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Consensus on Global Governance Principles?
Verhezen, Peter Morse, Paul
Verhezen, Peter
Morse, Paul
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JIBE_v2n109-art9.pdf
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Abstract
Is there a consensus on governance principles beyond national borders? There seems to be a converging trend towards widely accepted Global Governance Principles as expressed in the OECD Principles for example. This paper argues that formal and informal governance mechanisms should be integrated. The latter focuses on relationship-based enabling access to scarce resources – so typical in Asia - whereas the former emphasizes the control and monitoring function of boards as interpreted in the West. The Western legal interpretation of corporate governance merely implies fiduciary duties towards the shareholders. However, when this perception is expanded to acting with care in order to steer the corporation towards organizational value that embraces sustainability, governance will likely positively affect both shareholders and relevant stakeholders. Those global unifying governance principles may ultimately evolve into Global Corporate Citizenship, underpinned by spirited leadership and social entrepreneurship that induce trust in its leaders and confidence in functioning institutions. The notions of global governance and corporate citizenship are pointing in the direction of engaging, innovative and integrated business solutions that can start taking on and hopefully transforming our daunting global challenges. Keywords: global governance principles, best governance practices, sustainable common good, corporate citizenship, engaged spirited leadership
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2009
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