Honourable man wasting time (5)
I believe the answer is:
moral
'honourable' is the definition.
(synonyms)
'man wasting time' is the wordplay.
'man' becomes 'm'.
'wasting time' becomes 'oral' (I am not sure about this - if you are sure you should believe this answer much more).
'm'+'oral'='MORAL'
(Other definitions for moral that I've seen before include "Relating to principles of right and wrong" , "Upright; message of fable" , "ethical principle" , "Pertaining to right and wrong conduct" , "Underlying significance of a story or event" .)