The Changing Face of Corporate Governance in the World: – A Critical Literature Review of INSEAD Panel of Board of Directors' A Midst Uncertain Time

Abstract

This critique is on the discussion by INSEAD Panel at the Global Business Leaders Conference which took place in Abu Dhabi, United Arab Emirates on the future of governance. Following the video discussion, literature review on governance was done to strengthen the stand taken in this critique. Governance should be a driving factor to success. However, companies have been casualties affecting millions of employees who lose their jobs. Governance rules in isolation have proved unsuccessful. Pomposity, greed and abuse of positions have led to failing companies, organizations even governments. Board members who become irrelevant due to the changing world have contributed to the dysfunction of governance leading to the fall of many companies. Therefore, I recommend training the Board should include ethics as this is an umbrella for good decisions regardless of context. Board members need also be independent to be able to make decisions without undue influence. The board should begin to use the stakeholder view which benefits society. Communication has to flow both ways for informed decisions to be made. The critique concludes that there is hope for governance once ethics begin to reign and ensure justice for every stakeholder. Support for the company will be ensured in return by the society who are the customers of the company as it does not exist in a vacuum. Governance is everywhere. Each individual around the globe should strive to make a difference in improving the future of governance.