Boards Now Wising Up to the True Value of Corporate Culture

Organisational culture is fundamentally important to corporate strategy and performance and should be embedded into decision-making and oversight processes, according to a new report released this week by EY. The report – ‘Governing culture: practical considerations for the board and its committees’ – highlights the importance of culture to businesses, but, at the same time, suggests that the deliberation and focus in this area by the boards of many companies is often not adequate and appropriate.The report suggests that boards could be doing more, and cites a recent survey of FTSE 350 board members (conducted by EY and the FT) which saw the majority of respondents stating their belief that their board should take greater responsibility for shaping and monitoring culture.