Most people would, if asked, agree that good governance is an essential prerequisite for sustainable corporate success.
That’s easy to say: but what does good governance actually look like? Unlike good art, which is hard to de ne but easy to recognise, good governance is hard to de ne and hard to recognise.
It’s hard to de ne because governance is all about behaviours; and behaviours – whether individual or collective – are hard to reduce to a coherent framework connecting a small number of factors.
It’s hard to recognise – at least for the outside observer – because much of it takes place behind closed doors in the boardrooms and executive suites of companies. As a result, outsiders are reduced to observing consequences rather than the actual workings of the governance framework.
This poses a fundamental problem for stakeholders – investors, employees, pension fund bene ciaries or members of the general public – because they have a vested interest in good governance but lack the tools and insights to measure and in uence it.
Most people would, if asked, agree that good governance is an essential prerequisite for sustainable corporate success.That’s easy to say: but what does good governance actually look like? Unlike good art, which is hard to de ne but easy to recognise, good governance is hard to de ne and hard to recognise.It’s hard to de ne because governance is all about behaviours; and behaviours – whether individual or collective – are hard to reduce to a coherent framework connecting a small number of factors.It’s hard to recognise – at least for the outside observer – because much of it takes place behind closed doors in the boardrooms and executive suites of companies. As a result, outsiders are reduced to observing consequences rather than the actual workings of the governance framework.This poses a fundamental problem for stakeholders – investors, employees, pension fund bene ciaries or members of the general public – because they have a vested interest in good governance but lack the tools and insights to measure and in uence it.
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