Corporate boards have begun exercising more vigorous and direct oversight of the organization’s corporate culture in what has become a significant emerging governance trend. This trend reflects an increasing awareness of how matters of culture and reputation correlate to the success of an organization, and to the board’s efforts to sustain long-term corporate objectives. The general counsel is well-positioned to advise the board on culture oversight matters.
What is particularly unusual, if not “revolutionary,” about this trend is that it is a board-specific initiative. Rather than simply establishing goals and expectations for management to implement, boards are becoming much more proactive and engaged when it comes to oversight of culture (Arianna Huffington and Uber is a prime example). They are “owning” the role.
Defining ‘Culture’
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