OBCR is a model for achievement of common purposes and outcomes in a cooperative mode based on engaged relationships built on evidence produced by parties that they can be trusted. The OBC approach can be applied in diverse situations, such as communities and organisations; this model applies to regulation.
The Financial Reporting Council has issued the first in-depth assessment of the quality of reporting from private companies who have chosen to follow the Wates Principles.
The report, which was conducted with the Universities of Essex, Bristol and East Anglia – shows that the Wates Principles are the most widely adopted corporate governance code used by large private companies. And whilst there is lots to celebrate it is also sobering that the research team (Gaia, Baboukardos, Cuomo, Michelon and Soobaroyen) found that Principle One had the lowest disclosure score among the six Principles.
The good news is that we now have this data – so we can do something about it. Clarity on purpose is crucial to internal cohesion in any organisation. Learn more about how purpose plays a role across the 7 levels of Ethical Business Practice.
And help spread the word about the new Wates – so more boards both can and will take action.
In celebration of ECI’s Centennial Anniversary, the Northrop Grumman Foundation and KPMG have generously partnered to expand access to ECI’s Ethics Academy. Over the next three years ECI will select 100 qualified applicants to participate in the Ethics Academy.
The Ethics Academy was created to support a sustainable and vibrant profession by investing in the education of students interested in the ethics and compliance field and supporting the faculty members, researchers and other academics who foster the next generation of E&C practitioners.
In 2022, up to thirty-four recipients will be selected for the ECI Ethics Academy. Recipients will receive a suite of benefits and opportunities to strengthen their knowledge of the E&C industry, and network with thought leaders and experts around the globe.
The OECD Public Integrity Indicators establish a new benchmark for government resilience to corruption risks and provide guidance on how to strengthen public integrity. Based on primary data sources validated by governments, the Indicators will help bolster global efforts against corruption. Visit the OECD Public Integrity Indicators Portal for objective, evidence-based and actionable data.
The Great Resignation, also sometimes called The Big Quit rolls on… and the research on the why is beginning to roll in. A lot has been said about the role of compensation (stagnant wages being eroded by inflation for example). And at this stage we probably all deserve a pay rise. Yet that won’t reverse the trend. Culture is an often overlooked ingredient – and a decisive factor.
This point is reinforced by messrsSull, Sull,Zweig in their recent MIT Sloan Management Review article: Toxic Culture Is Driving the Great Resignation. Some quick excerpts below – that said, I encourage you to read the whole article. Especially as you reflect with your board colleagues on how to drive #EthicalBusinessPractice.
Top Predictors of Attrition During the Great Resignation
“A toxic culture is 10.4 times more likely to contribute to attrition than compensation.”
And to make it more relatable, the authors helpfully include a look at some real-life examples – and the differences are startling.
Workers are 3.8 times more likely to leave Tesla than Ford, for example, and more than twice as likely to quit JetBlue than Southwest Airlines.
And the punchline from the research should also be of interest to those working with #EthicalBusinessRegulation:
A toxic corporate culture is the single best predictor of which companies suffered from high attrition in the first six months of the Great Resignation.
Just in from the good people at the Barrett Values Centre – for an upcoming webinar Wednesday February 9 2022:
97% of CEOs believe that sustainability is important to the future business success
85% of CEOs say it’s important to run their business in a way that accounts for wider stakeholder expectations
86% of CEOs say that data about employees’ views and needs is critical, however, only 29% say that they have access to this kind of data
What to do
Organizations across the world are building strategies to address the UN Sustainability Goals and ESG initiatives. Barrett Values Centre new Culture Sustainability Report offers a clear lens into how cultural values can support or hinder these ambitions and supports the actions to improve success.
Join Tom Rausch in a powerful and engaging discussion on Sustainability and Values.
– An overview of the Culture Sustainability Report
– Discussion of opportunities to enhance Culture Change engagements by examining Sustainability
– How Sustainability Development connects and integrates with Whole Systems Transformation
Lots of useful examples beyond the Australian Open from Andrew Hill in the FT recently – the key point either way:
The main reason not to foster a blame culture, though, is that it makes it harder for teams to learn from their mistakes. An organisation where individuals live in fear of being outed for their errors is destined to repeat its failures, as everyone engages in what the research calls “self-image protection” at the expense of open problem-solving.
Agreed. And in case you want to dig into the difference between an Open, Just Culture vs. Blame Culture, this graphic from the book Ethical Business Practice might come in handy. Reach out if you want to talk more.
Kick start the year with EthicsTalk LIVE on the human right in practice on January 31st
The good people at Nordic Business Ethics are putting on another EthicsTalk LIVE – and it is a topic that is close to my heart.
The EthicsTalk LIVE panelists include Parul Sharma, CEO at the Academy for Human Rights in Business and Annika Ramsköld, Vice President of Vattenfall’s Corporate Sustainability. Additionally, Inter IKEA Group’s Head of Social Impact and Human Rights Gregory Priestwill join together with DLA Piper’s PartnerSalla Tuominen.