Integrating Corporate Governance and Corporate Social Responsibility in the Context of a Global Financial Crisis: Enabling Sustainability through Executive Remuneration and Reward Strategy

Date

2013-02-02

Advisors

Journal Title

Journal ISSN

ISSN

DOI

Volume Title

Publisher

LAMBERT ACADEMIC PUBLISHING

Type

Book chapter

Peer reviewed

Yes

Abstract

In spite of the potential synergies and mutual interdependence of corporate governance and Corporate Social Responsibility (CSR), they have developed and been practiced independently of each other. The Global Financial Crisis gone some way in highlighting this disparity and has placed executive remuneration, especially in the financial services sector, in the public spotlight amid calls for reform and more effective regulation. This requires a new way of approaching executive remuneration and the overall organizational reward strategy. This chapter analyzes corporate governance and CSR, highlighting areas of convergence and divergence; explores the benefits and synergies derivable from integrating both corporate practices; discusses the different models used to achieve an integration of corporate governance and CSR; it positions CSR and corporate governance in relation to the Global Financial Crisis and to executive remuneration practices. Executive remuneration is explored in light of the financial crisis and consideration is given to the rationale for approaching executive compensation through the integration of CSR and corporate governance. A critical analysis is developed throughout the chapter which provides an overview of the practical implications and changes affecting executive remuneration and reward strategy if an integrated approach to corporate governance and CSR underpins executive compensation.

Description

Keywords

Corporate Governance, Corporate Social Responsibility, Global Financial Crisis, Executive Remuneration, Executive Pay, Sustainability, Reward Management, Compensation and Benefits, Economic Recession

Citation

Ejiogu, C.J., Ozoh, C.E. and Ejiogu, C.A. (2013) Integrating Corporate Governance and Corporate Social Responsibility in the Context of a Global Financial Crisis: Enabling Sustainability through Executive Remuneration and Reward Strategy. In: Okram, B. (Ed.) Corporate Goals and Responsibilities: Economic, Social and Human Rights. Dudweiler Landstr: Lambert Academic Publishing.

Rights

Research Institute

People, Organisations and Work Institute (POWI)