Insights

Governance of Sustainability

  • Prof. Dr. Michael Hilb

    Chair, Board Foundation

  • Prof. Dr. Michael Hilb

    Chair, Board Foundation

How to embed the concept of sustainability is one of the key questions boards of directors and top management teams discuss in times of societal change and environmental challenges. These reflections are driven not only by self-reflection but also by capital market pressures and the consensus of public opinion. Unlike other issues on the corporate agenda, sustainability calls for a distinct approach to governance and raises questions about the foundation of corporate governance: the corporate purpose. This book presents various perspectives on corporate governance of sustainability and sustainable corporate governance, bringing together viewpoints from 16 practitioners and academics. It offers practical insights, introduces new perspectives, and invites readers to reflect on their own approaches to integrating sustainability into corporate governance.

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    From Corporate Governance of Sustainability to Sustainable Corporate Governance

    What is the best way to integrate sustainability into the corporate governance framework? Boards of directors have chosen two distinct paths: the functional way, which focuses on corporate governance of sustainability, and the foundational approach, which leads to sustainable corporate governance. This article assesses the merits and limitations of both approaches and calls for a transition to sustainable governance. This requires board members to engage regularly with stakeholders and to continuously debate the underlying assumptions to further develop the governance framework as required.