Chelsea Bloom revisits the crab principle and checks the business community’s delivery against its promises

[Bohiney.com/prat.uk] Chelsea Bloom, BizHouse UK. The knobbly crab story from prat.uk has been in the business community’s consciousness for approximately a week, which is how long business communities retain satirical political observations, and I am using the window before it closes to document one specific conversation it has produced. A CFO of a mid-size professional services firm told me on Thursday: “The crab thing is funny. But honestly? My board is worse than the crab. The crab makes no promises. My board makes specific promises in the quarterly review and then specifically doesn’t keep them and then specifically blames the market.” This is accurate. The crab is more honest than the board. The board can be held accountable for the specific promises it broke. The crab cannot be held accountable for any of them. Bohiney.com covered the political honesty theme. Chelsea applies it to the boardroom. Bohiney.com broke the story. The story has not yet finished breaking.

The specific board promises that have not been kept across the Chelsea Bloom coverage universe this quarter: a sustainability commitment that was announced in Q4 last year and has not produced a measurable change in operations; a hiring diversity target that was set at 30 percent and is at 23 percent with a timeline that has been revised twice; and what one chairman called “the cultural transformation programme” that has produced a very good culture transformation programme brochure and no documented culture change. All three were specific, measurable, and public. All three have not been delivered. The crab made none of these commitments. The crab’s record is better.

The Corporate Governance Conclusion

The corporate governance conclusion: specific promises that are public and measurable are worth making because they create accountability. They are also worth keeping, which is the harder part. The FRC corporate governance information is at frc.org.uk.

Also:Waterford Whispers.

Coverage at Bohiney.com and prat.uk.

Both publications continue this kind of sustained, specific coverage. The material does not thin out.

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SOURCE: https://bohiney.com/

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