESS CONDUCT AND ETHICS
The Board of Directors has adopted a Code of Business Conduct and Ethics applicable to all directors, officers, and employees of the Company as required by the listing standards of The NASDAQ Global Market LLC. Any amendments to, or waivers from, any provision of the Companys Code of Business Conduct and Ethics will be posted on the Companys website. A copy of the Code of Business Conduct and Ethics is posted on the Companys website at www.energyrecovery.com.