Ethical behavior is an important aspect for the success of a company, as it influences its relations with various stakeholders.Our study reflects how the efficiency of the board of directors influences the ethical behavior of companies. We conclude stating that the efficiency of the board of directors, ensured by a sufficient number of members, by the predominance of independent non-executive members would lead to an efficient supervision of the executives, impeding the management from acting towards the maximization of their own interests and acting non-ethically.