In this paper, we examine cultural values that influence the leadership perceptions from a sample of 1140 managers in Sri Lankan organizations. Multivariate analysis such as regression, factor analysis and structural equation modeling was employed to explain leadership excellence. Trust and sustainability were found to be the most important ethical leadership characteristics with three distinct leadership perspectives—nurtured organization, good management and excellent leadership. Implications of this study suggest that trust, sustainability and loyalty should be emulated within a nurtured organization, and good management practice with less emphasis on morality should be emulated for developing HR capacity in Sri Lanka.