Enhancing Governance Transformation- Part 1

This is the evidence of economic power. If the social fundamentals reach this stage, those that have been deprived of their deserving social and civic liberties, they respond to their plight through messages of their economic votes. Consumers are buying their needs from the brands that care and respect the environmental and social sustainability. Consumers are spending a lot of money for the causes of their interests. Following the death of George Floyd and the new wave of Black Lives Matter protest in June 2020, a 7043 percent increase in support for Black- owned businesses on its platform ( online. hbs. edu/ blog/ post/ sustainability- initiatives); accessed on 29/ 06/ 2021. Although these protests sound racist, they resulted in opportunistic initiatives that would have taken some years to be achieved. In other words, the death of George Floyd created that unique opportunity for those businesses to pivot those strategies to reflect their values and use their financial buoyancy to influence and make that positive change. It also showed innovativeness and strategic agility on the part of the business owners to be so accurate in detecting their initially ‘ perceived’ goal congruence among the protesters and turning it into concrete results. I prefer to call this the initial ‘ perceived goal congruence’ as opposed to factually well thought strategic agility because it is not easy to detect and meet the needs of protesters. Their demands are, in many cases, guesswork. According to Harvard Business School Professor, Rebeca Henderson, that social and economic upheaval removes the myth that sustainability is not a wise investment for organisations. In the online course, Sustainability Business Strategy, she explains that the intersection between “doing good” and “doing well”- called the creation of shared value- is often highly lucrative. I believe there is a wide spectrum of divergent thoughts about many issues. For example, some business owners will be surprised by the corporate trending advocacy for stakeholders’ capitalism- oriented business as opposed to shareholders’ capitalism- oriented business asserting that the former creates value. In other words, commonly, individualistic businesspeople do not appreciate the power and value of taking a holistic view of the business ownership through stakeholders’ considerations. Nevertheless, many businesses observe the regulators compliance requirements since they do not want to be criticised by the stakeholders and therefore that serves as a deterrent to the stakeholder- oriented businesses maladministration. In the next article, we will be continuing the US corporate reforms; as always, we are grateful for the feedback we are receiving from our readership.