Research reveals many watchdogs and regulators around the world are not considering the role of corporate culture when formulating governance codes.
While companies grapple with the impact Covid-19 on business, research reveals that the importance of company culture has mostly been ignored by corporate governance codes around the world.
Academics led by Muel Kaptein, a professor at the University of Rotterdam, scored 88 governance codes for their inclusion of corporate culture and found only five reached the highest standard.
And of the 88, only those judged to be “advanced” had included employees—perhaps one of the single biggest issues for companies during the Covid-19 crisis—in references to culture.
The results shine a light on governance codes overlooking the importa
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