As our contribution to the Financial Reporting Council’s (FRC) Culture Coalition I am pleased to share the consolation draft of our guide Governing Culture: Risk and Opportunity? – a guide to board leadership in purpose, values and culture.
Produced in partnership with the City Values Forum it is designed as a practical guide for boards seeking to define, assess, monitor, nurture and develop the culture of their organisation.
For too long the high priests of shareholder value have told us that we must worship at the altar of financial analysis. Now, at last, after Enron, LIBOR, Volkswagen and others, boards and investors alike recognise that what most threatens shareholder value is to neglect the purpose, values, relationships and the human side of a business. The question is what to do about it? The answers are to be found in this very practical guide and its tool-kits which:
- provides a framework for boards to review purpose, culture and values and to assess the need for improvement
- points out the difference between the role of the board and the role of the executive team in leading and managing culture
- sets out 24 questions that boards might ask of themselves and of their executive
- offers a ‘roadmap’ setting out a framework which can assist boards to align purpose, values and culture with strategy and the business model, and
- provides two tool-kits to help boards to focus on the key issues and questions, to set future direction and assure continuous improvement.
“Culture is a critical element in the long-term success of any business. It is both a risk and an opportunity” Sir Win Bischoff, Chairman of the Financial Reporting Council.
Invitation for feedback
We invite your comments and suggestions which will be gratefully received until the cut-off date on 7th September. The final published guidance which will be available for the FRC Conference scheduled for 20th September. Comments and contributions should be forwarded by e-mail to richardsermon@gryphoncorporate.com and pat@tomorrowscompany.com