In different nations, boards have distinct roles. These boards have many duties. They can be responsible for policy development, management, as well as the creation and implementation of policies. These boards have the most important function: to encourage corporate social responsibility (CSR). Jackson and Muellenborn (2012). British Columbia is one example of a country that has implemented board accountability by increasing its expenditures. The province allocates at least two thirds of its financial strategy to trusting the public and stakeholders. The decision-making process may also improve accountability. By distributing a report detailing the company’s progress and engaging with stakeholders and workers, boards have the ability to make critical decisions.
Third parties may also be capable of improving CSR performance. Third parties can help semi-public companies improve their social performance, acceptability and responsiveness to different stakeholders. They also support them in understanding their consequences. Stakeholder accountability is increased by the use of social councils, which are made up of different stakeholders and who regularly meet to review a company’s goals and performance (Jackson und Muellenborn (2012)). Singaporean companies might use this idea to increase their accountability.
In the creation of legislation to address problems, government has an important role. These laws help to distinguish between people and objects and groups that are vocation-related, as well as community functions and other societal duties. The state is not directly responsible for government-owned businesses. However, occupational associations that encourage integration may improve this management (Schillemans and Bovens 2019, 2019). Morck (2003) examines the governance and family-owned companies. It is found that countries with family-owned business tend to slow down economic growth. The majority of decisions made by the board in countries outside the U.S. or the U.K. are taken by heirs. Their cycle of inheriting wealth and making choices for their descendants reduces economic growth. Singaporean companies might consider allowing third-party participation to their boards in order to strengthen CSR governance.
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