Culture is a critical concern for boards

Following a series of high-profile departures at leading retail businesses, the spotlight has fallen on corporate culture – and not a moment too soon. We have seen a number of examples recently where a bad culture has derailed performance, enabling unacceptable behaviours or fraudulent accounting practices.

Culture has become the board’s business, to such an extent that the 2018 UK Corporate Governance Code now states that the board should “assess and monitor culture” and that directors have a responsibility to “act with integrity, lead by example and promote the desired culture.” So what does this mean in practice?

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