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Published online by Cambridge University Press: 16 November 2022
Effective boards should assess the overall economic and social impact of their companies. In Chapter 9, I discuss how boards should set goals and policies and regularly disclose information about the firm’s financial and nonfinancial performance. In particular, boards should make sure that corporate purpose, as well as environmental and social dimensions, are well defined and coherently integrated into the firm’s strategy, business model, culture and people development policies. Financial and nonfinancial information should be disclosed and presented in a holistic and connected way. In this way, shareholders and stakeholders will have a deeper appreciation of the firm’s progress toward fulfilling its goals and purpose. At present, there is a heated debate on how to define standards for nonfinancial information and environmental, social and governance (ESG) factors. Effective boards should take regulation into account, while making efforts to establish their own ESG objectives that are consistent with their strategy and business model, and disclose them in a clear manner.
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