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Connect and reflect: Dialogue in corporate governance

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.

ICAEW outlines its position in the first of a new series of papers examining this issue and is looking for representatives from across business and society to contribute to the discussion in the coming months.

Get involved in the discussion

We have five engaging topics. Feel free to share your thoughts today!

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.

Many existing approaches to corporate communication stereotype members of the general public as distrusting and cynical, and to some extent it has become a self-fulfilling prophecy.

To overcome this polarisation, companies should tailor their communications, replace caution with candour and become more accessible.

How business will benefit

If companies are more open and demonstrate their willingness to make changes as a result of feedback then they will reap significant benefits, such as:

  • Increased trust in business
  • Individuals have a platform to make their case
  • Companies have an opportunity to obtain useful feedback
  • Companies can explain their constraints and long-term strategies.
  • Companies will been seen as more accessible.
  • Business leaders seen as leaders of public opinion, who command public respect.
  • A reduction in pressure for potentially disproportionate legislation.

You can read ICAEW's full argument in its paper Connect and reflect: Dialogue in corporate governance.

Get involved

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.