Corporations have experienced significant transformation from the traditional model to the contemporary modus operandi. The term “corporate governance” has a widening of meaning, as the semantic evolution of the word usage, is referring to evolutions and progress in the micro and macro level variants of the corporation. According to this assumption, the external environment had a continuous influence to the corporate context since the progression of the economic, cultural and social living forms have structured the regulations and institutions across countries. The scope of this thesis is to analyze the importance of the corporate governance mechanism in the modern corporation with special reference to the leadership role including an initial survey in the Greek corporate environment, based on subordinate’s perception for ethical leadership. This survey takes into consideration the specific cultural values, related to leadership beliefs, behavior and moral perception. The role of corporate governance in modern corporations is influential because leadership values, integrity and ethical behavior create a trusting work environment and mutual respect, ensuring profitability and corporate sustainability.