If I am reading this right, Beth, the TOS is given to an uploader which outlines what the image(s) will be used for. The "ethics code" is an internal document that lays down what the company will or will not do with the materials, a set of guidelines/rules.
What is confusing is why the company would not simply abide by the same set of terms given to the user to start with. Setting up a double standard, even if the internal standard is much stricter than that shown to the users, is still unneeded confusion. The rules should be streamlined and overarching, not split between two involved entities.
If the company wants to adhere to a higher standard, but reserve the right to toe the letter of the TOS when the conditions merit it, so be it. but it is rather hypocritical of them to put together some internal guidelines knowing that they will be ignored, altered, or trashed on down the line.