Good governance is a popular buzzword that one would often encounter particularly about how corporations are being managed. But governance goes well beyond corporates as it permeates all, governments, corporations, and individuals alike. Government leaders, whether appointed or elected, must constantly carefully balance the demands and expectations of the multitude of constituencies often at odds with each other that put them in power, to begin with. Corporate boards and CEOs must demonstrate good governance and proactively engage with shareholders and stakeholders of all stripes to maintain the trust and confidence of all concerned. Whereas we must be constantly vigilant against the expected and the unexpected pitfalls one inevitably encounters, ready to accommodate change but always steadfast to our values to survive the vicissitudes of life.
What does good governance mean anyway? There really is no single definition that can be attributed to the phrase as it depends on the context in which the term is used. In its simplest form, good governance is the process of decision-making and the process by which decisions are implemented or not implemented. Or in simple language, a decision made in the light of various considerations in the pursuit of a given objective.
Sounds simple enough. But let me illustrate some situations where the practice of "good governance "could trigger starkly different results, desirable for some but undesirable for others. The Ukraine war for instance. Invading Ukraine was a fulfillment of a long-standing aspiration of Putin and probably as well for a good swath of the Russian population to recover the lost glory of the USSR before its dismemberment. For the thousands, however, of Ukrainians rendered homeless and the families of those who perished, the invasion has proven to be an unmitigated tragedy of humans senselessly foisting misery on other humans. A shining example of good governance?
Another patently greed-inspired move is the recent decision of the Organization of the Petroleum Exporting Countries to cut back on oil world production proudly proclaimed by Saudi Arabia as a "moderating move to bring about stability". Sounds like laudable good governance for OPEC governments but conveniently forgetting that bumping oil prices up will surely increase the likelihood of the world plunging into the abyss of recession causing untold misery for millions more. Maybe not that great "good governance" decision after all.
Ok, how about recent "good governance" corporate moves such as the Twitter takeover saga? Elon Musk has just taken over Twitter to the tune of billions of dollars, $44 billion to be exact, and promised to provide a "safe space for free speech to flourish" such as Donald Trump's infamous running rants that the last US election was "stolen" from him until he was finally banned from Twitter. Musk has proudly proclaimed that "having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization." A noble undertaking to promote inclusiveness and free speech? Since the takeover, however, Musk has unceremoniously thrown into sudden unemployment about half of the 7,500 employees and Twitter has gone on to allow a rampage of hateful and bigoted posts plastering derogatory racism slurs all over its platform. Socially responsible good governance in full display?
Or how about coal-powered power plants that can deliver cheaper electricity enabling more industries to stay afloat amidst spiraling operating costs but in the process releasing more harmful carbon emissions and putting the world at risk for far more severe climate degradations for future generations to come? Can the boards of these supposedly Paris Accord-conforming conglomerate-owned fossil fuel-powered generating plants truly claim adherence to good governance?
So, what's the message? Am surely not advocating disregarding good governance. Merely pointing out that even a noble mission will not necessarily always be "good." The only absolute and perfect goodness we have in our mortal existence is God, our Creator whom we should always aspire to emulate.
Until next week… OBF!
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