One of the greatest challenges for any business owner is navigating ethical issues in business. Whereas some ethical issues in business are covered by laws, the requirements around others are more murky. Corporate personnel are expected to behave within applicable laws, regulations, and ethical custom. They are also to adhere to the ethics and governance guidelines laid down by boards of directors whose role is to supervise the corporate governance process Philosophers have been dedicated to the study of ethical behavior for millennia. The ideas, concepts, and principles they have developed have long been recognized as important touchstones for the assessment of corporate and personal activities. The ethicality of the strategies and actions of corporations and individuals cannot be left to chance. Consequently, the Board of directors and executrves need to be aware of ethical parameters and need to build these into the cultures of their organization. Criticall analyse the above account of TEPCO Company's corporate disaster using the relevant theories of Corporate Governance and discuss in details the relevant steps TEPCO would seek to regain its image in Fukushima community and the nation at large.