Corporate culture has been a hot topic since the financial crisis. In examining the underlying causes of corporate failings, many commentators began to reflect on the role of corporate culture in decision making. Questions were also asked about the quality of corporate governance and board oversight of cultural issues.
A strong focus on the importance of the board role in monitoring and aligning culture to purpose, values and strategy has now also been introduced in the updated UK Corporate Governance Code, Quoted Companies Alliance Corporate Governance Code for AIM listed companies, as well the new Wates Corporate Governance Principles for Large Private Companies. This heightens the call for many kinds of businesses and boards to begin considering the role of culture in more depth.
Updated in early 2019 to reflect the latest corporate governance developments, this paper is designed to help boards and committees consider the decisions they make and the oversight they exercise through the lens of culture. With key questions for the board and each of its main committees, it aims to stimulate constructive debate and discussion which will help boards and committees discharge their responsibilities and get more insight into the culture of their organisations.