World Council for Corporate Governance
At the recent 10th International Conference on Corporate Governance held in London Director Richard Shipperbottom spoke about the aftermath of the global financial crisis, and the loss of the opportunity to learn from past mistakes.
Speaking to an audience of international businessmen, in his speech entitled “Plus ça change...) Richard highlighted the failings of current corporate legislation (Sarbannes-Oxley/Basel II) toward solving any of the true crises facing the world, and in particular the lack of any mention whatsoever in current or proposed legislation to poverty or hunger alleviation, environmental degradation, or inequality.
Richard argues that there is therefore a legislative disconnect between corporations and the welfare of mankind – which is kind of the point of good governance. The result is that individuals are being left to deal with global scale issues, and a consequent individual sense of helplessness. “People,” he says “are too busy trying to survive/get food/ pay the mortgage/ grow up/maintain a position/grow the business/win the election – delete as appropriate – and the issues too big for any individual to make a real difference. We need legislation of the group, but a wholly different kind, built from the bottom up, and linked to the issues that will determine the quality of life for the 98% of people on this planet that aren’t gambling our children’s future away for short term gain.”