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As board directors are increasingly being called upon to get more involved in the oversight of corporate strategy, governance experts are urging boards to pay more attention to culture.
Last week, the National Association of Corporate Directors' blue-ribbon commission published its latest report, Culture as a Corporate Asset. The report encourages boards to embrace oversight of company culture as a strategic move to create sustainable, long-term value.
The report, a collaboration of more than 30 board directors and governance professionals, provides detailed analysis of why culture has emerged as a larger contributor to the overall success of public companies, while offering advice on how boards can take steps to improve their culture, in the boardroom and throughout the entire organization.
David Swinford, president and CEO of Pearl Meyer, who was one of the 30 executives to work on the report, says the research will help directors view culture as more than just bad behavior or positive motivation. Swinford says good culture can influence people who are innovators to step up and help an organization get ahead of the game in key areas.
“Culture mostly comes up when there are examples of business failures,” Swinford says. “But culture requires ongoing attention and cultivation. It is part of how we develop the most positive and effective organization. Culture can show you how to help your organization always be prepared for the future or even define the future.”