Inspiring Stewardship E-Book

Didier Cossin

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 320

Veröffentlichungsjahr: 2016

Beschreibung

Transform from leader to steward to drive growth and make an impact Inspiring Stewardship helps leaders drive sustainable development and growth by balancing short- and long-term objectives amidst competing interests. By examining a range of exceptional individual and organisational stewards alongside insights from quantitative studies, this book unlocks the contributions you can make to enhance your influence and secure your legacy. Profiles of leaders from Ratan Tata to Bill Gates illustrate what stewardship really means, and the attributes and characteristics of steward leaders. Are they fundamentally different? Where do they get their exceptional drive and resilience? Why do they shoulder such huge responsibility? Risks, rewards, motivations and actions are explored in depth to give you a real-world view of stewardship, and to show you how to embody these principles in your own everyday life. The notion of stewardship has never been more relevant to business than it is today, as managers struggle to balance present and future interests. This book provides clarity, direction and guidance for more purpose-driven action. * Understand the concepts and principles of stewardship * Discover characteristics of steward leaders across cultures * Learn how stewards have shifted the course of their organisations * Examine the capabilities that deepen organisational resilience Today, ownership of firms is increasingly fragmented, investment structures are more and more complex and the time horizons of investors, executives and owners do not always coincide. Inspiring Stewardship helps you break through the tension and drive sustainable growth through adaptability and good leadership.

Leseprobe

Inspiring Stewardship

Didier Cossin Ong Boon Hwee

This edition first published 2016 © 2016 Didier Cossin and Ong Boon Hwee

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Library of Congress Cataloging-in-Publication Data

Names: Cossin, Didier, author. | Ong, Boon Hwee, 1956- author. Title: Inspiring stewardship / Didier Cossin, Ong Boon Hwee. Description: Hoboken : Wiley, 2016. | Includes index. Identifiers: LCCN 2016014536| ISBN 9781119270805 (hbk) Subjects: LCSH: Leadership. | Business ethics. | Social ethics. |    Organizational behavior. | BISAC: BUSINESS & ECONOMICS / Finance. Classification: LCC HD57.7 .C6725 2016 | DDC 658.4/09–dc23 LC record    available at https://lccn.loc.gov/2016014536

A catalogue record for this book is available from the British Library.

ISBN 978-1-119-27080-5 (hbk) ISBN 978-1-119-29288-3 (ebk)

ISBN 978-1-119-29290-6 (ebk) ISBN 978-1-119-29291-3 (ebk)

Cover Design: Wiley Cover Image: © ConstantinosZ/Shutterstock

Contents

Acknowledgments

About the Authors

Introduction

The Stewardship Challenge

Telling Stories

The Principles of Stewardship

The Book

PART I WHY STEWARDSHIP?

Chapter 1 Stewardship at Work

The Tata Story: Blazing a Trail

Mærsk: Ownership Continuity in a Family Foundation

Haier: Creative Destruction

The Toyota Way: Lean but People-Centric

Berkshire Hathaway: Far-sighted Investing

Hyundai and the Korean Miracle

Political Stewardship: Broadening the Contextual Frame

Chapter 2 Stewardship Principles

Shaping Stewardship

The Reality of Stewardship

The Stewardship Landscape

Context: What Conditions Foster Stewardship?

Chapter 3 Steward Leaders Inspire

Inspiring with Management Foundations

Inspiring with Visionary Thinking

Making Short-term Sacrifices for Long-term Gains

Walking Their Talk

Driving Social Good

Communicating Passionately

PART II WHAT DRIVES STEWARDSHIP?

Chapter 4 Stewardship Values and Beliefs

Enlightened Leadership

Serving the Nation

Trust Opens the Door to Stewardship

Striving to be Invisible

The Handover

Staying True to Tradition

The Steward State

Chapter 5 Personality Traits and Attitudes of Steward Leaders

Men and Supermen

Early Childhood Exposure to Business

Memory of Childhood Deprivation as a Source of Strength

Agility through a Multicultural Mind-Set

Synthesizing Western and Asian Management

Steward Leaders Connect through Compassion

Understanding the Human Capacity to Grow and Learn

“Take small steps and remain grounded”

PART III STEWARDSHIP IN ACTION

Chapter 6 Stewardship Actions

Helping Employees Find Meaning through Narratives

Vehicles for Building Trust

Bridging the Gap between Management and Employee Narratives

Documenting, Sharing, and Disseminating Knowledge

Sharing and Adopting Best Practices

Building Brands

Supporting a Global Network of Learning

Philanthropy: The Business of Doing Good

Keepers of the Culture

Fostering Global Harmony

Chapter 7 Becoming a Steward Leader – What It Takes

The Idea of Leadership

Leading with Impact

Safeguarding the Future

Driving Social Good

What Drives Steward Leaders?

Measuring Individual Progress

Chapter 8 Pitfalls of Stewardship

Reputational Risk

Risk from Behavioral Biases of Steward Leaders

Leadership Transition Risk

Leadership Feuding Risk

Political Risk

PART IV LOOKING FORWARD

Chapter 9 Fostering Stewardship

It has Become Vital to go Beyond Governance

Asset Managers are not Owners

Institutional Investors are Critical on the Stewardship Path

Stewardship: Owners and Managers Building a Company's Future Together

How do we Foster Stewardship?

Appendix A: The Research

Companies Potentially Ranking High or Low on Stewardship

Stewardship Words: Key Dimensions

Toward an Implied Stewardship Score

What Does the Implied Stewardship Score Tell us?

References

Index

EULA

List of Tables

Chapter 2

Table 2.1

Table 2.2

Chapter 4

Table 4.1

Chapter 7

Table 7.1

Table 7.2

Table 7.3

Appendix A

Table A.1

Table A.2

Table A.3

Table A.4

Table A.5

Table A.6

Table A.7

List of Illustrations

Introduction

Figure I.1

Book roadmap

Chapter 2

Figure 2.1

Stewardship spheres

Figure 2.2

The relationship between the key actors in the stewardship ecosystem

Figure 2.3

Relative preference of cultures for individualism vs. collectivism

Chapter 3

Figure 3.1

Large-scale downsizing by companies ranking low on Implied Stewardship Index versus companies scoring high on Implied Stewardship Index (n=211)

Chapter 4

Figure 4.1

Investment in R&D (percent of sales) (2009–2014)

Chapter 5

Figure 5.1

A century of analyzing the role of personality in leadership

Chapter 7

Figure 7.1

The Five Whys

Figure 7.2

Steward Leadership Spheres

Chapter 8

Figure 8.1

Gap in perception of how executives view themselves vs. how others see them

Appendix A

Figure A.1

Implied stewardship score 10-K wrap report

Figure A.2

Large-scale downsizing by companies ranking low to high on Implied Stewardship Index

Figure A.3

Total debt as percentage of total assets, 5-year average by companies ranking low to high on Implied Stewardship Index

Figure A.4

Liquidity measured by quick ratio, 5-year average by companies ranking low to high on Implied Stewardship Index

Figure A.5

Return on equity per share, 5-year average by companies ranking low to high on Implied Stewardship Index

Figure A.6

Stock return (including dividends), 5-year average by companies ranking low to high on Implied Stewardship Index

Figure A.7

Stock price volatility by companies ranking low to high on Implied Stewardship Index

Guide

Cover

Table of Contents

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Acknowledgments

We would like to thank the members of the Stewardship Asia Centre board: Mr Hsieh Fu Hua, Ms Chan Wai Ching, Mr Goh Yong Siang, Mr Simon Israel, Mrs Lim Hwee Hua, and Ms Jacqueline Wong for their intellectual contribution in shaping this book.

We are deeply grateful to the many steward leaders who inspired us to write this book.

Thank you to Sophie Coughlan, Martin Kralik, and Hongze (Abraham) Lu for their help in conducting the background research.

Our sincere thanks go to Stuart Crainer for his help in editing this book. We are also grateful to Manjith Manohar at the IMD Global Board Center, Tracy Lee at Temasek Management Services, and Joanna Soh at the Stewardship Asia Centre for their support.

Many thanks also to Carine Dind at IMD and Yves Balibouse, who were instrumental in the book production as well as to Susan Stehli at IMD for the final proofreading, and to George Curzon at Indexing Specialists (UK) Ltd for the index.

About the Authors

Didier Cossin, Professor & DirectorIMD Global Board Center, IMD – International Institute of Management Development, Lausanne, SwitzerlandBoard Member, Stewardship Asia Centre, Singaporewww.imd.org/boardcenter

Didier Cossin is a professor at IMD and the director of the IMD Global Board Center. Over the last 25 years, his research has spanned best-in-class governance practices and the build-up of successful organizations, including multinational corporations, financial institutions whether private or supranational, sovereign wealth funds, humanitarian organizations, and public administration. He is an advisor to chairmen and boards of some of the largest corporate, financial, and not-for-profit organizations across many geographies (Europe, Asia, Africa, Middle East, Americas). Professor Cossin holds a PhD from Harvard University (Robert C. Merton Chair) and is a former Fulbright Fellow at the Massachusetts Institute of Technology, Department of Economics (USA). He is a former student of ENS rue d'Ulm (France) and holds masters degrees from Sorbonne University and EHESS (France).

Before joining IMD, Didier Cossin worked for Goldman Sachs, has taught at Harvard University, and was a professor at HEC, University of Lausanne, chairing the university's Department of Management and directing its Institute of Banking & Finance.

Professor Cossin is the author and co-author of four books, a number of book chapters, and many articles which have obtained citations of excellence or other awards. He holds the UBS Chair in Banking and Finance at IMD and has also received distinctions such as the Febelfin BFI Chair and the Deloitte Risk Management Chair.

ONG Boon Hwee, Chief Executive OfficerStewardship Asia Centre, Singaporehttp://www.stewardshipasia.com.sg

Mr Ong Boon Hwee is the CEO of Stewardship Asia Centre, a Singapore-based thought leadership centre that focuses on promoting stewardship and governance of companies and organizations across Asia. He directs SAC's efforts to develop and propagate a greater understanding of stewardship, a concept that emphasizes safeguarding and enhancing an organization's ability to create economic and societal value over time.

Prior to joining Stewardship Asia Centre, Mr Ong gained experience working in the corporate as well as the public sector. He started Beyond Horizon Consulting, a Singapore-based company that focuses on leadership development and strategic planning. He was the COO of Singapore Power (SP), responsible for its Singapore operations and also corporate functions. Before that, he was a Managing Director at Temasek Holdings, responsible for Strategic Relations & Projects, and concurrently the CEO of the Temasek Management Services Group (TMS), managing subsidiaries of diverse businesses including IT, training and logistics. And in his earlier military career, Brigadier-General Ong held key command and staff positions in the Singapore Armed Forces (SAF).

Mr Ong serves as a director on the boards of a number of companies and non-profit organizations. He graduated with First Class Honors in Economics from the National University of Singapore, and holds a Master's Degree in Military Arts & Science from the United States Command & General Staff College.

Introduction

“How can a business thrive and sustain growth while enhancing the wealth of its stakeholders and the well-being of the societies in which it operates over the long term?”

The notion of stewardship has never been more relevant to business than it is today. In a world where the ownership of firms is increasingly fragmented, and investment structures are more and more complex, the time horizons of investors, executives, and owners do not always coincide. Managing competing interests to find the right balance between short- and long-term considerations is perplexing for many leaders.