On most accounts present in the literature, the complex experience of shame has the injury to self-esteem as its main component. A major objection to this idea is that it fails to differentiate between shame and disappointment in oneself. I argue that previous attempts to respond to the objection are unsatisfactory. I argue further that the distinction should refer to the different ways the subject's self-esteem is formed. A necessary requirement for shame is that the standards and values by which (...) the subject judges himself are borrowed from a canon of values the subject accepts as a given. The proper focus of shame is the fact of conformity to that canon. Those agents who have a different conception of self-esteem and who freely set and alter their own values are prone to self-disappointment, but not to shame. (shrink)