Introduction to the special issue: “Current challenges of corporate governance: Reputation, risk and sustainability”
| Published date | 01 March 2024 |
| Author | Myriam García‐Olalla,Camilo José Vázquez‐Ordás |
| Date | 01 March 2024 |
| DOI | http://doi.org/10.1111/1758-5899.13319 |
Global Policy. 2024;15(Suppl. 1):5–7.
|
5
wileyonlinelibrary.com/journal/gpol
With respect to reputation, the need to keep it high
and positive, avoiding events with a negative impact,
has been growing to become an invaluable asset in
the business world. In today's age of instant informa-
tion and social media, a company's reputation can be
affected by a single misstep. Stakeholders, including
customers, investors, and employees, closely monitor
a company's ethical behavior, environmental practices,
and commitment to social responsibility. Therefore,
corporate governance plays a pivotal role in safeguard-
ing and enhancing a company's reputation. Companies
that prioritize ethical governance and sustainability are
more likely to attract and retain customers, investors,
and top talent.
Risks in the corporate world are multifaceted and
constantly evolving. From cyber threats to geopoliti-
cal instability, businesses face a diversity of risks that
can disrupt operations and undermine shareholder
value. In this regard, effective corporate governance
involves identifying, assessing, and managing these
risks. Boards and executives must be vigilant in their
oversight of risk management to protect the interests of
shareholders and stakeholders as poor risk manage-
ment can lead to financial losses and, again, damage
to the company's reputation. Additionally, the integra-
tion of environmental, social, and governance (ESG)
considerations into risk management has become in-
creasingly important as companies attempt to meet
sustainability goals and comply with evolving ESG re-
porting standards.
Lastly, sustainability is no longer an optional aspect
for businesses. As environmental and social issues
become more prominent, companies must incorporate
sustainable practices into their corporate governance
frameworks. This involves making long- term decisions
that take into account environmental impact, social re-
sponsibility, and ethical behavior. This way, companies
that embrace sustainability not only contribute to a
better world but also position themselves for long - term
success. In addition, investors and consumers are in-
creasingly demanding transparency and accountabil-
ity when it comes to sustainabilit y, m aking it an integral
part of corporate governance in the 21st century.
In conclusion, the importance of addressing today's
corporate governance challenges, especially those re-
lated to reputation, risk, and sustainability, cannot be
underestimated. These challenges are closely linked
to a company's core operations, affecting its financial
results, stakeholder relationships, and overall longev-
ity. Forward- thinking companies recognize that good
governance practices are essential not only to adapt
to today's complex business environment but also to
ensure a prosperous and sustainable future.
This special issue of Global Policy Journal aims to
contribute to the debate by analyzing the new chal-
lenges posed to the corporate governance.
SPECIAL ISSUE ARTICLE
Introduction to the special issue:
“Current challenges of corporate governance: Reputation,
risk and sustainability”
MyriamGarcía- Olalla1 | Camilo JoséVázquez- Ordás2
Received: 16 November 2 023
|
Accepte d: 24 November 2023
DO I: 10 .1111/17 58- 589 9.13 319
This is an open ac cess article under t he terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium,
provided the original work is properly cited.
© 2024 The Authors. G lobal Policy published by D urham University and Jo hn Wiley & Sons Ltd.
1Department of Business Administration,
Universidad de C antabria, Santande r,
Spain
2Department of Business Administration,
Universidad de Oviedo, Oviedo, Spain
Correspondence
Myriam García- Olalla, Department of
Business Administration, Universidad de
Cantabria, Santander, Spain.
Email: myriam.garcia@unican.es
Abstract
In the modern business landsca pe, the challenges of corporate governance have
become increasingly important. In particular, those related to reputation, risk,
and sustainability are today crucial to the well- being of both individual organiza-
tions and the global economy and society at large. For these reasons, corporate
governance today plays a more important role than ever before in shaping the
strategies and operations of companies.
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