Board oversight: Issuing a corporate response to social issues
When social issues arise that stimulate public expectations, there are numerous factors and constituencies to be considered before a corporation can make a formal response. It's critical to have a process, communication plan, and monitoring capabilities to maintain a pulse on public sentiment and manage accordingly. How can boards and business leaders stay proactive rather than reactive when it comes to initiating corporate responses?
In Part 1 of this series, Paul Washington, Executive Director, Environmental, Social and Governance Center, The Conference Board, outlines a best practice framework for issuing a public response to social issues:
- What criteria should boards and management teams use to determine if a public stance and response is needed?
- What process should boards follow for developing and issuing a public response?
Read The Conference Board's Executive Summary — Under Pressure: How Corporate America Can Address Social Issues