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Toward the “Civil Economy”Tools for Managing Stakeholder Relationships
Toward the “Civil Economy”: Tools for Managing Stakeholder Relationships OECD/World Bank Third Asian Roundtable on Corporate Governance Singapore 4-5 April 2001 Dr. Stephen Davis Context: Doing Business in a Revolution Enterprise is in the midst of sweeping transition The state is privatizing and de-regulating Ownership is global—US/UK capital dominates Trade barriers make competition worldwide Media and Internet expose more scandals Consequences Raise Stakeholder Issues Who replaces the state? To whom are corporations or funds accountable? How can companies be best shaped to succeed? New Paradigm: Corporate Citizenship Traditional stakeholder model ill-suited to globalization challenge But traditional shareowner supremacy model fails to meet stakeholder concerns Emerging global paradigm: corporate boards accountable solely to owners, but responsible for successful relations with all stakeholders Corporations: Meet the Emerging “Civil Economy” “Civil society” institutions boost political accountability. What I call the “civil economy” has features born to build market accountability. New investor agendas New watchdog tools New market forces New Investor Agendas Consensus: activism pays (eg McKinsey findings) Mainstream funds adapting to stakeholder agendas: new Myners Code, UK disclosure regulations, CalPERS New Watchdog Tools Ratings: GMI, SP starting governance scoring Focus Funds: Spread of funds targeting under-performing, under-governed companies or tilting toward well-governed Routine/Electronic Voting: More monitoring, less expense Benchmarks: PSAG pressure on indexers and analysts International Alliances—CalPERS/Hermes, ICGN, GCGN Cross-Pollination of Tactics, Ideas—eg OTPP online New Market Forces Trade unions: ICFTU framework aiding US, UK, Australia and Canada initiatives; AFL-CIO leadership Rise of ‘socially-responsible’ investment industry—routine screening (eg Asria) Individual shareowners: associations wield new clout (eg Sw
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