Who is Responsible for
Your Corporate Culture
29 November 2024, Friday | 04:00 PM - 06:00 PM (GMT+8)
Corporate Governance is multi-facetted and central to our advocacy at ICD. Corporate Culture is part of Corporate Governance. We sometimes don’t emphasise the importance of culture sufficiently.
Yet we can all recall corporate disasters where a defective corporate culture was a major contributor to the problems or even the demise. Enron comes to mind. Ethics was something that existed in a well-written Corporate Code but gathered dust on the shelf: e.g. in its financial reporting. Financial engineering and lack of transparency resulted in fatal misrepresentations.
Recently we witnessed the long-term results of a change in corporate in Boeing, which started some 20 years ago! Safety and engineering pride had to give way to dividend increases and stock buybacks. Engineers clashed with accounts. Quality suffered: harassment happened frequently and whistleblowing reports were not investigated.
The benefits of cost cutting were applied to shareholders. No funds were available for the long-term development of aircraft, notably the 737 replacement. The rushed development of the 737MAX became inevitable to compete with the much more modern Airbus 320NEO. In the ‘bottom-line’ culture, engineering shortcuts were made and information suppressed.
The company lied about new software to the Regulator (FAA) and when two planes crashed the CEO blamed inexperienced foreign pilots. In fact, this crucial piece of new software (MCAS) was absent from training materials. As a result, the pilots on the crashed planes did not know about its existence. Consequently, they were unable to override it. 346 casualties resulted.
Shareholders won a case against Boeing and its directors in the Delaware Chancery Court. Its verdict highlights the shortcomings of the board and it fined the directors $237 million. Most directors were ordered to step down. The judge ordered the creation of an aircraft safety committee in the Board. Directors with aviation experience can serve on it. Many other sanctions were imposed. In one of them, Senior Executives’ bonuses now include specific consideration of adherence to and promotion of safety initiatives.
Changing a culture can be good business. The new culture must be measured in a recurring survey and its findings must be followed up consistently.
So, who is responsible for the culture in your company?
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26 July 2024, Friday
4:00 PM to 6:00 PM (GMT+08)
30 August 2024, Friday
4:00 PM to 6:00 PM (GMT+08)
27 September 2024, Friday
4:00 PM to 6:00 PM (GMT+08)
25 October 2024, Friday
4:00 PM to 6:00 PM (GMT+08)
29 November 2024, Friday
4:00 PM to 6:00 PM (GMT+08)
13 December 2024, Friday
4:00 PM to 6:00 PM (GMT+08)
Building a Working and Effective Board: Essential Steps to Success
Atty. Teodoro Kalaw IV, FICD
Corporate Secretary and Thought Leadership Chair
Institute of Corporate Directors
Customer Centricity
Mr. Ramon Vicente Roxas, MICD
Founder and Managing Director
Capability Philippines, Inc.
Effectively Cascading the Company Strategic Plan
Mr. Rex Drilon II, FICD
Former Chairman,
Institute of Corporate Directors
Deploying a Data-first Strategy: Separating Fact Versus Fiction
Dr. David R. Hardoon, FICD
Chief Executive Officer
Aboitiz Data Innovation
Who is Responsible for Your Corporate Culture
Mr. Frank Numann, FICD
Independent Anti-Bribery Consultant
Health Governance: The Value for Strategic Purchasing
Dr. Kenneth Y. Hartigan-Go MD, MD (UK), FICD
Adjunct Faculty
Asian Institute of Management
NON-MEMBERS
SOLO PASS: PHP 3,000.00
Attend one session only (Inclusive of VAT)
SERIES PASS: PHP 12,000.00
Attend all six sessions (Inclusive of VAT)
ICD MEMBERS
NOTE: Registration for
ICD Members is FREE
Discounts applicable (Only 1 discount is applicable per registration)
○ 5% if referred by an ICD Member
○ 5% Group Discount with a minimum of 5 participants in the same company
This online course is free for all ICD Members.
However, if you would like to receive the
E-Certificate and materials, the program fee is PHP 1,000.00 per session.