corporate governance essay conclusion

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18 Conclusions on Good Governance: Concept and Context

• Published: April 2019
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Good governance is a legal concept and a cornerstone of the modern state and presented in the book as the third cornerstone of a modern stone (alongside the rule of law and democracy). We concluded in relation to the development of the concept of good governance in part I that principles of good governance can only be legal principles when they have been somehow codified legal effect. The good governance principles became more concrete by enumerating six groups of principles (properness, transparency, participation, effectiveness, accountability, and human rights) which are found in many documents of national, regional, and international context. From the legal theory approach on good governance we discussed the character of these principles. In part II we specified the principles of good governance and starting with the principle of properness, which has also been developed under the name of the principle of natural justice. The second, the principle of transparency, is connected to the principle of participation which both have roots in the concept of democracy. The principles of effectiveness and accountability both have a relationship to the institutional structure and functioning. The last principle is the human rights principle which is linked to the rule of law but also to democracy. Several principles of good governance were already developed in regulations and in codes which are the building blocks for the development of the right to good governance. The implementation of good governance and the comparison between countries were explained in Part III. After that, the regional level was discussed—the European Union and the Council of Europe were chosen as models as far as it was comparable. The last chapter was about the implementation on the international level.

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Corporate Governance and Corporate Social Responsibility Essay (Critical Writing)

Introduction.

Corporate social responsibility (CSR) is a form of corporate self-regulation incorporated into the business, which functions as an instrument by which a corporation examines and ensures its active conformity with the provisions of the law, ethical norms, and global practices.

The main role of social initiatives is to uphold responsibility and promote a positive impact through its conduct towards the environment, customers, staff, the immediate community, and all members of the public domain (Pearce & Robinson, 2011). In addition, CSR actively promotes the community’s growth and development, and eradicates norms that harm the public, irrespective of legality.

Although there is no single universally accepted definition of CSR, it can be summarized as the intentional inclusion of public interest into corporate decision-making processes, and the honoring of the three corporate pillars: people, planet, and profit.

CSR ensures that a corporation goes beyond its normal requirements so as to handle staff with dignity, operate with integrity and ethics, respect human rights, sustain the environment for future generations, and be responsible in the community (be a good ‘corporate citizen’).

A study conducted by the Fleishman –Hillard in association with the National consumers League came up with the following results regarding the importance of CSR:

From the table, it is evident that CSR programs are very important towards communities and the corporation’s staff.

On the other hand, corporate governance generally refers to the rules, processes, or laws by which corporations are managed, regulated and controlled, and can refer to the internal processes agreed upon by the officers, stockholders or constitution of a corporation, as well as external forces such as consumer groups, customers, and government directives (Brown and Dacin, 1997, pp. 81).

A fundamental theme of corporate governance is the nature and extent of responsibility and accountability of specific individuals in the corporation’s hierarchy, and mechanisms that attempt to eliminate or mitigate the problems that arise due to a lack of corporate governance (Freeman and Jeannen, 1991, pp. 122).

A clearly defined and implemented corporate governance provides a structure that benefits all stakeholders and ensures that the corporation holds onto standard ethical norms and best practices in addition to the formal laws.

Their has been a recent focus on corporate governance among international firms due to the high-profile scandals involving misuse of corporate power that have at times led to the collapse of these corporations. Some of these corporate scandals include the Enron Corporation scandal of 2001 and MCI Inc (previously WorldCom) scandal.

The scandals led to the collapse of these corporations and reminded governments and corporations of the significance or corporate governance. A primary element of corporate governance includes provisions for civil or criminal prosecution of staff who are found guilty of unethical and/or illegal activities due to the power bestowed upon them by the corporation (Gobe, 2002, pp. 12).

Both corporate governance and corporate social responsibility are becoming increasingly important to organizations, governments, and service providers as they strive to meet the challenges of social and economic problems while altering welfare environments and this can be attributed to a number of factors, economic, social, cultural, and legal, and so on.

However, progress in these two areas is often hampered by the fact that the fields are under researched even as corporations face new demands to improve their accountability, transparency, integrity and ethical behavior while observing the interests of its staff and that of the general public (Pearce & Robinson, 2011, pp. 5).

The paper will present a critical analysis of factors that have led many international firms to focus on corporate social responsibility and corporate governance in recent years.

Factors that have led to the increase of Interest in corporate social responsibility and corporate governance

Economic factors.

The importance of corporate governance lies in its contribution both to the success of the business and to accountability. Companies that have embraced corporate governance, mostly public companies, are today regarded as the most accountable companies.

They make their trading results public, and they are required to disclose as much information as possible about their dealings, relationships, remuneration and government arrangements. The importance of accountability was evident in the prosperity made by Cadbury Inc.

However, business prosperity cannot be forced or commanded, it requires the collective contribution of people through teamwork, effective leadership, enterprise, experience and skills (Cochran and Wood, 1984, pp. 43).

There is no single strategy for bringing these elements together, and it is risky to encourage the notion that rules and regulations on structure will automatically deliver success. On the other hand, accountability must be accompanied by rules and regulations, in which disclosure is the central facet.

Therefore, since corporate governance emphasizes on accountability, an international corporation or business will be able to bring together the above-mentioned elements to ensure prosperity in its operations in various locations around the world (Pearce & Robinson, 2011, pp. 122).

Rules and regulations instituted by the committee at the home country are relayed across all divisions, branches and franchises around the world and this results in success in these individual locations, and of the international organization in general.

Besides, good corporate governance can considerably reduce malpractice and fraud in an organization, although it cannot totally eliminate them.This reduces financial losses incurred by the organization whenever such malpractices occur.

A final economic factor that has made international organization increase their interest in corporate governance is related to confidence among investors.

Logically, a very small number of investors will be attracted to an organization that offers weak investor protection, however, for an organization that embraces corporate governance, investor confidence levels are up and this has the potential of attracting investors and raising extra cash through activities such as public listing, sale of shares, stocks, debentures, and so on (Cooper, 2004, pp. 76).

In a similar fashion CSR is of great importance to the economic success of any business organization, be it local or international. CSR not only involves doing the right thing(s), it entails responsible conduct, and also dealing with suppliers, distributors and other constituents of the supply chain network who do the same.

When a corporation implements CSR programs, then this can become known by the customers, suppliers and the local community.

This publicity can contribute significantly to the business in terms of winning contracts. Besides, customers often want to buy from corporations and businesses that are responsible in the way they treat them and in general those corporations that conduct their activities in in an ethical manner as dictated by the CSR policies.

Some clients do not only prefer to deal with responsible corporations, they insist on it (McWilliams and Siegel, 2000, pp. 608). For instance, the Co-operative Group, a consumer co-operative in the UK, attaches a significant importance on its CSR and publishes in depth reports on its performance on a wide range of measures, from animal welfare to the quantities of salt in its pizzas.

And in a study conducted in 2001 by Hill & Knowlton/Harris Interactive showed that 79 per cent of US citizens take into account CSR practices in their decision to buy from a given company. Overall, 36 per cent of those interviewed believe that CSR is a primary factor in deciding to buy a product.

Indeed, 91 per cent of the respondents said that they will switch loyalty to another company if the company has a negative image (Gobe, 2002, pp. 96). In another study conducted by The Aspen Institute Initiative for Social Innovation through Business among students, more than 50 per cent of the respondents said that they would quit their positions if the corporation did not support their values.

In conclusion, CSR programs increase a company’s sales turnover and thereby increases the returns on investments (ROI) besides improving cash flows. Therefore, corporations that implement CSR programs achieve more economic growth and become more competitive in the rapidly changing international business environment (Herremans et al. 1993, pp. 689).

Social factors

The importance of effective CSR strategies and corporate governance in the social spheres cannot be overemphasized. The role that businesses can play in the development of society is very important, and has been underestimated at times.

In fact, the activist community has been very instrumental in pushing organizations to implement CSR programs and corporate governance, and most of these programs are implemented with an aim of improving the organization’s image in the eyes of the public.

In other words, businesses and organizations introduced CSR reports and programs to reduce the damage inflicted on their activities and reputation by attacks from activist social groups who benefitted from 24-hour news media that mainly focus on corporate misconducts.

While, on one hand, this makes a captivating news item, it puts pressure on corporations to give back part of their wealth to society in return for what they have obtained from it (McWilliams and Siegel, 2000, pp. 608). Hence, it not just important for organizations to make profits, the way the profit is made and how it is used is a deep concern for social activists and the general public (Pearce & Robinson, 2011, pp. 75).

An organization must not be seen to be engaging in unethical or illegal practices in any area of its operations such as market conduct, trade policies, staff relations, obtaining raw materials, human rights, and environmental laws.

Whenever any of these offences are detected or observed in any organization, the activists put pressure on them through various forms of media and other channels such as boycotts, sabotage, and protests (Burke and Logsdon, 1996, pp. 501).

Therefore, in implementing CSR programs, a company aims to improve its image and this results into numerous advantages such as increase in sales of the organization’s products and the ability to attract and retain competent staff.

Indeed, a study conducted in 2008 by the Grant Thornton Grant Thornton International Business Report (IBR) revealed the desire to recruit and retain staff is one of the major drivers of CSR as shown below.

CSR also help a corporation differentiate itself by creating a strong corporate brand through CSR programs. Even among competitors, CSR can be significant in helping a corporation stand out. For instance, Wal-Mart, an international corporation, is famous as a business owned by its workers. Its CSR activities are directed to customer service, sales and profits.

Corporate governance also has a similar effect of improving the company’s image in the eyes of the public. The primary role of corporate governance is its transparency and accountability principles. An advantage of corporate governance is that its benefits, or the outcome of failing to implement it, can be assessed and measured by the public.

For instance, when Enron Corporation failed to fix poor financial reporting and a lack of conformation to standard accounting principles, the outcome was evident to all: the bankruptcy of the corporation. On the positive end, companies such as Coca Cola have continued to win public support due to their strong corporate governance policies (McWilliams and Siegel, 2000, pp. 607).

Legal Factors

Another reason for the increasing interest of international corporations in corporate governance and CSR is the need to conform to legal provisions and requirements. Central and state labor offices investigate compliance with all matters pertaining to employment such as wages, working conditions, working hours, discrimination, child labor and other human rights violations, and so on (Linton et al, 2004, pp. 230).

Other authorities also investigate issues pertaining to the environment with respect to the operations of the operations such as environmental pollution and degradation, use of toxic substances in the manufacture of products meant for human consumption, use of non-biodegradable materials, and so on.

These organization fine companies found to be flouting any rules, and in serious situations, such organizations can be shut down temporarily or permanently (Herremans et al. 1993, pp. 704). Other punishments may include profit disgorgement from firms found to be selling goods obtained from corporations that do not comply with the legal requirements.

However, implementing and monitoring CSR programs and corporate governance policies can be significant in helping a corporation comply with the various regulatory requirements, especially in an international market where the management may not have adequate information regarding the requirements.

Implementing a CSR aimed at ensuring that staff works in humane conditions and the wages equal or exceed the minimum wage requirements. Such a move can ensure that the firm does not violate legal requirements relating to these issues (Pearce & Robinson, 2011, pp. 56).

Other business processes that may lead to legal action against the corporation include the failure to have an effective Foreign Corrupt Practices Act compliance program and this may result into investigation and if found guilty, the corporation may be fined millions of dollars.

Insufficient knowledge of the corporation’s supply chain may result in the use of an unauthorized contractor, leading to hefty fines. Besides, corporations that do not sufficiently monitor suppliers’ product safety systems can be sued (Brown and Dacin, 1997, pp. 75).

With a strong CSR program that is employee focused in place, legal actions relating to staff discrimination, abuse, or issues relating to wages can be mitigated.

A customer and environment oriented CSR program can lead to an improvement of product safety and use of green technologies in manufacturing processes that ensure environmental protection and compliance to environmental laws both at home and in international locations.

Similarly, corporate governance policies can result in transparency regarding the corporation’s handling of issues relating to staff, production methods, supply chain processes, and so on.

This may result in a review and evaluation of these policies by external persons and bodies and this may assist a corporation in identifying areas that have not conformed to the legal provisions in the country of operation (McWilliams and Siegel, 2000, pp. 607).

Cultural Factors

The influence of culture in setting CSR programs and corporate governance policies is considerable. International corporations such as Bayer AG are known for having a culture of corporate citizenship dating back more that a century ago.

For example, the company has supported community sporting activities since the early 20 th century, the most evident of these activities is its supporting of Bayer 04 Leverkusen soccer club, which it has supported since 1904 to date. Bayer AG has continued with its corporate citizenship activities through the support of disabled athletes, evident during the Beijing Olympics in 2008 (Bayer, 2011, para. 3).

Cultural influence to implementing corporate citizenship policies are seen when a corporation moves into a country or community where specific aspects of business operations and values are observed.

For example, when Coca Cola began production of its products in the Saudi Arabian market in 1988, it had to conform to the Muslim ways of doing business and in the process, embraced CSR activities aimed at fulfilling its corporate citizenship objectives (McWilliams and Siegel, 2000, pp. 605).

These shifts included the use of decently dressed persons in its advertisements to reflect the Muslim tradition and use of halaal materials in its production processes. Incidentally, these activities represented people-directed CSR activities in respect of their tradition and culture. The company also embraced corporate governance principles such as ethical and transparent accounting procedures.

Both corporate governance and corporate social responsibility are very important towards the overall success of a business entity operating in numerous countries. These two aspects of large organizations are important in a number of business processes and can be used as marketing, tools.

Economically, corporate governance enables firms to bring together elements of business success such as teamwork, effective leadership, enterprise, experience and skills. Besides, good corporate governance can considerably reduce malpractice and fraud in an organization and improve investor confidence. Customers other groups in the supply chain network prefer to deal with companies that embrace CSR.

Socially, in implementing CSR programs and embracing corporate governance, a company can improve its public image and this results into numerous advantages such as increase in sales of the organization’s products and the ability to attract and retain competent staff.

CSR and corporate governance are important in legal spheres as they ensure that a corporation conforms to the legal requirements in the country if operation regarding wages, workplace conditions, discrimination, environmental issues, product manufacturing processes, and supply chain networks, among others.

CSR and corporate governance can also be of importance in conforming to the culture and traditions of a community, or the country in general.

Bayer. (2011). Social Initiatives: Working on behalf of a better life . Web.

Brown, T. J., and Dacin,. P. A. (1997). The Company and the Product: Corporate Associations And Consumer Product Responses. Journal of Marketing , Vol. 61, No. 1, pp. 68-84.

Burke, L., and Logsdon, J. M. (1996). How Corporate Social Responsibility Pays Off. Long Range Planning , Vol. 29, No. 4, pp. 495- 502.

Cochran, P. L., and Wood, R. A. (1984). Corporate Social Responsibility and Financial Performance . The Academy of Management Journal , Vol. 27, No. 1, pp. 42-56.

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Freeman, R. E., and Jeannen, L. (1991). Corporate Social Responsibility: A Critical Approach . OH: Business Horizons.

Gobe, M. (2002). Citizen Brands . New York: Allworth Press.

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Linton, A., Liou, C. C. and Shaw, K. A. A (2004). Taste of Trade Justice: Marketing Global Social Responsibility via Fair Trade Coffee. Globalizations, Vol. 1, No. 2, pp. 223-246.

McWilliams, A., and Siegel, D. (2000). Corporate Social Responsibility and Financial Performance: Correlation or Misspecification? Strategic Management Journal , Vol. 21, No. 5, pp. 603-609.

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IvyPanda. (2023, December 20). Corporate Governance and Corporate Social Responsibility. https://ivypanda.com/essays/corporate-governance-and-corporate-social-responsibility-critical-writing/

"Corporate Governance and Corporate Social Responsibility." IvyPanda , 20 Dec. 2023, ivypanda.com/essays/corporate-governance-and-corporate-social-responsibility-critical-writing/.

IvyPanda . (2023) 'Corporate Governance and Corporate Social Responsibility'. 20 December.

IvyPanda . 2023. "Corporate Governance and Corporate Social Responsibility." December 20, 2023. https://ivypanda.com/essays/corporate-governance-and-corporate-social-responsibility-critical-writing/.

1. IvyPanda . "Corporate Governance and Corporate Social Responsibility." December 20, 2023. https://ivypanda.com/essays/corporate-governance-and-corporate-social-responsibility-critical-writing/.

Bibliography

IvyPanda . "Corporate Governance and Corporate Social Responsibility." December 20, 2023. https://ivypanda.com/essays/corporate-governance-and-corporate-social-responsibility-critical-writing/.

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More From Forbes

Ensuring verified outcomes in corporate acceleration for esg and venture ecosystem impact.

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Ian Wilding is the CEO of Hangar 75 , a Global Venture Accelerator committed to sustainable impact.

In an era where corporate acceleration programs are increasingly heralded as engines of innovation and sustainability, governing boards are tasked with a dual imperative: to validate and amplify their impact on both ESG initiatives and the venture ecosystem at large. This unified approach to oversight necessitates a rigorous framework for measuring and verifying all claims of positive outcomes, ensuring that these programs not only aspire to transform but also do so with measurable, tangible benefits.

Based on my experience working with some of the most innovative and forward-thinking accelerators, and my lean toward outcome measurement, this article encapsulates a comprehensive strategy for governing boards to ensure their corporate acceleration programs deliver real value, fostering both sustainable development and a thriving venture ecosystem.

Crafting A Unified Framework For Impact Verification

Establish comprehensive impact objectives.

Begin by setting clear, holistic objectives that encompass both ESG goals and venture ecosystem enhancement. These objectives should be specific, measurable, achievable, relevant and time-bound (SMART) to allow for transparent benchmarking of progress.

Ibotta IPO Reportedly Raises 577 Million Above Marketed Range

What's next for bitcoin prices after their latest pullback, innovationrx legislation could prevent pharma companies from working with chinese contractors, implement rigorous measurement and verification processes.

Utilize a blend of quantitative and qualitative metrics to assess outcomes. This includes adopting established ESG metrics and creating bespoke indicators for venture ecosystem health, such as startup growth rates, innovation contributions and employment generation. Engage independent third parties for objective verification of these outcomes to add an additional layer of credibility and transparency.

Embrace A Culture Of Transparency And Continuous Learning

Make a commitment to openly share the successes, challenges and lessons learned from acceleration programs. This transparency can not only build stakeholder trust but also cultivate an environment where continuous improvement is valued over mere compliance. To effectively share these insights, boards can leverage annual reports, dedicated sustainability sections on their websites, and regular stakeholder briefings. Hosting roundtable discussions and webinars with investors, community leaders and industry experts can further enhance this dialogue. Incorporating feedback loops where stakeholders can respond to and critique the program's outcomes ensures a more engaged and dynamic exchange of ideas.

Foster Collaborative Ecosystem Engagement

Actively engage with all stakeholders, including startups, investors, industry experts and NGOs, to gather diverse perspectives on the program's impact. To facilitate meaningful engagement, consider conducting structured feedback sessions, utilizing surveys to collect quantitative data on program effectiveness, and hosting innovation showcases where startups can present their progress and hurdles. Questions to ask could range from "how has the program helped in overcoming your biggest challenges?" to "what changes would make our support more effective for your growth?" Engaging through social media platforms and interactive online forums can also widen the scope of conversation and participation.

Prioritize Adaptive Strategy And Management

Recognize that the landscape of innovation and sustainability is ever-evolving. Governing boards should ensure that acceleration programs are flexible to allow for strategic pivots in response to new insights or shifts in ecosystem dynamics.

Navigating Potential Pitfalls With Diligence And Integrity: Avoiding Greenwashing And Overestimation

Guard against the temptation to make unfounded claims about social sustainability or ecosystem benefits. Rigorous verification of impact is essential to maintain credibility and genuine progress.

Mitigating Negative Outcomes

Be vigilant about the potential for negative impacts on the venture ecosystem, such as stifling competition or innovation. Implement safeguards and monitoring processes to promptly address and rectify such issues.

Ensuring Alignment With Corporate Strategy

Ensure that both ESG initiatives and venture ecosystem support are deeply integrated into the broader corporate strategy to align them with long-term goals and values. Practical steps to achieve this alignment include the development of a cross-functional steering committee that includes leadership from various departments—such as R&D, marketing and finance—to ensure a holistic integration of the acceleration program's objectives with corporate strategy. Regular strategy sessions that involve reviewing program outcomes against corporate objectives can help with adjusting tactics to better serve overarching goals. Also consider implementing a balanced scorecard that includes ESG and venture ecosystem metrics alongside traditional financial metrics to guide strategic decision-making and performance evaluation.

Key Questions For A Unified Approach To Governance

In my experience, there are a set of key questions governing boards should routinely ask:

• How do our corporate acceleration programs align and contribute to our overarching ESG and venture ecosystem objectives?

• What systems do we have in place to measure, verify and report on the impact of these programs across both dimensions?

• How are we engaging with external stakeholders to validate and enhance the impact of our initiatives?

• What lessons have we learned, and how are we applying these insights to continuously improve our programs?

• How do we ensure our programs remain adaptable and responsive to changing needs and challenges in sustainability and the venture landscape?

In charting the course for corporate acceleration programs, governing boards face the complex yet rewarding task of driving meaningful change. By adopting a unified approach to verifying outcomes in ESG initiatives and venture ecosystem impact, boards can ensure that their corporations not only pledge to be forces of innovation and sustainability but also fulfill these promises with integrity and evidence.

This commitment to verified, positive outcomes can not only bolster corporate reputation and stakeholder trust but also contribute significantly to the broader goals of sustainable development and a resilient, dynamic venture ecosystem. Through diligent oversight and a strategic, evidence-based approach, governing boards can lead their corporations to not just participate in the market but also meaningfully improve it for future generations.

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Petition wants a 1980 baseball player on the roster for 1 day to qualify for pension

AILSA CHANG, HOST:

What if you were just one day short of qualifying for a pension? Well, that is what happened to Major League Baseball player Gary Cooper. The 67-year-old Savannah, Ga., native spent 42 days on the Atlanta Braves roster in 1980, and that is just one day short of qualifying for an MLB pension. Now an online petition is asking the Braves to put him on the roster for one more day so he can qualify. Georgia Public Broadcasting's Peter Biello reports.

PETER BIELLO, BYLINE: Gary Cooper was playing with the minor league Savannah Braves in 1980 when he got the call he'd been dreaming of. Pack up, his coach said, because the Atlanta Braves need you in Pittsburgh.

GARY COOPER: I was so excited when I got there, I end up in the wrong locker room. From then on, it been real wonderful ride.

BIELLO: That wonderful ride amounted to 42 days on a major league roster. After that season, he returned to the minors and retired without ever getting back to the big leagues. And when he applied for a pension, he got disappointing news.

COOPER: They reached back to me and said I didn't have enough days.

BIELLO: After his baseball career ended, he floated from job to job. For the past four decades, he's had trouble making ends meet. Sometimes he was unsheltered. He's now living with his niece and working for a landscaping company owned by Robert Jonas.

ROBERT JONAS: I think Gary's situation is kind of falling through the cracks.

BIELLO: One day, Jonas and Cooper talked about his pension woes as they road to a landscaping job.

JONAS: And, you know, he made mention of it again. You could see that was weighing on him pretty heavy. And I told Gary, I said, Gary, I'll help you out any way possible.

BIELLO: He connected Cooper with an attorney who asked MLB and the Players Association to make an exception - denied. The lawyer appealed - denied again. The last option, as Jonas sees it, is for the Atlanta Braves to give him another day on the roster.

JONAS: It's been done before. It's in the history books. It can be done again.

BIELLO: In 1968, the Braves signed 62-year-old pitcher Satchel Paige to help him get his pension. Jonas launched a Change.org petition to ask the Braves to do the same for Gary Cooper, who says he could coach.

COOPER: I ain't got the speed like I used to, but everything else in order.

BIELLO: The Braves have not yet said whether they'd take him on, and it's not clear how much his pension would be. One estimate puts it at about 500 bucks a month, and Cooper says any amount would help.

MARY LOUISE KELLY, HOST:

Peter Biello reporting. Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.