The United Nations Security Council is at the centre of the international security system. However, even after several decades the Council has had only minimal changes in its basic structure and composition, despite the fact that the international environment has changed considerably. The opportunity provided by the end of the Cold War to revitalise the Council was coupled by increasing number of voices calling for reform of this extraordinary organisation. But reform has proved to be a very difficult thing to accomplish in the case of the Security Council. This paper looks at the issue of Security Council reform from the prism of the right of veto and the perspectives of the permanent members. It argues that although the attitude of the P-5 is not favourable for reform, it is not the only stumbling block in its way. The lack of consensus among the rest of the world has also a role in prolonging this issue over decades.