The nature, essence and style of public discourse on corporate responsibility are critical for its acceptance and integration by corporations and investors.
The dynamics of the field – are they strictly professional or with political elements? Are they artificially added elements or inseparably substantive? Are they integral to the corporation's performance or merely part of its public image? These questions bear notable influence on corporations and institutional investors decision-making.
Analysis of Israeli discourse in context of the wider international discourse on the matter yields a clear conclusion, showing corporate governance in Israel is notably under-developed in substance and underestimated in importance. ESG practices (Environmental, Social & Governance, to be called "Corporate Governance" hereinafter) remain largely insignificant, rooted in corporations desire to improve their PR standing in what is often labelled as "Greenwashing".
In light of this, we propose the following five recommendations to improve public discourse on the subject:
(1) Increasing Transparency and Dialogue
(2) Highlighting the relevance and value of corporate governance to the public
(3) Promoting public knowledge and awareness on the matter
(4) Improving the professional KPI's
(5) Training of students, professionals and field experts
These recommendations can significantly contribute to improving professional discourse in the field, strengthening the power of regulators and public institutions, reinforcing regulatory processes, and introducing binding ethical norms in this area.
In this way, we can create a better, more advanced, and more equitable society, bridging the gap between the business world and the public – for the benefit of our future and for the generations to come.
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