Corporate purpose: elevating performance from board to brands
Directors should familiarise themselves with the emerging practices that companies can adopt to embed purpose and drive performance.
Image: Monster Ztudio/Shutterstock
The role of the corporation in society is under review. The paradigm that corporations are run solely in the interests of shareholders, which has defined a generation of management practice, is being contested. The emerging paradigm references “stakeholders” as the broader group that managers should consider in decision-making.
Boards seeking to embrace "stakeholder capitalism" should start with corporate purpose, a whole-firm concept that flows through the organisation from the board to the brands (and all employees). Just as individuals should display strong personal character, corporations must demonstrate that they have an authenti
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