“Purpose Governance: The Role of the Board in Developing and Overseeing the Purpose of the Organization” is a report of a panel discussion held at Governance Professionals of Canada Annual Conference in 2021. “Purpose Governance: The Role of the Board in Developing and Overseeing the Purpose of the Organization” answers these questions:
- What is a social purpose company?
- What is driving the social purpose company trend?
- What is the board’s role in Purpose Governance and Oversight?
- What is the governance professional’s role in Purpose Governance?
Accelerated by COVID-19, more organizations are discovering and defining the purpose of their organizations, to steer and navigate through turbulent times and unlock greater social and business value. There is also growing demand among investors, employees, and customers that they do so. The report “Purpose Governance: The Role of the Board in Developing and Overseeing the Purpose of the Organization” addresses these issues and sets them in context.
Report highlights include:
- The pre-eminent role for the board is to have oversight of the organization’s purpose and make sure it is fit for the future.
- Good governance is being redefined to include board purpose oversight.
- While there are different types of purposes, a social purpose propels a virtuous circle of value creation.
- There are many windows of opportunity that boards and governance professionals can open to develop and implement a purpose.
- Governance professionals hold key roles to influence an organization’s progress in this area.
