Date: Feb 6, 2013 8:03 PM
Author: GS Chandy
Subject: "Aligning business with the long-term health of society"
I believe I had recently commented on how senior executives (particularly in banks) managed to award themselves MMMMMillions and yet more MMMMMillions in bonuses and the like while sending their organizations down the path to ruin, while depending on governments and society at large for handouts to save their corporations.
Now, at VERY long last, it seems we may hope that some 'appropriate action' may develop in due course on issues like the 'compensation of senior executives' (if the item below is any indication of the kind of thinking that is being done in specific sections of society):
"Aspen Institute Business & Society Program: aligning business with the long-term health of society"
Time is Ripe for Board Leadership on Executive Pay
With the board of JPMorgan Chase slashing CEO Jamie Dimon's bonus in half in the wake of management's failure to rein in excessive risk taking, Executive Director, Judith Samuelson, believes we are at a turning point on the issue of executive compensation. She thinks boards will need to spend more time on this issue in the future and that means tackling the following: 1) the direction and power of incentives; 2) transparency; and 3) fairness. Read Judith's full take here on the Huffington Post.
Just as "one swallow does not a summer make", so too, "one biz program at an Aspen Institute does not a wholesale reformation of business ethics make" - but I believe there may well be cause to raise a small cheer! I believe this kind of development is better for society as a whole than all the outraged howls of anger that may have been raised and calls (if any) from unthinking people to "PUT THE BUSINESS MAFIA IN JAIL!"
I'd feel even more hopeful for real change in these sections of society if such programs and seminars were to become the norm at Harvard Business School, Wharton School of Management, at Davos, and the like.
Anyway, I for one shall watch developments with interest: I've asked the Aspen Institute to keep me informed about their 'Business & Society Program'.
Message was edited by: GS Chandy