How’s your Reputation Looking?
In business, openness, transparency, and communication are the building blocks of trust.
Trust is the foundation of your reputation.
Whether your organisation is public sector or a listed company, openness, transparency, and trust are crucial to your success.
Who is he calling?
What message are you sending to your stakeholders?
- Your reputation is as important as any other capital, and failure to manage it can impact directly on your bottom line.
- Lose the trust of your stakeholders, and your business devalues instantly.
- Stakeholder scrutiny is at an all-time high. People want to know how their money is spent, and how important decisions are made.
- The media reveals more questionable decisions daily, not only in government and the public sector, but in the companies contracted to work for them.
We know public sector organisations in the UK are required by legislation, regulation, and sector guidance to conduct their work in an open, transparent, and accountable way.
Additionally, the Seven Principles of Public Life outline the ethical standards those working in the public sector are expected to adhere to.
Increasingly, private sector codes of governance emphasise the importance of openness, transparency, and accountability to shareholders and the wider public.
Many organisations dedicate significant time to collating and publishing Registers of Interests, Gifts, and Hospitality. Some estimate as much as £80,000 a year is spent on this task.
Even at that level of investment, boards still do not know what interests are present in the Boardroom and decision-making forums.
How are you coping with this essential piece of your Corporate Governance?
