There has been a lot of commentary recently on the Banking Royal Commission.
Many of the summaries detailing good governance practices and corporate social responsibility are nothing new. They are practices that are doctrine in law and to be honest, are just plain common sense.
Unfortunately the issues uncovered by the Royal Commission are directly attributable to the fact that many of these organisations were focused on profit margins and turnover, no matter the cost and to the detriment of other measures of success.
While it’s unlikely that your business will ever face such public scrutiny, there are important lessons to be learnt here for all businesses and Directors. These are:
One of the most significant challenges for fast growing companies is how to uphold the organisation’s culture and beliefs as you bring on new staff and the organisation adapts to growth and necessary change. Keeping these five simple lessons front of mind might prevent you from ultimately losing sight of the bigger picture.
This article was written by Partner, Joanna Andrew.
Practice Area: Corporate, Commercial & Business