In order to assure that the people they line up for positions of power do good for all stakeholders, business schools should drastically revamp their admissions processes. Schools should make sure that they admit a larger proportion of individuals with the right values in the first place. In my book, a demonstration of ethical values is more important than brilliant academic and even professional credentials.
Admissions committees should check to see whether applicants have in the past demonstrated altruistic values in practice - on the job, in their personal activities, in contributions to valuable social causes, and in community service. In order to correctly assess this evidence, proper interviews and reference checks should be a must before any final admission decision.
Interesting article. I don't quite know how they'd check all this? More essays asking about an ethical decision you had to make? http://blogs.harvardbusiness.org/how-to-fix-business-schools/2009/04/make-ethics-an-admission-requi.html