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WHY CORPORATE GOVERNANCE DESERVES SERIOUS AND CREATIVE THOUGHT

机译:为什么公司治理值得认真和创造性的思考

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In their article, "Learning From Ancient Athens: Demarchy and Corporate Governance" (this issue), Zeitoun, Osterloh, and Frey contribute a useful summary of the debates about corporate governance and suggest a novel way to involve stakeholders in governance. Picking up from their discussion on corporate governance, this paper raises four issues. First, different kinds of corporations should have different kinds of governance policies. In particular, large global corporations are so important and so distinctive that they deserve special thought. Second, humanity must set priorities among goals. Governance policies that enable an individual corporation to operate effectively right now may cause long-term harm to humanity and the earth, and policies that benefit humanity and the earth may harm individual corporations. It is not clear who should set such priorities. Third, ideas about governance should consider technological and social changes that are propelling corporations toward entirely new forms. Much of the debate about corporate governance has focused on issues relating to 20th-century organizations and 20th-century societies, and significant changes in governance will take decades to take effect. Last, boards of directors exercise rather weak governance in comparison with governance by managerial hierarchies. Thus, it is more important to improve managerial governance. As commercially and politically neutral institutions that emphasize open, fact-based discussion, universities could usefully enhance the quality of governance by senior executives as well as outside stakeholders.
机译:Zeitoun,Osterloh和Frey在他们的文章“向古代雅典学习:分权与公司治理”(本期)中,对有关公司治理的辩论进行了有益的总结,并提出了一种使利益相关者参与治理的新颖方法。从他们关于公司治理的讨论中挑选出来,本文提出了四个问题。首先,不同种类的公司应具有不同种类的治理政策。尤其是,大型跨国公司是如此重要和独特,以至于值得特别思考。第二,人类必须在目标中确定优先事项。使单个公司现在能够有效运行的治理政策可能对人类和地球造成长期损害,而有益于人类和地球的政策可能会对单个公司造成损害。尚不清楚谁应该设定这样的优先事项。第三,关于治理的想法应考虑推动公司走向全新形式的技术和社会变革。关于公司治理的许多争论都集中在与20世纪组织和20世纪社会有关的问题上,治理方面的重大变化将需要数十年才能生效。最后,与管理层层次的治理相比,董事会的治理相对薄弱。因此,改善管理治理更为重要。作为强调公开,基于事实的讨论的商业和政治中立机构,大学可以有效地提高高级管理人员以及外部利益相关者的治理质量。

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