The participation in the company is a longstanding issue, which concerned from the ethical perspective and from human resources perspective; however, the interest about the participation in companies is not usually reinforced with the fundamentation reflection. In this paper, we study the participation not only from the ethical perspective, but also from the governance perspective. New theories that are alternative theories to those based on Property Rights, such as the Stakeholder Theory or Multifiduciary Theory enable a new way of understanding the involvement of different actors that compose the company. The paper, at first, analyzes the theoretical basis of participation, and then is focus on Freeman’s Stakeholders’ management model, finishing with an approach to ethical leadership; but before to finish the nongobernance problems and the Goodpaster paradox are analyzed.