A Review of Corporate Governance and Sustainability
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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In a society, businesses are important not only because of their financial impact but also because of how they contribute to society. Over the years, businesses have evolved so as to become more socially responsible and responsive to the needs and wants of their stakeholders. The various ways in which an organization runs its activities have an impact on the environment and this can be either positive or negative. Therefore because of this, every organization is faced with the duty of developing sustainable goals that will support the society indefinitely.
Currently, the legal sectors have enacted strict government regulations that will enable the companies to ‘go green’ as possible and support society. Today, corporate governance and Corporate Social Responsibility have become global concepts that necessitate organizations to be responsible for the effects of their actions on society. There has been a shift in the way organizations run or conduct their businesses from being profit-oriented to being more customer-oriented.
This paper explores corporate governance and sustainability and how corporate governance can adapt to the challenges and opportunities of sustainability, and it discusses the best practices and principles that can help companies achieve long-term value creation for all their stakeholders. Corporate governance refers to a system of rules, practices, and processes that guide how a company is directed and controlled. It influences the decisions and actions of the board of directors, the management, and the shareholders. Currently, one of the most important trends in society is the growing awareness or responsiveness and the demand for sustainability, which refers to the ability to meet the present needs without compromising future generations. The paper also discussed; the relationship between corporate governance and sustainability, why corporate governance is very important to business sustainability, and it also discussed the role of governance in sustainability.
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A Review of Corporate Governance and Sustainability a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept of corporate social responsibility and how it has contributed to sustainable development in the quest to increase economic growth, employment rates, and natural resources.
- Understand the impact of corporate governance on the performance of organizations and the challenges it has brought to the corporate world.
- Apply the knowledge and skills acquired to design and implement effective corporate governance and sustainability strategies and policies for organizations.
1.0 INTRODUCTION
At the present times, one of the greatest challenges facing the world is sustainability which primarily results from global warming, equality issues, and a number of social and environmental challenges. In retaliation to the challenges, lawmakers, regulators, and diplomatic organizations are devising far-reaching measures to modify the way we live, work, and achieve good welfare, which primarily aims at attaining long-term sustainability of our the world/environment. There are quite a number of international initiatives that have been developed to achieve sustainability and among these include; the EU’s European Green Deal, the US’s Inflation Reduction Act, and the United Nations’ Sustainable Development Goals, These are to aid in achieving transformation and sustainability in the world and the global economy.
In society, organizations are also able to play an important role in accelerating the evolution to a carbon-neutral and more sustainable economy. However in order to achieve this, they ought to have governance regulations that make sure they understand the impact of their activities on their surroundings so that they take into account the society and environment when making business decisions.
The European Corporate Governance Conference 2022, which took place under the Czech Presidency of the Council of the EU, focused on how companies and corporate governance can contribute to more equitable and sustainable socio-economic models. It discussed the various roles of both companies and corporate governance, those that they may undertake so as to create a reasonable and more sustainable socio-economic environment.
This paper will discuss the relationship between corporate governance and sustainability, their different roles, and how corporate governance is important to business sustainability among so many others.
Corporate governance primarily refers to the rules of law, transparency, accountability, and the protection of society from the negative effects of these organizations whilst managing an organization’s affairs in the currently dominant, competitive, and digital environment.
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