Isn’t it time we all looked to personal accountability and recognise that if we, as Mum and Dad investors or industry fund stakeholders, go chasing the highest returns through SMF’s or compulsory superannuation funds, then very little is going to change in how business gets done? As the Westpac scandal unfolds, we are seeing the underside of shareholder supremacy at the expense of stakeholder accountabilities.
Bank leaders say shareholder pressure for short term results is forcing them into short term strategies at the expense of rising to a higher accountability for societal impacts – social, ethical, environmental and economic. Is leaders’ vision of a sustainable business success curtailed by a tenure of 5.5 years – hardly long enough to set sail for more sustainable shores?
Isn’t it time the public debate focused on how societal values have shifted? Mum and Dad shareholders now frightened at how today’s wealth is coming at the expense of their children and grandchildren’s futures.
Since we have all played a role in creating today’s business standards, isn’t it ethical that we all now play a role in bringing about change? What can you do, and will you do it even if it means lower financial returns in the short-term?
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