diff --git a/CODE_OF_CONDUCT.md b/CODE_OF_CONDUCT.md
deleted file mode 100644
index d55be10adb53..000000000000
--- a/CODE_OF_CONDUCT.md
+++ /dev/null
@@ -1,3 +0,0 @@
-## Community Code of Conduct
-
-Istio follows the [CNCF Code of Conduct](https://github.com/cncf/foundation/blob/master/code-of-conduct.md).
diff --git a/CONTRIBUTING.md b/CONTRIBUTING.md
index e59d0558aa2b..9b50dfb4436e 100644
--- a/CONTRIBUTING.md
+++ b/CONTRIBUTING.md
@@ -31,6 +31,10 @@ to the drive, you'll need to be an official contributor to the Istio project per
 
 All members of the Istio community must abide by the
 [CNCF Code of Conduct](https://github.com/cncf/foundation/blob/master/code-of-conduct.md).
+Only by respecting each other can we develop a productive, collaborative community.
+
+We promote and encourage a set of [shared values](VALUES.md) to improve our
+productivity and inter-personal interactions.
 
 ## Contributor license agreements
 
diff --git a/README.md b/README.md
index f3961ee0ba0b..4959b869f4ae 100644
--- a/README.md
+++ b/README.md
@@ -109,7 +109,8 @@ support is disabled for our organization.
 
 ## Contributing to the project
 
-We adhere to the  [CNCF Code of Conduct](https://github.com/cncf/foundation/blob/master/code-of-conduct.md) to foster an open and welcoming community.
+We promote and encourage a set of [shared values](VALUES.md) to improve our
+productivity and inter-personal interactions.
 
 See the [working groups](GROUPS.md) for a list of working groups to participate in.
 
diff --git a/VALUES.md b/VALUES.md
new file mode 100644
index 000000000000..25d5b1a8ff02
--- /dev/null
+++ b/VALUES.md
@@ -0,0 +1,43 @@
+We want to make sure every member has a shared understanding of the goals and
+values we hold as a team:
+
+- Optimize for the **overall project**, not your own area or feature
+  - A shortcut for one individual can mean a lot of extra work or disruption for
+    the rest of the team.
+
+- Our repos should always be in release shape: **Always Green**
+  - This lets us move faster in the mid and long term
+  - This implies investments in build/test infrastructure to have fast, reliable
+    tests to ensure that we can release at any time.
+  - Extra discipline may require more work by individuals to keep the build in
+    good state, but less work overall for the team.
+
+- Be **specific**, **respectful** and **courteous**
+  - Disagreements are welcome and encouraged, but don't use broad
+    generalizations, exaggerations, or judgement words that can be taken
+    personally. Consider other people’s perspective (including the wide range of
+    applicability of Istio). Empathize with our users. Focus on the specific
+    issue at hand, and remember that we all care about the project, first and
+    foremost.
+  - Emails to the [mailing lists](CONTRIBUTING.md#contributing-a-feature),
+    document comments, or meetings are often better and higher bandwidth ways to
+    communicate complex and nuanced design issues, as opposed to protracted
+    heated live chats.
+  - Be mindful of the terminology you are using, it may not be the same as
+    someone else and cause misunderstanding. To promote clear and precise
+    communication, please define the terms you are using in context.
+  - See also the
+    [CNCF Code of Conduct](https://github.com/cncf/foundation/blob/master/code-of-conduct.md)
+    which everyone must abide by.
+
+- Raising issues is great, suggesting solutions is even better
+  - Think of a proposed alternative and improvement rather than just what you
+    perceive as wrong.
+  - If you have no immediate solution even after thinking about it - if
+    something does seem significant, do raise it to someone that may be able to
+    also think of solutions or to the group (don’t stay frustrated! Feel safe
+    in bringing up issues)
+  - Avoid rehashing old issues that have been already resolved/decided (unless
+    you have new insights or information)
+
+- Be productive and **happy**, and most importantly, have _fun_ :-)