Governance
The purpose of ‘good governance’, defined by Sir Adrian Cadbury in C
orporate
Governance and Chairmanship: A Personal View (2002) is: “…holding the balance
between economic and social goals and between individual and communal goals. The
governance framework is there to encourage the efficient use of resources and equally
to require accountability for the stewardship of those resources. The aim is to align as
nearly as possible the interests of individuals, the organisation and society.”
Ethics
A code of ethics is a formal declaration that acts as a guide for how individuals within
an
organization should
perform and make decisions in an ethical manner.
Approximately ninety percent of the F
ortune 500 firms, and roughly 50 percent of all
other firms, have ethical codes. Codes of ethics generally address issues such as conflict
of interest, behaviour toward opponents, confidentiality of information, gift giving, and
making political donations.
Social Impact
Social Impact Management is the term that is used to outline the research and
curricular sphere that exists at the juncture of business needs and wider societal
concerns
and that
reflects
their multifaceted interdependency.
Social impact
management is a way of thinking about many traditional business happenings that
accepts and scrutinises this mutual interdependence between business and society. It is
an acute part of any modern business curricular and research agenda because
increasingly, without a refined understanding of this interdependency, neither business
nor the society in which it operates can flourish.