This study examines the association between the number of women directors on a company's board of directors and the company's appearance on Ethisphere Magazine's ‘World's Most Ethical Companies’ list. This research extends the work of Bernardi et al. (2002) on female directors in Fortune 500 companies and Bernardi et al. (2006) dealing with the association between female representation on corporate boards of directors and Fortune's 100 ‘Best Companies’ list. We found that having a higher percentage of women on the board of directors of a Fortune's 500 company associated with the corporation being listed on Ethisphere Magazine's ‘World's Most Ethical Companies’ list.