Taking the Long View on Customer Relationships
FEI Daily (March 13, Pham, D'Alessandro) reports that internal auditors can help protect a company's overall value and reputation by focusing on risks that may lie on the horizon so they can be headed off. Appropriate and responsive measures at the board level are crucial to putting the right controls in place. Industry associations are taking note. The National Association of Corporate Directors last October released its "Oversight of Culture Should be a Top Governance Imperative for Boards" report, which suggests that boards monitor company cultures assertively and weed out incentive-pay plans that could weaken company culture. Citigroup senior advisor Franz Humer later chaired a panel on corporate governance convened by the NACD. He made it clear that Citigroup wanted managers to judge its teams by "how we achieve results, not just the results achieved."
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