| Abstract: | Globalisation is changing the public affairs agenda for businesses operating in a more interdependent world. As the roles and responsibilities of government are being redefined, and the boundaries between business and government become less clear cut, today's business leaders are facing a daunting array of challenges. In the new age of corporate social responsibility, the needs of shareholders, consumers, employees, national as well as international regulators, watchdogs, NGOs and activist groups have to be satisfied. The number of variables that could affect the bottom line appears to be growing at an exponential rate; and losing the trust of stakeholders can be fatal. Business leaders should step up to the challenges that these developments are creating. They should be unapologetic about countering anti‐globalisation activists by demonstrating the real value that business can bring to the developing as well as the developed world. They should help to promote the virtues of greater transparency and accountability to their stakeholders. They should be actively engaged in fashioning new regulatory architecture that is pro‐competitive, one that makes trade possible. Business leaders should support efforts to develop better quality regulation of the increasing number of trans‐national issues that call for co‐ordinated, international responses. Ignoring or down‐playing these challenges carries a price: it plays into the hands of cyber cohorts and single issue groups, that are accountable to none but themselves, and leads to weaker public policy outcomes. Copyright © 2003 Henry Stewart Publications |
