#16. Professor Alison Taylor: What Does it Mean to be a Good Business?

Alison Taylor is a Clinical Associate Professor at NYU Stern School of Business and Executive Director of Ethical Systems. Professor Taylor has spent the past two decades consulting with multinational companies on risk, anti-corruption, sustainability, human rights, culture and behavior, stakeholder engagement, ESG, and ethics and compliance – including as a senior advisor at sustainability nonprofit BSR, a member of the Board at Venture ESG, and a sustainability adviser at Zai Lab, KKR, and Pictet Group.SummaryProfessor Alison Taylor discusses the concept of being a good business and the challenges and complexities surrounding it. She emphasizes the need for a better conversation about the role of business in society and the importance of clarity and honesty in addressing ethical questions. Professor Taylor also explores the tension between shareholder value and other objectives, the limitations of rating agencies, and the need for organizations to focus on managing their negative impacts. She highlights the qualities of effective leaders and the importance of culture in driving change. Ultimately, she calls for better questions and a more systemic approach to addressing the challenges facing businesses today.Key Moments00:59 What does it mean to be a good business?04:42 Disconnects and challenges in the business world05:12 Rating agencies and the limitations of transparency06:32 Tension between shareholder value and other objectives07:31 The need for a better conversation about business in society08:01 The problem with stakeholder rhetoric09:26 Moving from transparency to accountability10:55 The limitations of rating agencies11:24 The challenges of measuring ESG performance12:47 The problems with corporate advocacy13:39 The fantasy of transparency leading to accountability20:05 The role of business in society22:02 The need for companies to manage their negative impacts23:15 Holding companies accountable through employees and social media24:36 The qualities of effective leaders in driving change26:28 The challenge of changing entrenched thinking at the top27:53 When CEOs and leaders should speak out on social and political issues29:32 The importance of having a process for making decisions on contentious issues34:39 The ingredients of a healthy culture37:02 The need for organizations to make a conscious choice to transform40:06 The challenges and uncertainties of the futureMusic credit: David Cutter Music / @dcuttermusic Hosted on Acast. See acast.com/privacy for more information.