NDLI: Corporate governance and corporate social responsibility: lessons from the land of OZ

Content Provider	Springer Nature Link
Author	Kemp, Sharon
Copyright Year	2010
Abstract	Australia corporate boards and senior management have been spirited from the Land of Milk and Honey (profit) to the Land of OZ. They are to embark on a journey, following the “yellow-brick road”, a proverbial path to a promised land of one’s hopes and dreams, in order to find brains, a heart and courage. The effect of new regulations introduced in Australia to curtail corporate misbehaviour is detailed by storytelling. The Wizard of OZ is the title of a story written by L. Frank Baum and published in 1899. In 1939, Metro Goldwyn Mayer Studios made a movie of the story. I have used The Wizard of Oz to argue that corporate boards and senior management need to make decisions using a balance of intellect (brains), emotionality (heart), and a sense of purpose (courage). The inspiration for using Baum’s story, as an analogy for the transformation needed in corporate boards and senior management, comes from Biberman and Whitty (Journal of Organisational Change Management 10(2):130–188, 1997). This research is based on interviews with Board members and non-executive directors from five companies listed in the Business Review Weekly (BRW) Top Twenty-five Companies in Australia (2007) and a range of secondary data sources. The financial and reputational success of the organisation and its members is out of balance with the human and social costs and benefits. Respondents confirmed that board members and senior management should willingly provide information about the corporation and its activities to its stakeholders, that information and data should be transparent, the true extent of director remuneration should be revealed and that financial reporting should be true and accurate. Board members and senior management can be assisted to operate in a way that observes socially responsible values and balances the obligation for profit maximisation with corporate social responsibilities (CSR). This study provides steps that organisations can take to achieve a balance of intellect, emotionality and sense of purpose and therefore realise their corporate social responsibility. The results of this empirical and secondary research suggest a method that may be used to make board members and senior managers more aware of their corporate social responsibilities and curtail corporate misbehaviour where the introduction of a range of new regulations has had little effect.
Starting Page	539
Ending Page	556
Page Count	18
File Format	PDF
ISSN	13853457
Journal	Journal of Management and Governance
Volume Number	15
Issue Number	4
e-ISSN	1572963X
Language	English
Publisher	Springer US
Publisher Date	2010-01-30
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Corporate governance Corporate boards Corporate social responsibility Metaphors Sociology Industrial Organization Accounting/Auditing Management/Business for Professionals
Content Type	Text
Resource Type	Article
Subject	Business and International Management

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

Redesigning corporate governance: lessons learnt from the global financial crisis

Corporate social responsibility and corporate governance in Italian SMEs: the experience of some “spirited businesses”

Bankers on boards as corporate governance mechanism: evidence from Poland

Women on corporate boards: key influencers or tokens?

The research frontier in corporate governance

Is philanthropy being used by corporate wrongdoers to buy good will?

Corporate boards, audit committees and voluntary disclosure: evidence from Italian Listed Companies

Corporate governance and board accounts: exploring a neglected interface between boards of directors and management

On the drivers of corporate social responsibility in banks: evidence from an ethical rating model

Corporate governance and corporate social responsibility: lessons from the land of OZ

Similar Documents

Redesigning corporate governance: lessons learnt from the global financial crisis

Corporate social responsibility and corporate governance in Italian SMEs: the experience of some “spirited businesses”

Bankers on boards as corporate governance mechanism: evidence from Poland

Women on corporate boards: key influencers or tokens?

The research frontier in corporate governance

Is philanthropy being used by corporate wrongdoers to buy good will?

Corporate boards, audit committees and voluntary disclosure: evidence from Italian Listed Companies

Corporate governance and board accounts: exploring a neglected interface between boards of directors and management

On the drivers of corporate social responsibility in banks: evidence from an ethical rating model

Corporate governance and corporate social responsibility: lessons from the land of OZ