Global Governance, Policy & Ethics

Key points & Takeaways

Global governance, policy & ethics deals with the outlook the modern-day manager is
supposed to bear while making decisions pertaining to marketing in the new era – with a
touch of responsibility and awareness.

Group 1: Mukund Joshi, Pulkit Sharma, Rahat Mehra, Rashmi Nayak, Saksham Raturi
 Global Governance, Policy & Ethics
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Global Governance, Policy & Important Quotes

Ethics •••

Key points & Takeaways

Never doubt that a small
group of thoughtful,
committed citizens can
GGPE
The subject that has contributed the most to enhancing our
change the world;
understanding of how governance, and the factors contributing to indeed, it is the only thing
good governance across different platforms, structures and even that ever has. - Margaret
geographies, taught by various experts from different industries is Mead
indeed, one of the most exploratory subjects in our curriculum.

More than a course "The most important

We may have learnt plenty of frameworks, theories, and terminologies human endeavor is the
but the experience of an industry specialist is always better for personal striving for morality in our
learning and growth. Be it Sandeep Menon’s guidance on finance or actions. Our inner
Padmini Rathore’s session, each session was different yet same, in the balance and even our
sense that it imparted first hand learning from others’ experiences. very existence depend on
it. Only morality in our
These sessions also helped us grasp the concept particular to different actions can give beauty
industries and companies, ranging from Krishni and Rhea’s
and dignity to life." - Albert
presentation on Amazon or Siva Reddy’s presentation on GoCoop,
Einstein
each organization’s working and governance systems were highly
informative for us.

The way forward

We believe that the learnings from GGPE will help us be not just
informed, but responsible and ethical managers in the future where
we will not just think of direct Profit & Loss decisions but also a holistic
development of our society, of our planet and the civilization as a
whole. Hope the points, about to come, will be able to justify our
explanation for this bit.

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Key points & Takeaways:

1. Good governance has 8 primary characteristics. It is participatory, consensus-

oriented, accountable, transparent, responsive, effective and efficient, equitable
and inclusive and follows the rule of law. Essentially, it assures that corruption is
minimized, the views of minorities are taken into account and that the voices of the
most vulnerable in society are heard in decision-making. Good governance takes
into consideration the present and future needs of society.

2. Talking about Corporate governance specifically, it relates to how the governing

board is constituted and how it performs its role. It encompasses issues of board
composition and structure, the board’s remit and how it is carried out and the
framework of the board’s accountability to its stakeholders. It also concerns how the
board delegates authority to manage business throughout the organization.

3. Trust lies at the core of good corporate governance. It is essential in establishing an

organization’s license to operate, maintaining healthy business relationships and
running operations.

4. The ‘culture’ and ‘way of working’ of any organization is primarily defined by the
nature and quality of leadership exhibited by the board. The board is responsible for
determining, articulating and communicating the values and standards of the
organization and for ensuring that the policies, procedures and controls in place act
to embed, rather than hinder, ethical values throughout the business.

5. The concept of ‘Ethics’ is rather subjective in nature and varies among individuals,
cultures and organizations. But there are typical ethical values like Integrity,
Fairness, Honesty, Respect, Openness and Responsibility that remain constant.

6. While tackling issues and creating policies, businesses should devise an action plan
that is flexible in application but firm in principles.

7. Businesses should demonstrate utmost responsibility towards not only their

employees and stakeholders but also towards society at large.

8. In order to strengthen Corporate Governance and Corporate Social and Societal

responsibility, attention should be focused on transparency, particularly in the areas
of human rights and sustainable development.

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9. In order to meet social responsibility, businesses should have a process to integrate

social, environmental, ethical and human rights concerns into operations and core
strategy, in close collaboration with their stakeholders.

10. Principles of good governance and behavioral practice can be put into
implementation irrespective of ownership model and board structure.

11. Sometimes, all it takes is a rumor, a hint of impropriety or malfeasance, or a social

media post gone viral, to negatively impact shareholder value and damage—or
worse, destroy— corporate and brand reputations in an instant.

12. People are suspicious of leaders who are closed about their values or standards.
Stakeholders assume if you value nothing, you’ll value anything.

13. In a business environment where reputational threats lurk around every corner, a
strong culture of ethics and compliance is the foundation of a robust risk
management program.

14. Without a culture of integrity, organizations are likely to view their ethics and
compliance programs as a set of check-the-box activities, or even worse, as a
roadblock to achieving their business objectives.

15. Firms cannot design effective compliance programs without effective

measurement tools. For many firms, the appropriate measurement can spur the
creation of leaner and ultimately more-effective compliance programs. Put simply,
better compliance measurement leads to better compliance management.

16. A good business model is one capable of keeping alive a virtuous circle, or a
combination of them. And in the competitive setting of the twenty-first century,
strength lies in developing better and more innovative business models.

17. The executives of the company of the future need to revive their “design
thinking” skills—how to solve problems, how to bring out the strengths of the
intended model, how to overcome the barriers thrown up by our environment.

18. Key governance references exist in the case of gold, but leave room for
interpretation, thus encouraging a multiplicity of governance

19. The data quality policy must also layout the processes by which KQIs are defined
and measured, the roles and responsibilities of the people participating in their
improvement, the budget allocation process for these activities, and, more
generally, all organizational and technical elements necessary for continuously
monitoring and sustainably improving the quality of the data.

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20. Cloud-based big-data processing initiatives are described as mission-critical in

driving change for businesses thanks to a variety of metrics, including improved time
to market, lower data-processing costs, increased customer insight, and improved
customer services.

21. Classification of stakeholders and how they can be responsible for impact to the
organization.

22. To identify particular stakeholders and prioritize them in case of any unfortunate
accident that involves damage to the reputation of the company

23. Stakeholders can be used to derive assistance for the project activities and their
potential can be harnessed by involving and engaging them

24. In times of crisis stakeholders should be managed and crisis management and
stakeholder management are related.

25. Potential stakeholders rely on the governance part of the organization to invest
their time and money in the organization.

26. An organization can leverage the needs of stakeholders and fulfilling them to
create a sense of trust and reap benefits out of it.

27. Communication is important to convey the progress and good work done by the
organization to stakeholders.

28. Corporate sustainable development goals are necessary that can connect
companies with nonprofit seeking organizations this is the basis for corporate social
responsibility.

29. Media is a powerful critique of governance and it should use its power when
human values are compromised by the government.

30. The climate communicator responsibilities relate stories clearly and concisely,
write effectively, adapt to storytelling on multiple traditional, digital and social
media platforms.