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Comment: Risks and Rewards for good citizens

October 01 1999

by Mike Tuffrey
The mainstreaming of corporate responsibility gathers pace, with new Stock Exchange requirements to manage ‘social risk’ and growing evidence that getting it right pays dividends.

We have said it before but it is well worth repeating - the new Turnbull approach to managing business risk offers a great opportunity for corporate responsibility managers to mainstream their contribution to the company. Of course, no one is arguing that the merits of an individual charitable donation will feature on the corporate risk 'Richter scale'. But corporate responsibility and sustainable business practices more generally on occasion certainly will, particularly for companies selling in consumer markets. Ask Shell, Nike or Monsanto about the damage a pressure group-driven consumer boycott can have.

Really for the first time, finance directors will have to focus on these issues or risk audit qualifications and Stock Exchange difficulties. Part of an embedded system of internal risk control must be policies and procedures around corporate citizenship, with monitoring and reporting. Who knows, the FD may even sanction a budget increase.

Corporate Citizenship Briefing, issue no: 48 - October, 1999

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