Wednesday, July 14, 2010

Business is still community-based

Books of Account
Challenges in Implementing Corporate Governance
John Zinkin
(http://www.wiley.com/)

Pay should reinforce right tone at the top

There are serious defects in Anglo-Saxon capitalism, rues John Zinkin in Challenges in Implementing Corporate Governance: Whose business is it anyway? Top among the defects he mentions are: the importance and amorality of financial services with its excessive securitisation leverage; the apparent lack of moral purpose in so many Western enterprises; and the belief that the purpose of business is to maximise shareholder value without paying adequate attention to other stakeholders.

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