Key recommendations


Boards could usefully apply ICRAFT principles for better governance.


Supported by corporate governance principles, companies should promote a company-centric governance model which moves away from shareholder primacy and focuses instead on creating long-term value and sustainable growth for all stakeholders.


Boards should be required to establish a company’s purpose, values and strategy ensuring that these and its culture are aligned. Boards should articulate how the culture supports the successful delivery of the strategy and business model.


Boards should be required to assess and monitor culture.


In supporting the EU’s sustainable finance agenda, the corporate reporting model needs to change so that it is simpler, more accessible and decision-oriented. It should be addressed to all stakeholders, not just investors, using commonly understood metrics to measure and demonstrate the value a company creates for everyone. See EPIC for more detail (available at


Corporate governance frameworks should always allow for flexibility and proportionality, particularly with respect to companies’ size, location, sector and ownership structure.


Companies need to better understand how investors and others value good governance and transparency as a way of enhancing their capital base and also improving stakeholder perceptions (i.e. building trust).


In order to build trust, customer loyalty and reputational capital, companies need to see ethics as an enabler of innovation and sustainability, or even as a competitive differentiator and not just a compliance exercise.


All market participants need to be constantly alive to how technological disruption can both improve corporate governance and pose risks to it.