The art of shapeshifting : facilitating strategic foresight to independent non-executive directors - a strategic approach to corporate governance in SA

[摘要] Corporate governance has become an issue of global significance. The improvement of corporategovernance practices is widely recognized as one of the essential elements in strengthening thefoundation for the long-term performance of countries and corporations. This study suggests thatcompanies wishing to remain profitable and sustainable in the future should take a strategic andanticipatory approach to corporate governance. Anticipatory corporate governance requirescompanies to change short-term orientated decision-making practices to long-term profitable andsustainable policies with insight, vision and strategic foresight.The best candidates to shape a strategic and anticipatory approach towards good corporategovernance practices are those who are expected to implement it – the board of directors. Takingan anticipatory approach to governance means that the board must co-design the future of theircompany by making decisions based on informed trends, evidence-based quantitative analysesand the expert opinion, experience and insight by its directors. The independent non-executivedirector plays a vital role in this process, as he/she provide specialist skills and bring objectivereflection, constructive criticism and external judgment on issues of strategy and standards ofconduct and evaluation. Strategic foresight has the potential to assist and empower independentnon-executive directors in taking an anticipatory and strategic approach to corporate governanceas it provides them with the capability to understand, interpret and respond to current challenges,and to conceive and explore as yet unimagined approaches and solutions to these problems toensure a profitable and sustainable.The study put forward an instructional intervention – The Art of Shapeshifting – aimed specificallyat South African independent non-executive directors by providing them with the skills, knowledgeand foresight that will eventually translate into increased personal development awareness of theneed for sustainable development and good corporate governance. The basic premise of thisintervention is that a change in corporate law and corporate governance recommendations needsto be matched by a change in human behaviour. A new mind-set is required by directors toanticipate and prepare for the future. The researcher proposes a process of 'shapeshifting thatrequires a futures orientation, with strong strategic foresight capability and capacity, founded onflexible and adaptable systems within an anticipatory governance framework.Thus, the main aim of the research is to design, develop and implement the shapeshiftingframework as an instructional intervention in order to assist South African independent nonexecutivesin taking an anticipatory approach to corporate governance using strategic foresight ascore competence. It consequently evaluates whether participation in the intervention would lead toa change in the knowledge, altruism, attitude, values, socially responsible behaviour, skills,behaviour and empowerment of independent non-executive directors with regard to directorial duties and good corporate governance practice. This in turn would contribute to an increasedawareness of sustainable development, and the need for futures-orientated anticipatory approachto corporate governance.The research results show that the shapeshifting intervention is seen to make an overall positivecontribution to improved knowledge, altruism, attitude of independent non-executive directors withregard to sustainable development, their duties and responsibilities, and a more futures-orientatedapproach. The shapeshifting intervention also has an impact on changing attitudes and valuestowards sustainable development, corporate citizenship and corporate governance. The resultsalso indicate that the shapeshifting intervention assists in the empowerment of independent nonexecutivedirectors through the use of strategic foresight to initiate and sustain good corporategovernance in practice.Stellenbosch University http://scholar.sun.ac.za

[发布机构] Stellenbosch University