Australian boards and directors should strive to ensure our corporate culture is the best in the world – remembering that what is optimal for one organisation may not be optimal for another. Directors know they are responsible for culture first and last and boards must be at the forefront of the culture of their organisation. The challenge is: How to identify if change is required? How to implement and monitor the necessary initiatives? How to identify management’s role? Creating and nurturing the right culture from the top is crucial to an organisation’s success. Culture can present immense opportunities for an organisation. Empirical studies have identified culture as key to driving performance, particularly the financial performance of an organisation.
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