Since the introduction of the code in April 2002 to the period covered by the ICC annual report of 31 March 2004, the number of players found guilty of such offences has dropped from 52 to 34.
Speed said the spirit of cricket is reasserting its place in the game with the ICC's drive starting to bear fruit.
"The spirit of cricket starts with the players out on the field and in the second full year of operation of the new ICC code of conduct, I believe we have started to witness positive progress," Speed said in the ICC annual report 2003-04.
"The new code is stronger, simpler and fairer. After consultation with the players' associations, it introduced a set of guidelines to sit with each offence to provide clearer examples of what was not acceptable.
"Looking ahead the two areas that we are most keen to address are the consistent application of the code's penalties and the continued reduction of incidents of dissent which undermine the unique spirit of our sport," he was quoted as saying by a press release issued by ICC.
Speed also welcomed the increased involvement of players and their representatives in the decision-making process.
"The involvement of players in the decision-making process is of paramount importance to the ICC," he added.