FREE BOARDS AND BEYOND VIDEOS VS PAID DRIVERS
Align strategy and capital allocation with drivers of long-term value creationīoards must align their strategic and particularly capital allocation priorities with key drivers of long-term value creation. We see six inter-related areas requiring heightened Board stewardship in particular:ġ. If stakeholder capitalism is to be more than an optimistic vision, it will require this integration to become better defined in operational and governance terms and such practices adopted in widespread fashion by Boards. The leadership imperative for Boards and their executive teams as they emerge from crisis management is to translate these general principles into specific practice. As such, they need to be more fully integrated into the governance, strategy and operations of companies rather than segmented and de facto subordinated as matters of corporate social responsibility, as they traditionally have been. Coming on top of recent protests about inequality, injustice and climate change, #MeToo scandals, air, water and climate-related production and financial losses, employee health and safety disasters, trade war-related supply chain disruptions, cyber-security breaches and growing concerns about personal data privacy and ownership, and skilled-worker shortages and immigration restrictions that companies have faced in many countries, this crisis should eliminate any doubt in boardrooms that ESG&D factors have the potential to destroy substantial value in short order or even threaten the viability of a business. The substantial economic contraction triggered by the current global public health crisis is the latest example of the heightened materiality of ESG&D factors in our more interconnected and interdependent world. This is eroding the traditional distinction between a shareholder primacy model of corporate governance focused on financial and operational risks and opportunities, on the one hand, and a stakeholder-driven model of corporate responsibility and citizenship focused on environmental and social risks and opportunities, on the other. In particular, these changes have rendered environmental, social, governance and data stewardship (ESG&D) considerations substantially more material to the fundamental purpose of companies – sustainable value creation. Since the beginning of the century, major technological, environmental, geopolitical and socioeconomic changes have been transforming the expectations and operating context of business, compelling a re-examination of corporate governance principles and board practices. This agenda is relevant for any Board or company that is serious about absorbing the deeper lessons of the current crisis for their firm and translating the principles of stakeholder capitalism into practice. What does this mean in practice? We outline a six-point Leadership Agenda for corporate Boards that we believe will be essential for ensuring their companies’ longer-term competitiveness and resilience as well as addressing some of the systemic societal challenges that have been thrown into sharp relief during the pandemic. And, it has highlighted companies as stakeholders themselves with an intrinsic interest in and shared responsibility for the resilience and vitality of the economic, social and environmental systems in which they operate. It has dramatically underscored the need for firms to engage proactively and systematically with diverse stakeholders, both internally and externally.
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The pandemic has put people’s lives, livelihoods and learning at the center of the public policy and business response in almost every country and industry sector. The Covid-19 crisis is accelerating a shift toward a more integrated approach to corporate governance that has been gathering force for some time.