Corporate Governance : The Foundation for Corporate Citizenship and Sustainable Businesses
Corporate citizenship - a commitment to ethical behavior in business strategy, operations, and culture - has been on the periphery of corporate governance and board leadership, linked mainly to corporate reputation. However, in today’s globalized a...
| Main Authors: | , |
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| Language: | English en_US |
| Published: |
Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/419711483692776758/Corporate-Governance-the-foundation-for-corporate-citizenship-and-sustainable-businesses http://hdl.handle.net/10986/25851 |
| Summary: | Corporate citizenship - a commitment to
ethical behavior in business strategy, operations, and
culture - has been on the periphery of corporate governance
and board leadership, linked mainly to corporate reputation.
However, in today’s globalized and interconnected world,
investors, creditors, and other stakeholders have come to
recognize that environmental, social, and governance
responsibilities of a company are integral to its
performance and long-term sustainability. Today, these
concerns help determine profits. For companies to operate
successfully and sustain growth, boards must incorporate
these new dimensions into their core decision making
processes. The global financial crisis has heightened the
need for corporate boards of directors to provide
well-informed strategic direction and engaged oversight that
stretches beyond short-term financial performance. A new
vision of business is emerging - one where a set of core
values, encompassing human rights, environmental protection,
and anti-corruption measures, guide the board’s oversight,
relationship with management, and accountability to
shareowners. Good corporate governance is the glue that
holds together responsible business practices, which ensures
positive workplace management, marketplace responsibility,
environmental stewardship, community engagement, and
sustained financial performance. For more publications on
IFC Sustainability please visit www.ifc.org/sustainabilitypublications. |
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