Corporate governance with a difference: fiduciary duty for a wisdom economy

Laurent Leduc

International Journal of Business Governance and Ethics, 2004, vol. 1, issue 2/3, 147-161

Abstract: Fiduciary duty is not restricted merely to the property of shareholders but includes ethical obligations to a wider constituency – stakeholders – in terms of power. Several approaches to corporate social responsibility (CSR) are considered in terms of their respective orientations to the external world. Robert Greenleaf's notion of "service to others" or "servant-leadership" is considered as a case of the fifth level approach to CSR. An historical perspective offers a precedent for reclaiming corporate charter grants as a means for reinstating the corporation's responsibilities to the wider community. Two propositions are offered to help us revision corporations in ways that would enable their total service obligations to all constituencies.

Keywords: Robert Greenleaf; servant-leadership; corporate social responsibility; CSR; stakeholder theory; invisible hand; self-interest; enlightened self-interest; enlightened other-interest; wisdom economy; fiduciary duty. (search for similar items in EconPapers)
Date: 2004
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