Corporate Governance and Conscious Capitalism
Corporate governance is a board of directors’ top management oversight (Uhl-Bien et al., 2021). It is up to the board of directors to oversee business operations and put the organization in a positive light to appease its shareholders. Ethics establish standards of good or bad, or right or wrong, in one’s conduct (Uhl-Bien et al., 201). Providing great ethical values shows that a company has excellent deals and enhances the organization’s image. Organizations with a solid ethical framework will act more consistently and confidently. Corporate social responsibility is an organization’s obligation to serve the interests of multiple stakeholders, including society at large. Sustainability means supporting a high quality of life for present and future generations (Uhl-Bien et al., 2021). All of these ideas tie together when exercising good stewardship through corporate governance. Stewardship means taking personal responsibility always to respect and protect the interests of organizational stakeholders (Uhl-Bien et al., 2021).
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The four guiding principles behind conscious capitalism include a higher purpose, stakeholder orientation, conscious leadership, and conscious culture. Firms or organizations that adopt this philosophy reap significant rewards. Many consumers and investors consider the impact businesses have on the environment. These stakeholders seek businesses to align moral principles with corporate values (Kenton, 2018). Positive change driven by conscious capitalism happens due to the high levels of social responsibility. People tend to flock to these organizations with a higher purpose based on bringing positive change to those around them. Trader Joe’s is a specific organization that operates under this umbrella. They are considered a great business to work for, are very ethical in decision-making, and pitch environmentally friendly and sustainable products.
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References
Kenton, W. (2018, April 21). Conscious Capitalism. Investopedia. https://www.investopedia.com/terms/c/conscious-capitalism.asp
Uhl-Bien, M., Piccolo, R.F., Schermerhorn, J. R. & Bachrach, D.G. (2021). MGT-420 organizational behavior and management with WileyPLUS. Wiley & Sons.
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Aspects of Corporate Governance and Tenets of Conscious Capitalism
After reviewing the topic resources, explain why ethical behavior, social responsibility, and sustainability are essential aspects of corporate governance. What are the four tenets of conscious capitalism, and how can organizations operating by these tenets create positive change? Provide an example of an organization you feel works from a conscious capitalism perspective and justify your choice.
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