Is stewardship the answer to the poor conduct of big business?

Trust depends on the perception of fairness i.e. the equity of social exchange, so it is inevitable that trust in big business will have been further eroded by the continuing negative media coverage on tax avoidance this month.  It culminated last week with the Public Accounts Committee castigating the big accountancy firm (PwC) for its role in advising clients on tax avoidance; recommending that ministers should consider banning PwC from big government contracts as a way of influencing its behaviour. This week the “unethical news” is about the big bank HSBC on the same theme of helping clients with tax avoidance (evasion?)

The problem for current leadership is that a lot of what’s damaging reputations now goes back to their predecessors’ decision making.  Perhaps today’s leaders need some training in the ethos of stewardship, putting much more emphasis on the ethical legacy of their businesses in the longer term.  The 2015 Edelman Trust monitor shows that family businesses are the most trusted type of business (where passing on a viable firm to the next generation is stressed).  Our current leaders need to consider their successors, putting in place the business model which will best support the ongoing improvement in organisational reputations and trust for future generations.

Should business start to think like astronauts?

Chris Hadfield was the astronaut who became a media sensation a year or so ago for his images from the International Space Station and his recording of David Bowie's "Spacey Oddity". In his book, "An Astronaut's Guide to Life on Earth," he conveys a sense of humility about the Earth- having seen its fragility and beauty from thousands of miles away.

One of the points he mentions near the end of the book is the need for "stewardship". It is perhaps this stewardship mindset which could be adopted for business today replacing the short-term shareholder model. For example, creating a clear vision of ensuring you leave your organisation in better shape when the next people take over. There is real pride in doing this. It requires serious long-term planning.

Astronauts are undoubtedly the  most incredibly bright, committed and competitive bunch of people and yet they operate within a flat structure because they understand that the performance of the lucky few who actually make it to space (become media stars etc) is entirely dependent on thousands of other bright, committed and competitive people who help to put them there.This in itself is quite humbling. Within this very competitive environment they all have a single, cohesive vision that of making space exploration happen and a detailed and committed understanding of how the operation works and comes together.

Space exploration is an inspiring story of creativity, problem solving, dedication and duty and there is no reason why this kind of ethos cannot be applied here on earth if we can just get our heads above the clouds and start to think big: really big.