Ethical governance: beyond good practices and standards

Abstract

Purpose The purpose of this article is to take a look at a new paradigm that is taking shape in an increasingly‐interwoven international system – that of ethical governance. Design/methodology/approach This article uses the literature and the authors' own knowledge. Findings All over the world governments are relinquishing many of their hitherto‐inherent activities through deregulation, privatisation, concession, outsourcing or sheer desertion, even in sensitive areas like food and drug control, public health and personal security. Should corporations fulfil a social service in addition to their profit‐seeking function? How is the social incidence of corporate activity measured and who policies it? What are the boundaries of limited corporate liability? Is ethical governance just wishful thinking? This paper suggests that it is through principles‐based policymaking and management that these queries can be addressed in earnest as we may have reached the point of no return already. Originality/value The paper adds to the body of knowledge on ethical governance and will be of interest to those in the field.

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