Culture Club: A Practical Guide for Directors to Monitor the Pulse of Their Organisations
Boards Are Facing A Culture Shock!
A positive organisational culture doesn’t only foster compliance, it drives employee engagement, high performance and strong stakeholder relations. But across corporate Australia, the tone from the top is increasingly tone-deaf.
When the global financial crisis (GFC) hit a decade ago, much blame was laid on weak risk culture. While Australia escaped the worst of the GFC, it seems we’ve also been slower to learn from it. Worse, it led to complacency that we were somehow immune from the poor governance and corporate practices that characterised many of the
most significant failures.
Now, history is repeating itself. The banking Royal Commission has revealed illegal and unethical actions, widespread misconduct and systemic compliance failures, as well as exposing the worst elements of corporate culture.