1.Seminar 4 asked us to discuss the following title “This business school believes that ethical leadership is impossible in a shareholder-centered economy” through the point of view of four characters. Mike, a Kohlberg's 5th Stage Non-Consequentialist Deontologist (SoCMD) (Figure 1.) argued that ethical business behavior should be defined in a top-down structure and that ethical leadership should be reflected in this way through compliance with the corporate governance code and rules. ethics. Alfaraft AB has a duty to impose the Code of Conduct persistently on its employees and to maintain it as visible to the general public. The company talks about an ethical structure but it does not act on it, rather it is there out of necessity and for marketing purposes. He argues that the company should not manipulate employees for its own ends, as Alfaraft AB did with Anna by transforming her from a utilitarian into a follower of selfishness who thirsts for bonuses and, ultimately account, as a member of management, she embraces her desire to “get rich quick”. » message to his subordinates. According to him, an ethical leader should encourage employees to adhere to standards imposed throughout the company in a transparent manner from the highest levels of the company. Ultimately, he considers that Alfaraft AB does not believe that ethical leadership is possible, hence his participation in the protest against the company. Jan, the consequentialist utilitarian from the 6th stage of Kohlberg's SoCMD (Figure 1.) argues that ethical leadership is possible. in a shareholder-centric economy by demonstrating through business success that it rewards its local shareholders while doing business ethically and, furthermore, devoting employees' working hours to charitable causes. .... middle of paper ......le from: doi: I 10.1007/s11356-013-1528-x [Accessed November 8, 2013]; Vassilikopoulou, A., Siomkos, G., Chatzipanagiotou, K. and Pantouvakis, A. 2009. Product damage crisis management: does time heal all wounds?. Journal of Retailing and Consumer Services, 16 (3), pp. 174-180; Werhane, P. 1998. Moral Imagination and Management Decision Making. p. 76 New York: Oxford University Press; Wilson, J. 2013. Gabriel Resources threatens action against Romania over gold mine. Financial Times, [online] September 9. Available at: http://www.ft.com/cms/s/0/695287f4-1960-11e3-83b9-00144feab7de.html#axzz2kq0ZYzzX [Accessed November 16, 2013]; Zaharia, I. 2010. Business Ethics in Third Countries of the World. A representative case from Romania: Roşia Montana. BRAND. In-Depth Research in Accounting, Trading and Distribution, 1 (1), p. 1-7 Available from: doi: ISSN 2067-8177 [Accessed: November 8 2013].