Bankers traditionally have been perceived as the corner stone of their communities, lending money to businesses and individuals to help them prosper. Banksters take the money and run. Restoring the damaged image requires a new set of values and candor.
The image of Northern Rock customers queuing outside for their money will take many years to fade from people’s memories. As our colleagues at Capital MSL put it, banks should focus on the following three areas:
- install heightened corporate governance practices (proxy access, board composition, oversight, risk management)
- align corporate social responsibility to overall business strategy
- communicate sensitive issues in a timely fashion so that the public understands your rational (compensation, financial underperformance)
And it’s always important to do a gut check. Think: how will our corporate decisions play out on Twitter, once the public hears about this?
For more information on designing a business strategy that provides value to all stakeholders, please contact Pascal Beucler, chief strategy officer, at email@example.com or +33 1 57 32 86 66 begin_of_the_skype_highlighting +33 1 57 32 86 66 end_of_the_skype_highlighting.