EXHIBIT 14


                                [GLATFELTER LOGO]

                             CODE OF BUSINESS ETHICS
                                       FOR
                 CEO AND SENIOR FINANCIAL OFFICERS OF GLATFELTER

         The guidelines published in Integrity - Our Code of Business Conduct
are applicable to all Glatfelter directors and employees. Glatfelter's Chief
Executive Officer ("CEO"), and all senior financial officers, including the
Chief Financial Officer "CFO", the Corporate Controller and the Treasurer, are
bound by the provisions set forth therein relating to ethical conduct, conflicts
of interest and compliance with law. In addition to the Code of Business
Conduct, the CEO and senior financial officers are subject to the following
additional specific policies:

1.       The CEO and all senior financial officers are responsible for full,
fair, accurate, timely and understandable disclosures in the periodic reports
required to be filed by the Company with the SEC. Accordingly, it is the
responsibility of the CEO and each senior financial officer promptly to bring to
the attention of the Disclosure Committee any material information of which he
or she may become aware that affects the disclosures made by the Company in its
public filings or otherwise assist the Disclosure Committee in fulfilling its
responsibilities.

2.       The CEO and each senior financial officer shall promptly bring to the
attention of the Disclosure Committee and the Audit Committee any information he
or she may have concerning (a) significant deficiencies in the design or
operation of internal controls which could adversely affect the Company's
ability to process, summarize and report financial data or (b) any fraud,
whether or not material, that involves management or other employees who have a
significant role in the Company's financial reporting, disclosures or internal
controls.

3.       The CEO and each senior financial officer shall promptly bring to the
attention of the Legal Department and the Audit Committee any information he or
she may have concerning any violation of the Company's Code of Business Conduct,
including any actual or apparent conflicts of interest between personal and
professional relationships, involving any management or other employees who have
a significant role in the Company's financial reporting, disclosures or internal
controls.

4.       The CEO and each senior financial officer shall promptly bring to the
attention of the Legal Department and the Audit Committee any information he or
she may have concerning evidence of a material violation of the securities or
other laws, rules or regulations applicable to the Company and the operation of
its business, by the Company or any agent thereof, or of violation of the Code
of Business Conduct or of these additional procedures.

5.       The Board of Directors shall determine, or designate the Nominating and
Corporate Governance Committee to determine, appropriate actions to be taken in
the event of violations of the Code of Business Conduct or of these additional
procedures by the CEO and the Company's senior financial officers. Such actions
shall be reasonably designed to deter wrongdoing and to promote accountability
for adherence to the Code of Business Conduct and to these additional


                                        2

procedures. They shall include written notices to the individual involved
explaining that the Committee or Board has determined that there has been a
violation. Such actions could include, but are not limited to, the demotion or
re-assignment of the individual involved, the suspension with or without pay or
benefits (as determined by the Board or its designee) and the termination of the
individual's employment. In determining what action is appropriate in a
particular case, the Board of Directors or such designee shall take into account
all relevant information, including the nature and severity of the violation,
whether the violation appears to have been intentional or inadvertent, whether
the individual in question has been advised prior to the violation as to the
proper course of action and whether or not the individual in question had
committed other violations in the past.

Approved by the Board: March 10, 2004

Version 1                                                             March 2004