The year was 2003. I was a new Research Manager working in a Māori tertiary institution that had a history of inequitable treatment by government, through not receiving establishment funding that had gone unproblematically to non-Māori institutions. Repeating a common pattern in New Zealand, our government had decided to implement a research funding scheme, to be measured at the level of the individual academic. My institution’s decision to participate in the PBRF was not without its difficulties, and it is here that the ethics of participation become problematic. This chapter is about our ability to articulate our values, to show how we work these out in our practice, and how we are accountable to ourselves and others for that practice. Would I, with the benefit of hindsight, have encouraged my institution to enter the PBRF again?