Book contents
- Reviews
- Corporate Responsibility for Wealth Creation and Human Rights
- Corporate Responsibility for Wealth Creation and Human Rights
- Copyright page
- Dedication
- Contents
- Figures, Tables and Boxes
- Preface
- Acknowledgments
- 1 Introduction and Overview
- 2 The Context of Globalization, Sustainability and Financialization
- Part I Wealth Creation
- Part II Human Rights as Public Goods in Wealth Creation
- Part III Implications of Wealth Creation and Human Rights for Corporate Responsibility
- 15 The Ethics of Business Organizations Is Called Corporate Responsibility
- 16 The Moral Status of the Business Organization
- 17 Mapping Corporate Responsibilities
- 18 Corporate Governance for Wealth Creation and Human Rights
- 19 A Case in Point: Corporate Responsibility for Less Income Inequality
- 20 A Case in Point: How Can Universities Promote Corporate Responsibility in Their Supply Chains? The Experience of the University of Notre Dame
- Epilogue
- Bibliography
- Index of Names
- Index of Subjects
18 - Corporate Governance for Wealth Creation and Human Rights
from Part III - Implications of Wealth Creation and Human Rights for Corporate Responsibility
Published online by Cambridge University Press: 11 January 2021
- Reviews
- Corporate Responsibility for Wealth Creation and Human Rights
- Corporate Responsibility for Wealth Creation and Human Rights
- Copyright page
- Dedication
- Contents
- Figures, Tables and Boxes
- Preface
- Acknowledgments
- 1 Introduction and Overview
- 2 The Context of Globalization, Sustainability and Financialization
- Part I Wealth Creation
- Part II Human Rights as Public Goods in Wealth Creation
- Part III Implications of Wealth Creation and Human Rights for Corporate Responsibility
- 15 The Ethics of Business Organizations Is Called Corporate Responsibility
- 16 The Moral Status of the Business Organization
- 17 Mapping Corporate Responsibilities
- 18 Corporate Governance for Wealth Creation and Human Rights
- 19 A Case in Point: Corporate Responsibility for Less Income Inequality
- 20 A Case in Point: How Can Universities Promote Corporate Responsibility in Their Supply Chains? The Experience of the University of Notre Dame
- Epilogue
- Bibliography
- Index of Names
- Index of Subjects
Summary
Corporate governance, understood as the authoritative direction and control of the company, has to serve the purpose of the company, that is, to create wealth in the comprehensive sense and to respect human rights. First, the chapter presents a brief overview of different conceptions of corporate governance (Cadbury Report, King Reports I-IV, G20/OECD, Shleifer & Vishny, Monks & Minow, Hilb, Rossouw, U.S. Business Roundtable). Against this backdrop, the book’s new perspective of corporate governance is explained in line with the seven features of wealth creation and the three criteria of respecting human rights. In many situations – like in the Medtronic case – the advancement of one type of capital (for example, human capital) goes hand in hand with the advancement of another type of capital (for example, economic capital). However, the question arises how to deal with trade-offs between different types of capital. It is proposed to define minimal ethical requirements for each type of capital (for example, not to pollute the air) in line with “the balanced concept of the firm.” At this minimal level, no trade-offs are acceptable while, beyond this minimum, trade-offs are allowed. As for human rights, corporate governance requires proactive strategies to prevent trade-offs between human rights.
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- Corporate Responsibility for Wealth Creation and Human Rights , pp. 204 - 216Publisher: Cambridge University PressPrint publication year: 2021