Strategic Solutions for Contemporary Challenges Dissertation Sample

Introduction: Strategic Solutions For Contemporary Challenges In Corporate Governance: Advancing Labour Rights In The Uk Dissertation Sample

Chapter 4: Critical Analysis

4.1 Introduction

This chapter provides a critical overview of the subject and effect of corporate governance frameworks amidst the pressure that rises from the global economy as well as an economic imbalance. Therefore, toward this end, the chapter intends to review the literature on the current models of corporate governance systems, analyse their actions during the economic crisis, and review cases in order to discover strengths and weaknesses.

It has been established that corporate governance has assumed a very important position in the contemporary expanding international economy considering challenges like corrosion of value, economic volatility, globalisation and increased the entire gap. This is very important as good governance reduces abuses, promotes efficiency, and increases transparency, accountability and equity which are key fundamentals of stakeholders’ patronage, and organizational sustainability. Through examining how those corporate governance systems work and respond to those pressures, this chapter aims to identify the main benefits and limitations of those frameworks as well as possible ways of improvement to better fit the present and future needs of businesses and societies globally.

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4.2 Current Corporate Governance Frameworks

4.2.1 Overview of Corporate Governance

Corporate governance is the way through which a business organization is led and regulated. It is the process by which managerial decision-making and the exercise of corporate power are regulated and the ability of managers to control companies’ affairs is constrained in order to prevent the exploitation of stakeholder interests such as shareholders, employees, customers, suppliers and the entire society[1]. There are basic values in corporate governance that pertain to the issues of integrity, accountability fairness and dedication to ensure that the operation of an organization is proper and sustainable.

With the ever-increasing and evolving business landscape corporate governance stands as the middle among organizations and their stakeholders. Basically, modern business culture is diverse; it is no longer enough for companies and firms to make as much money as possible; corporate behaviour must also correspond to certain societal expectations. This ranges from the legal conformity of the company and its ethical conduct, fairness in all its dealings with the stakeholders, and efficient use of all available resources. The process of corporate governance covers risk minimisation, an increase in the overall reputation of the firm, and improved performance that is created by the principles of corporate governance that raise the bar in terms of ethical standards.

4.2.2 Key Frameworks and Models

There are significant differences in the frameworks of corporate governance across countries of different legal systems and different cultures, providing for a better reaction to the peculiarities of the particular legal regulation, economic conditions, and so on. One of the most popular frameworks is the UK Corporate Governance Code which embraces guidelines for best practices of the boards on leadership, non-executive directors’ effectiveness, directors’ remunerations, reporting to shareholders, and accountability.

The next important framework of governance is the Sarbanes–Oxley Act (SOX) – laws adopted in the USA in 2002 after fraudulent scandals, including Enron and WorldCom. SOX led to the enhancement of corporate reporting by making higher standards of disclosure and severe penalties for fraud in corporations[2]. Some of the main requirements of the legislation of this type include internal control for financial reporting, increased responsibilities of the audit committees and the requirements for chief executive officers and chief financial officers to sign the reviewed financial statements. For this reason, this framework has helped in rebuilding the confidence of investors in the financial markets of the U. S. by enhancing the corporate integrity of financial activities.

Apart from these, there is the OECD principles for corporate governance which serves as an international benchmark that outlines good practices in corporate governance to policymakers and regulatory bodies, as well as the market. The role of governance is highlighted in the OECD principles in relation to transparency, shareholders’ treatment and board liability to the stakeholders[3]. These principles are especially relevant for the EMDEs, as governance practices in such economies are often in the process of development. They give an all-round guideline that may be implemented in any country; they make studies reliable and comparable across different countries and cultures.

Another important model in corporate governance is the Cadbury Report of 1992 which has formed the basis for the UK’s Corporate Governance Code. The Cadbury report remains influential in expressing the corporate governance standards and influences the formulation of codes and guidelines across the world especially in relation to the board of directors and provision of financial statements.

In the European countries, the Combined Codes or the Codes of countries such as Germany and France also offer some useful insights into the practices that these countries have adopted for corporate governance[4]. For instance, The German Corporate Governance Code lays particular stress on the supervisory board’s monitoring functions for the management, while the French AFEP-MEDEF Code stresses the ethical obligations of the corporate boards, the utilisation of control agreements and the balance of the corporate governance frameworks. These frameworks are the real reflection of the variety of formats of governance across Europe as well as the specificities of the particular markets that the member states offer.

King IV also known as the King Report on Corporate Governance in South Africa is an expansive guide to corporate governance that goes beyond mere ad-hominem compliance. King IV's model of integrated reporting supports the notion of governance and stresses that in the process of its implementation companies should generate value sustainably[5]. It makes it compulsory for corporations to look at the big picture and factor in the welfare of society and the environment before they make their decisions. The principles of King IV focus on ethical leadership, the essence of corporate citizenship, and the incorporation of stakeholders into the decision-making process, thereby making it the best framework of governance with regard to sustainable development.

Figure 1: Corporate Governance: challenges Of Corporate Governance

(Source: https://fastercapital.com/)

4.2.3 Comparative Analysis

The validities and invalidities of these different corporate governance systems can be measured and evaluated by the manner in which these frameworks deal with various factors including; The UK Corporate Governance Code provides the ‘comply or explain’ approach which grants Companies opportunities to be as flexible as possible and adapt the structures and working principles of governance, according to their context and needs, but in so doing, it also shows us how the application of good practices of corporate governance might differ from one Company to another[6]. However, the Sarbanes-Oxley Act provides numerous stringent and mandatory rules that guarantee a formal and high level of compliance, especially in the sphere of financial reporting and internal control. Nonetheless, SOX has been said to have high compliance costs and it is also said to have the capability to hamper innovation because of its strict provisions.

The OECD Principles are thus a universal code of good practices occurring in most countries, and valuable for all countries with needs for different types of governance[7]. However, the broad has its chances of varying interpretations and implementations and this may lead to variance in standards of governance. King IV compared to the previous standards focuses on ethical leadership and sustainable value creation and though it is easier to implement than XKCD2, it may encounter some difficulties in being implemented in the regions where such concepts are not still inculcated.

4.3 Economic Inequality and Global Economic Pressures

4.3.1 Economic Inequality

Economic inequality is one of the pressing socio-economic problems which have recently attracted more attention in connection with corporate governance. There are then diverse types of inequality, for example, income inequality, inequality in the distribution of wealth, and inequalities in the opportunities that are available to people. As for economic inequality, one of the most important sets of rules through which corporate governance frameworks try to address the problem is the rules concerning the regulation of executive compensation and the distribution of wealth. Still, the impact of these measures is questionable and, occasionally, the application of governance frameworks can deepen rather than reduce inequality.

Therefore it can be said that, of the many topics, the compensation of executives has received a lot of attention in the literature. There are many, including the fact that in many organizations, the difference between the pay of the management and that of the ordinary worker has increased, thus, the economic divide. The UK Corporate Governance Code and SOX contain provisions for the proper linking of executives’ remuneration to organisational performance[8]. For example, the UK Corporate Governance Code requires that remuneration committees ensure that they have tied up executive remuneration with the delivery of value for shareholders and company performance. In the same way, SOX makes specific provisions with regard to corporate executive remuneration stating that it has to be disclosed to shareholders and that it has to be approved by the independent board of directors.

Besides there are compelling obstacles in employing corporate governance to address economic inequality[9]. First of all, the paramount importance of the shareholder value might contribute to the primacy of the company’s short-term profit at the expense of its long-term stability and equity. This emphasis can lead to outrageously large executive remunerations that are defended in terms of short-term performance indices excluding all the societal effects including income disparity and employee satisfaction levels. Moreover, thanks to the high-ranking managers and their power to negotiate their remuneration, the efforts of frameworks for the prevention of exorbitant payments are hampered.

At some point, solutions to these constraints have been recommended or carried out by corporate governance reforms[10]. For instance, the recent EU regulation that mainly made public the directors’ pay-out ratios, the UK has recently made the reporting of the ratio of directors’ salaries against the average employee salaries compulsory. Its purpose is to reduce the number of opaque practices and make companies act on issues related to overly large disparities.

Figure 2: UK SOx of Corporate Governance Code & Regulations - BDO

(Source: https://www.bdo.co.uk/)

4.3.2 Global Economic Pressures

External forces in the global economic system affect the effectiveness and operation of the corporate governance system in that it shapes the governance structures as well as the decisions of the companies. These pressures include for instance; economic crises, globalization, and technological changes, which are some of the forces that affects and or present dilemmas and prospects on corporate governance.

Recent economic downturns including the global financial calamity of 2008 have acted as a wake-up call to ASPIRE for the fact that the best practices in corporate governance are needed to counter corporate misdemeanour and safeguard shareholders’ investment. In particular, it is crucial what the governance will do in order to maintain the stability of a company, especially when the economic environment is rather unstable[11]. The global financial crisis brought many serious problems in governance systems into the open, especially in the financial industry that has proved to be rather reckless in its decision-making. Consequently, there is improvement on governance frameworks to increase on transparency, accountability, and managing of risks. For instance, US’s Dodd-Frank Act brought changes in that it raised new: standards that required financial institutions to conduct proper risk management assessment, and increased board supervision responsibilities.

As for the external factor influencing corporate governance, globalization can be mentioned. Due to the globalization of businesses, organizations function in different legal systems, cultures and expectations of the public[12]. It has become apparent that organizations across the world operate within widely integrated business environment and have eased the implementation and use of the international standards including OECD Principles of Corporate Governance aimed at harmonizing business systems all over the globe. But I also argue that, on the downside, globalization raises questions: companies need indicators that are compliant globally, but they also need to be contextually sensitive. This was a continuous balance of which could cause tension especially where local practice or local regulation is in contradiction with the global governance.

Technological advancement, especially with the advancement of digital technologies and more dependence on data are also impacting corporate governance. Technology has impacted the way that business are run, information is disseminated and how risks are dealt with. For example, the ways big data and AI are applied in management and decision-making raise new governance issues, like, how to protect data and avoid or regulate AI biases, and to remain transparent. These challenges must be met by advancing corporate governance mechanisms to include Arm centre for corporate governance codes basic guidelines on ethical uses of technology and Boards’ competence to oversee technological advancements. The dynamics provided by technology also put a lot of pressure on the need to have firm and responsive governance frameworks to enable the company to address any new risk and seize new opportunities swiftly.

Technological globalization has in the recent past led to dependence on other nations’ economies hence exposure to risks which cannot be controlled such as geopolitical risks, trade wars and climate[13]. Such global economic forces demand the management of organizations to make strategies that go beyond mere conformity to regulation, but go further to develop appropriate systems for governance and sustainabole. This also includes engaging governance procedures that are friendly to the environmental, social, and governance (ESG), factors that have emerged to be of significance to the investors and other users.

4.3.3 Corporate Governance Response

These global economic conditions compel firms to integrate good governance practices that recognize the issues of resiliency, sustainability and adaptability. These comprise the interrelating of the ESG factors into the governance structures, improvement of the boards in overseeing the risk management practices and making sure that the governance practices are adaptable so as to be in conjunction with the changing environment[14]. Businesses are also paying much attention to stakeholders as they know that establishing a good rapport with the various stakeholders of a business including the employees, customers and societies is a key to success. Thus, by changing the existing strategies of their governance, companies can sustainably manage the subjects of the world economy and contribute to the creation of a fairer and more stable world.

Figure 4: UK SOx of Corporate Governance Code

(Source: https://www.bdo.co.uk/)

4.4 Case Study Analysis

4.4.1 Case Study 1: Unilever

Unilever is a British-Dutch company operating in the United Kingdom and manufacturing and marketing a wide range of fast-moving consumer goods; it is famous for sustainable business management and good corporate governance. Stakeholders of the organization range from the shareholders, employees, customers, and society at large and the governance structure of the company aims at fashioning ways and means of satisfying all its stakeholders[15]. Unilever has a sound corporate governance system based on its Code of Business Principles, which includes issues to do with integrity, responsibility, and transparency. The outlined framework has become a guiding tool at Unilever in managing the global environment and still considers the company as socially sensitive.

Unilever’s corporate governance is another component that has been highly successful in one of the modern trends, known as sustainability[16]. The Unilever Sustainable Living Plan (USLP) launched in 2010, is one of the most important strategic pillars of the business as it specifically addresses environmental, social, and governance considerations. Thus, the USLP established challenging goals to minimise the company’s environmental impact, promote the health and well-being of millions of people, and boost liveli hoods of its value chain. This commitment to sustainability is best illustrated in the Unilever Business Principles where the Board of Directors remain responsible for the delivery of the USLP and accountability to stakeholders.

Another effective measure in the governance practices realized within the companies of the group is the risk management provision. The company has accurately created a division known as the Risk Committee that is charged with the crucial responsibilities of evaluating Unilever’s risks in the course of its operations worldwide[17]. This committee is responsible for reporting to the Audit Committee and the Board of Directors on the implementation of the company's risk management strategies in relation to its strategies and decisions. In production, it has made Unilever minimize risks that if occurred would seriously compromise its position in the global market such as a disruption of the supply chain or changes in regulatory requirements.

Figure 5: Administrative Sciences: Asymmetric Vacillation in the FMCG Industry

(Source: https://www.mdpi.com/)

However, Unilever has also met different problems in carrying out its corporate governance policies. A major issue was that in 2018, its dual-listed structure was attempted to be combined into a single company and failed. The change of the company’s governance by the implementation of the proposals designed to strip away layers of bureaucracy and provide the management with tactical freedom encountered resistance from the shareholders, primarily the UK-based ones[18]. Some shareholders opined that unification would lead to the de-listing of Unilever from FTSE 100 which played a concern to the investment portfolios among the shareholders. The demise of the proposal showed that running a DMC is not easy and that Unilever should have been more responsive to its shareholders with a view to meeting their expectations in terms of corporate governance.

4.4.2 Case Study 2: BP (British Petroleum)

British Petroleum (BP) a global player in the oil and gas industry is another example of corporate governance coming from a different stream. BP’s governance practices have changed a lot through the years especially when it comes to the experiences or the crises that hit the company[19]. As widely known, the Deepwater Horizon oil spill in 2010 became one of the largest environmental disasters that obviously became a driving force for changing BP’s corporate governance and improving risk management and sustainability programs.

Before the disaster at the Deepwater Horizon, BP has been accused of a weak corporate governance system by insisting on the maximisation of economic performance indicators while neglecting the risks to human life and the environment. The issue raised its ugly head in the disaster and pointed towards the fact that what went wrong in BP was that the company lacked adequate mechanisms to oversee safety measures to be followed, and there was no one at the top of the organizational hierarchy to take personal responsibility for the accident. Spill had negative consequences for BP that resulted in large, financial losses, regulatory fines and loss of reputation.

As a result, the company the subject of this essay, BP, embarked on a review of its governance structures that focused on risk management and sustainability. The company has formed a Safety, Ethics and Environment Assurance Committee (SEEAC) aimed at monitoring and directing the safety and environmental programmes of the company as well as ensuring that those issues are well considered in management decisions[20]. As an independent non-executive committee, the SEEAC reports to the Board of Directors to act as the oversight body of BP and guarantee that more from the Deepwater Horizon accident is incorporated as a precautionary measure in the company.

BP has also been keen to adopt various measures in the executive remuneration policies in the aftermath of the disaster. To complement financial measures, the company pursued the integration of balloon measures linked to productivity, safety, quality, environment, and operational lessons. Its purpose is to better correlate executives’ performance rewards with their firm’s sustainable strategies by not allowing short-term behaviours which have led to the Deepwater Horizon disaster[21]. Moreover, the BP is planned to bring changes in the realm of the company’s governance and reporting for environmental liabilities. The company has its environmental goals of bringing down its carbon footprint and moving more towards green energy, as a part of the sustainability plan[22]. Accountabilities and responsibilities for addressing these targets have been integrated into BP as a feature of its governance structure; mechanisms for tracking and reporting the company’s performance against these goals have been developed, with an emphasis on the fact that the actions of the company must be consistent with its declared policies and goals in the sphere of sustainable development.

Nevertheless, there are still issues BP encounters in its governance tools, especially the conflict between shareholders’ interests and sustainable development. The shift of the company to a cleaner energy source has been received with negative sentiments by certain investors because of the envisaged effects on near-term performance[23]. This tension simply underlines the growing problem of addressing ESG issues in corporate governance, especially in industries primarily committed to creating shareholder value. Also, BP has come under criticism for its lobbying, especially on issues to do with climate change legislation. Although the company has declared its backing for the Paris Agreement goals, its lobbying has occasionally been seen otherwise. This has raised questions about BP’s governance system and its sustainability goals as well as brought out loud and clear that transparency and Accountability remain key principles of good corporate governance.

Figure 6: Ensuring Corporate Ethics and Sustainability

(Source: https://www.johnsoncontrols.com/)

However, over the last decade, BP's corporate governance has improved especially on managing risk, sustainability, and accountability since the Deepwater Horizon tragedy. In trying to reconcile the shareholder primacy model with the sustainability of the enterprise and the need to gain public confidence, the company has over the years embarked on major governance reforms that have gone a long way in rebuilding the image of the company.

4.5 Conclusion

This chapter has elaborated on the topic of corporate governance frameworks and their effects on economic inequality and global pressures and has included the case studies of Unilever and BP. They include social responsibility, management of risks and personalities, and shareholders' and stakeholders’ profiles in corporate governance. One of the key ideas which the comparison of the different frameworks highlighted was the importance of enhancing the compatibility of practices with the existing global change. As such, it is appropriate that future research and policy work concentrates on the improvement of the available information, reporting standards, and corporate governance to include ESG factors in fashioning highly sustainable business organizations.

Chapter 5: Conclusion

5.1 Introduction

Chapter 5 summarises the research findings from this dissertation, relating it to the three research questions and providing some ideas for the significance of this study. This chapter also gives the best practices to which organizations should adhere when dealing with their employees during change. In this way, it will also briefly summarise the study’s conclusions as steps towards advancing the knowledge of the phenomena associated with employee adjustment during the organisational change within the context of the COVID-19 pandemic.

5.2 Linking with Objectives

Objective 1 To identify the purpose of identifying the current status of labour rights in the UK corporate governance systems.

To find out the profile of today’s labour rights within the UK corporate governance system, this dissertation investigated the legal and regulatory requirements and the corporate actions concerning labour rights. Some of the findings revealed that despite the existence of robust legislation as noted earlier the UK faces challenges as regards both the enforcement of labor rights and more so corporate accountability. Most global corporations because of the shareholder value theory disregard workers’ rights and this has led to common vices such as wage discrimination, employment instability and poor working conditions[24]. These issues have been compounded by the emergence of new forms of working as a result of non-standard employment relationships especially in the gig economy in that some of the workers have no protection as they are not employees under the law. Such a state of affairs shows that this present system of governance is lacking in equity in ways that corporate ends often trump the well-being of employees[25]. This entails calling for changes that would ensure all the workers irrespective of the type of employment they have are protected. Therefore, this research is useful to the current debate on enhancing corporate governance principles in relation to protection of labour rights in the UK.

Figure 7: Role of institutions in shaping corporate governance system

(Source: https://www.sciencedirect.com/)

Objective 2 To recognise the aim to outline critical issues in relation to the integration of labour rights into the UK companies’ corporate governance systems.

To map the major concerns associated with the implementation of labour rights within the UK companies’ CG systems, the following major challenges and complexities have so far been acknowledged. The positions of labour rights in corporate governance to support and develop ethical business practice, social justice, and sustainability long run. But despite this, there are a lot of barriers that make it hard for this integration to take place.

Firstly, there is a conflict of interest between the shareholders and stakeholders where business organizations intend to maximize their shareholders’ wealth at the expense of their employees. This conflict is actually inherent in the array of the modern corporate governance model that presupposes the primary focus on the shareholders’ value[26]. Hence there is a lot of neglect of labor rights, which has led to the following challenges working environment anomalies, unfair recompense, and job insecurity. The task is to change the corporate governance culture that does not encompass the employee interest advocacy to the same extent as shareholders’.

Second, the current legislation and regulation as most aspects are elaborate but flawed in the protection of labor rights[27]. Weak enforcement measures combined with the complicities of labor regulations give room for the organizations to wriggle out. For instance, the emergence of the gig employment model of organizing work has highlighted the plight of workers labouring under conditions of precarity as regards self-employment statutes that deny them employee status and all the rights that come with it.

Thirdly, the issue of corporate social reporting and accountability with special reference to labour practices is highly marked. Few organisations have sophisticated reporting systems that could be used to detect and report on this problem, or to demonstrate the company’s dedication to upholding people's rights[28]. Such opacity frequently leads to a gap between the stated’ corporate policies and the actual practice that unfolds, hence denying labour rights space in corporate governance or in the democratic process.

Objective 3 To have an idea of assessing the contribution of ethical factors in boosting the status of employees within corporate management systems.

It is important to evaluate the role of ethical factors in raising the standing of employees within corporate management frameworks to understand as to how ethics can improve employee quality of life and organizational efficiency. This paper identifies that ethical factors are central to the future definition and development of organizational culture, values and decision making procedures towards the treatment and valuation of the employees. To begin with, ethical leadership can be attributed to fostering of fair, acceptable and legal practices and ethical treatment in the management of corporations. Hence many organizational executives who uphold and advance ethical principles as a virtue of leadership are inclined to uphold and protect the rights of employees from unfair treatment, Sexual harassment, Discriminations and equal opportunities for all persons in an organization regardless of their race or colour. The advantages of this type of leadership approach includes raising status of them employees; encouraging trust and commitment, subsequently improving job satisfaction rates and consequently, poor turnover rates.

Secondly, ethical factors in corporate governance guarantee the recognition of the welfare of employees in the performances of a company. Policies like payment of the employees’ wages fairly and providing an environment that is safe for employees besides offering chances for career advancement contribute to the creation of a workplace that is empowering. If employees have the feeling that their personal life is valued, being at work, they are more likely to be innovative, hardworking and dedicated towards the organizational goals.

Moreover, ethical business practices contribute to the improvement of the organization’s image, which is to the advantage of the workers. Business that have some kind of ethical culture make their business more attractive to get more employees, have less rates of employee turnover and have healthy relations with their stakeholders. It is beneficial in enhancing the level of job security, employee promotion and the general sense of organizational commitment staff in an organization.

Objective 4 To present an argument for the strategic recommendations for enhancing labour rights within the UK companies’ corporate governance structure.

Assuming an important position in the discussion of strategies for further improvements of labor rights in the UK companies’ corporate governance, it thus becomes critical to assertively argue the presented recommendations. This approach requires that human and labor rights are brought in as a constitutive member of a corporate governance structure meaning that it is a business imperative[29]. First of all labor rights should be incorporated into corporate governance structures by setting legal requirements which must enumerate accurate policy and procedures of non discrimination, equal opportunity employment relations. This is possible in the following ways, The company held the labor rights principles and incorporated them into the company’s code of conduct. As such, organisations not only qualify the legal requirements but also confirm their receptiveness to fair acting.

Secondly, the creation of regulation bodies like having a labor rights committee in the board of directors to frequently address the issues of labor. This committee would also be tasked with the responsibility of over seeing the levels of compliance with the set labor laws as well as assessing the efficacy of the already existing policies and coming up with measures of enhancing on them. This would be complimented by having members of this committee as worker representatives to assure that the employees’ input is considered as well[30]. Also, improvement of labor rights is made possible by transparency along with accountability of organizations. Various organizations should be compelled to disclose their labor relations and the changes that are being implemented to enhance the situation. The findings also suggest that periodic systems reviews, coupled with timely public reporting, can serve to effectively police the corporate imperative and pressure firms to maintain high standards for labour.

5.3 Strategic Solutions and Recommendations

The factor of solutions when it comes to the improvement of the rights of labour within the framework of corporate governance of companies in the UK, strategic decisions and recommendations need to be developed with a close bearing to sustainable and ethical practices. To start with, companies should incorporate labor rights into their management by having sound and practical labor policies endorsed to global standards like those of ILO[31]. These should include such policy issues as minimum wages, whistle blowing, equality of workers, and freedom to strike.

Second, there is a dire need of proper oversight and accountability if the planned have to be initiated and put into practice. It is recommended for companies to set up committees or nominate specific officers to supervise obedience to labor standard. These bodies were presumably meant to guarantee that labour rights are being respected in parallel with punishing any violations. In professional practice routine audits and assessments should be performed and the results of such work have to be disclosed.

Third, developing more embracing climate by the provision of clear communication channels between the workers and the administration is also crucial. This also involves the promotion of employees’ participation in decision-making as regards some factors within the workplace environment[32]. Last but not least, companies need to engage with external stakeholders, unions, NGOs, and governmental bodies to regularly improve and enhance their strategy for labour rights. Through such partnership, companies do not lag behind every emerging issue and they have kept their word on ethical governance.

5.4 Conclusion

It can be concluded that it is possible to state that incorporation of labour rights into the framework of the UK corporate governance systems is necessary and crucial for handling the ethical and sustainable business. The strategies therefore include the implementation of appropriate labour policies, setting up of a supervisory body, embracing diversity, and partnerships with other organizations to improve the position of human beings in organizations. These strategic endeavours do more than defend employees’ rights; they also build sustainable organisational and social capital.

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