The biggest casualties of the global financial crisis have been trust and confidence. Both private companies and public institutions now attract much greater scrutiny. They’re expected to explain their business practices, disclose key relationships, justify their remuneration models, discuss their succession plans and make a wider contribution to society.
It’s not just investors they have to satisfy. They also have to answer to regulators and the general public. And, as many organisations move into new markets, they’re engaging with a more diverse mix of stakeholders, each wanting different kinds of information.
The digital technologies are simultaneously transforming the way we communicate. People can see – and say – more about the organisations that serve them than ever before. New risks, including new forms of risk, are also emerging, and the regulatory burden is increasing. So the pressure to be transparent, accountable and socially responsible is greater than at any time in history.
Any organisation that wants to survive, let alone succeed, will have to embrace new regulations and technologies, manage new risks and prepare for the future with robust succession planning. That means many private companies and public institutions will need new governance models.
Top management will also have to assume more supervisory responsibilities, and simple compliance with the rules won’t be enough. The management team will have to communicate its governance policies, processes and organisational culture to all its stakeholders. It will also have to go beyond traditional reporting and address issues such as sustainability and tax contributions.
Transparent disclosure is the key to building trust and changing the way stakeholders and the external markets view your business. But transparency alone isn’t sufficient. Demonstrating good governance involves creating a true dialogue with stakeholders, not just communicating openly.
22 May 2016
A look at how standalone electricity and mini-grids can increase access to electricity
24 Feb 2016
The Forum's discussions were an opportunity for senior central bankers and PwC representatives to share ideas and learn from each other’s experience.
27 Oct 2015
PwC outlines the requirements for Pillar 3 and how to ensure your business is set up to comply in the most efficient and cost-effective way.
02 Oct 2015
Asset managers need to plan for the future - PwC sets out a vision of what the tax landscape will look like in 2020 and beyond in new report.
12 Aug 2015
Steel market 2015 - Steel 2025: Quo vadis?, which provides an outlook of the steel market to 2025 and highlights the strategies for success in a competitive global environment.
16 Feb 2015
Government & the Global CEO: Businesses’ priorities for government & how governments can deliver better outcomes and create value.
11 Feb 2015
The increased transparency that businesses are forced to operate under through various regulatory bodies has now extended to income taxes. Under the banner of tax fairness waved by the Organization for Economic Co-operation and Development (OECD) comes its Base Erosion and Profit Shifting (BEPS) project.
26 Jan 2015
Communications CEOs are thinking in exciting new ways about where they can offer value. They’re looking to hire, cut costs, and are optimistic about 2015.
09 Dec 2014
Only one in five Europeans trust their government’s ability to manage public finances. Majority believes governments don't provide enough information.
13 Nov 2014
Watch videos from PwC's Pharmaceuticals and life sciences practice, providing guidance in such areas as supply chain effectiveness, medical product lifecycles; monitoring medicines; healthcare delivery; environmental controls and regulations , medical technology developments, and pharmaceutical industry issues.