Leadership has a moral and ethical aspect. Ethical leadership is not only important because it leads to financial and strategic success for organizations, because it's the right thing for the greater good. Ethical Leaders analyze the decision making process firstly in terms of the long term implications and consequences, and thinking to incorporate the value system in the decision making process and making the process more viable and beneficial for the corporation and people. An ethical leader embodies the purpose and value of the company, people or society in which he/she works. An ethical leader stands out from the crowd and maintains strong ethics in professional and personal matters. An ethical leader performs best of his ability and enthuse energy to the subordinates to do the same. An ethical leader is open to all, honest and ready to face all kinds of situations and deal with all kinds of people. Ethical leaders led by examples and influence others and enthuse consistent energy to the subordinates that remains morally focused, determined and forthright. There are five pillars of ethical leadership namely, commitment, relevance, positive value, influence, and means -not ends. Ethical leaders also need to invest a lot of time in strategy, in working out how to get there. The ethical leaders have good at behaviour, respects others in organisation, transparent and fairness in working, ethical working behaviour, high standard for oneself and others. They work within the set of standard of behaviour and role model for their subordinates and influence by their sets of values through their work. They create an open conversation and working practice that encourages the sharing of ideas, knowledge and vision so that the benefits of the learning are shared. The paper examines the current ethical perspective of leadership. The purpose of this paper is to shed light on the construct of ethical leadership by reviewing the relevant literature. The aims of the paper include providing definitions for the construct of ethical leadership and describing an ethical leader's personality. Furthermore, the paper evaluates the major determinants of leader's ethical behavior in a modern organization. The research questions of the paper include: what are major personality characteristics of an ethical leader and what is his typical behavior? What is the leader's role in fostering followers' ethical behavior and how do followers perceive an ethical leader? This paper also provides the results from scarce empirical studies about ethical leaders and the followers' perception of ethical dimension in leaders. The structure of the paper reflects the purpose and follows the research questions.