Globally, a range of new schooling accountabilities have created a complex and often contradictory context in which school leaders work. For principals of low socio-economic status (SES) and disadvantaged schools, they must balance the accountability, performance and reporting requirements against the other needs of their communities. These tensions require new ways of rethinking leadership in the current educational context. This article draws on the work of Foucault, particularly the notions of power and counter-conduct, to examine the case study of one principal in a very low SES school as she negotiates her way through these new schooling accountabilities. This case study illuminates the importance of leadership as a form of counter-conduct through the constitution of the principal as a political subject or form of advocacy leadership. (Contains 3 notes.)