This study deals with ethics in performance management of future industrial systems, as depicted by the Industry 4.0 principles. Industry 4.0, with its ad-vanced technologies, induces autonomous systems and data profusion, offer-ing thus scenarios putting ethics at stake. The aim of this paper is to discuss the way ethics can be incorporated in the performance (efficiency-effectiveness-relevance) triangle in order to mitigate the ethical risks associ-ated with the management of industrial systems of the Future. Depending on the situations, compromises between ethics and conventional perfor-mance criteria may be made, leading to a weak view of ethics, while a strong view of it does not admit any compromise. Companies that are aware of the urgent need to consider the ethics dimension in Industry 4.0, may imple-ment initiatives to improve their level of integration of ethics in performance management. This is the case of a bearing manufacturer, partner in this study, whose practice, based on the deployment of the CSR (Corporate So-cial Responsibility) framework, faces situations where the integration of eth-ics is urgent to consider. The conclusion of this study is that extending the (efficiency-effectiveness-relevance) triangle allows only a weak view of eth-ics and that it needs to be supported by operational tools which allow ethics to be taken into account systematically.