In February 2019 the Australian Stock Exchange released the fourth edition of its Corporate Governance Principles and Recommendations. At its core a critical question: whether a social licence to operate is needed to accompany legal obligation? If reliance on corporate reputation alone is sufficient, as suggested, what form should it take? The ASX opted for a precautionary approach. All could be resolved, it insisted, if a board could “instil a culture of acting lawfully, ethically and responsibly.” This is progress, albeit limited. As seen in all too many cases in the finance sector and beyond, the financial costs of legal penalties are often written off as price of doing business. This undermines both its deterrence effect and respect for the rule of law itself. One can be compliant with the law but behave in an unethical and irresponsible manner. Demanding the articulation and keeping of promises matters. The ASX notes that “values are the guiding principles and norms that define what type of organisation it aspires to be.” In formulating those values, “a listed entity should consider what behaviours are needed from its officers and employees to build long-term value for its security holders. This includes the need for the entity to preserve and protect its reputation and standing in the community.” Notwithstanding the circulatory argument that privileges shareholder value, its justification comes from the footnoted reference to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Interim Report. The Royal Commission had argued that “to preserve and enhance a reputation... the enterprise must do more than not break the law. It must seek to do ‘the right thing.’ What this means in practice is not teased out, either in the accompanying guidance or, indeed, by the Royal Commission itself in its final report beyond a six-level normative framework. In the absence of jurisprudential precedent just what is “the right thing”? What constitutes adequate “seeking”? Does equating a social licence to operate to an undefined form of reputation risk management meet the requisite test for a court of law or the court of public opinion? In the absence of prosecutions, or tangible impact for breaches of community expectation, there is an inevitability to a rational descent into cynicism? The ASX’s minimalist approach stands in sharp contrast to the Organisation of Economic Cooperation and Development (OECD). The OECD has launched a global campaign to renegotiate a “new intergenerational social contract to restore the confidence of citizens in their institutions.” As its Director General, Angel Gurria, warned in June 2018, an approach based “superficial changes” would be insufficient, counterproductive and dangerous. “The truth is this won’t work. We are beyond the quick fixes to address the discontent of the masses.” To this end the OECD Director of the Directorate of Financial and Enterprise Affairs, Greg Medcraft, was despatched to the annual northern spring meetings of the International Monetary Fund and World Bank. He used a panel discussion on 12 April 2019 in Washington, DC to explicitly link “value” and “values”.

中文翻译：

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企业文化与追求真实

2019 年 2 月，澳大利亚证券交易所发布了第四版公司治理原则和建议。其核心是一个关键问题：是否需要社会经营许可来伴随法律义务？如果仅依靠企业声誉就足够了，如建议的那样，应该采取什么形式？澳大利亚证券交易所选择了预防方法。它坚称，如果董事会能够“灌输一种合法、合乎道德和负责任的行事文化”，一切都可以解决。这是进步，尽管有限。正如在金融部门及其他领域的太多案例中所见，法律处罚的财务成本通常被作为开展业务的价格冲销。这既破坏了其威慑效果，也破坏了对法治本身的尊重。一个人可以遵守法律，但以不道德和不负责任的方式行事。要求表达和信守承诺很重要。ASX 指出，“价值观是指导原则和规范，定义了它渴望成为哪种类型的组织。” 在制定这些价值观时，“上市实体应考虑其管理人员和员工需要采取哪些行为才能为其证券持有人创造长期价值。这包括实体需要维护和保护其在社区中的声誉和地位。” 尽管循环论证赋予股东价值特权，但其理由来自在银行、养老金和金融服务行业中期报告中对皇家委员会不当行为的脚注引用。皇家委员会认为，“为了维护和提高声誉……企业必须做的不仅仅是不违法。它必须寻求做“正确的事”。这在实践中意味着什么，无论是在随附的指南中，还是在皇家委员会本身在其超出六级规范框架的最终报告中，都没有被梳理出来。在没有判例先例的情况下，什么是“正确的事情”？什么是足够的“寻求”？将经营社会许可等同于未定义形式的声誉风险管理是否符合法院或舆论法院的必要测试？在没有起诉或对违反社区期望的实际影响的情况下，理性陷入犬儒主义是不可避免的吗？ASX 的极简主义方法与经济合作与发展组织 (OECD) 形成鲜明对比。经合组织发起了一项全球运动，以重新谈判“新的代际社会契约，以恢复公民对其机构的信心”。正如其总干事 Angel Gurria 在 2018 年 6 月警告的那样，基于“表面变化”的方法是不够的、适得其反且危险的。“事实是这行不通。我们无法快速解决群众的不满。” 为此，经合组织金融和企业事务局局长 Greg Medcraft 被派往国际货币基金组织和世界银行的年度北方春季会议。