To succeed in the modern world, businesses must move away from defensive old-style news management and corporate positioning. ICAEW argues that if companies embrace a positive approach to corporate governance that ensures they connect with and reflect society, they will reap many benefits.
In a world where communication is immediate, global and uncontrolled, businesses must connect with and reflect society in their corporate governance.
Connect and Reflect describes an approach to communications which will benefit all stakeholders and lead to operational changes which will support this development.
Our first application of the Connect and Reflect approach looks at how organisations can tackle excessive executive pay. It requires connecting with the public on pay, reflecting on what is said and taking action if it is required. In this paper we examine the challenges and provide a 10-step action plan to support boards in their approach to remuneration of executives.
ICAEW will be publishing a series of papers tackling controversial issues in practical terms. Share with us your experiences, thoughts and anecdotes about how companies thrive on social media, how whistleblowing helps companies, how employee directors add value, how to end excessive pay and how to mark governance out of 10.