A code of conduct is not there to protect powerful people. It's not there to browbeat people into being absolutely politically correct 100% of the time either.
A code of conduct is something you put together so that everyone involved in the initial organization look at it once, and say "yep, I'm dealing with reasonable people here" and 99.999% of the time you don't have to look at it again because you've established from the start the type of people you're dealing with and they attract others that share the values.
Then once in a blue moon someone does something awful and you pull it out and kick them out.
Pete Forde was pretty "powerful" in the Ruby community and I don't exactly see him leading conferences or introducing people to Tobi anymore.