Corporate Governance and Social Media : A Brave New World for Board Directors

Chaher, Santiago ; Spellman, James David

World Bank, Washington, DC

关键词: 3G;    ACCESS TO THE INTERNET;    ACCOUNTABILITY;    ACCOUNTING;    ADVERTISEMENT;   

RP-ID  :  72696

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Publication of secret diplomatic cablesthrough Wikileaks shocked governments and provided a suddenwake-up call to all who thought they were safe from the newpower of social media. Consequences went well beyond mereembarrassment; they helped spark the first 'Arabspring' uprising in Tunisia, and other forms of socialmedia helped sustain popular dissent elsewhere in the MiddleEast and North Africa region. What quickly became obvious isthat communications online had a demonstrated a new capacityto upend political agendas everywhere. Widespread use ofsocial media has equal potential to transform corporateagendas. Tools used at Tahrir Square are also available inthe capital market for use by directors as much as bydisgruntled employees, by consumers both satisfied andaggrieved, by competitors, and by shareowners both retailand institutional in confrontations with the board. By thesame token, though, corporations can use social mediachannels creatively to improve stakeholder loyalty, andimprove performance. Corporations can develop new means ofconstructive dialogue with different constituencies.Benefits might include early warning of threats,identification of new ideas, and amplified means ofresponding. New communication channels can be a forcemultiplier and a risk management tool to advance theinterests of the business. Still, corporate governance andsocial media are trends newly met, and market participantsare only at the very beginning of a learning curve. SantiagoChaher and James David Spellman do a powerful service byproviding a forensic analysis of how social media work. Theauthors sketch out latest developments. Then they focus onwhat a forward-thinking board needs to know to ensure thatthe company is ready to manage the risks and take fulladvantage of the opportunities presented by social media.Part of the challenge is for individual directors to educatethemselves about social media from technology toterminology. They need to know the right questions to ask totest whether the firm is leading or being led. They need toinvestigate how all the various stakeholders the companyaffects are using social media. And, most importantly, theyhave to understand that this is an ongoing, not a one-off,learning process.