Governance in the Year of the Tiger
Gong Xi Fa Cai! In this Year of the Tiger, I would like to start off my thoughts on Governance. I was invited to moderate a panel in July last year, and I asked the panellists why they felt that good governance, at business, corporate and government level is important. At foundation, good governance practices can decrease fraud and scandals that affect stakeholders. There are virtues of being an sustainable company and that relates to returns. A business that has its eye on sustainability makes strategic planning considering impact on stakeholders, society and environment and takes steps to mitigate harm. In studies, countries that have done the same have outperformed countries that do not practice the same level of governance. All good. We know why sustainability is important, and that good governance is part and parcel of one's sustaining power. But how do you govern for such performance? What are the building blocks of governance, I asked? The answers were eye-opening....