In an era when a small slip-up can tear a corporation’s reputation to shreds, good governance has become more essential than ever, say our panel of business experts.
‘Governance has really changed over the last 10 years. Social media has made it a lot more transparent and the power of the media has also influenced it as well,’ said Michael Conn, an MBA student at London Business School.
‘Governance is about doing the right thing... It’s all about communication – and how the company message is communicated internally and externally,’ added BSI chief executive Howard Kerr.
Of course, platforms such as Twitter and Facebook have changed the way companies now communicate.
‘Social media is an opportunity and a risk,’ said Kitty Owen of Headland Consultancy. ‘The risk is you are exposed on many different levels. The surface area to which you now communicate to the market, to your consumers, to your stakeholder the general public is much greater so you have to have an understanding of what you are saying. But it presents an opportunity to get good messages across, to speak to the right people, to engage in interesting conversations which are not just about a press release and a company results.’