After the financial crisis in 2008, a series of laws were passed that forced companies to disclose more information to investors. These laws were designed to make executives more accountable to the stakeholders of a company.
But how much responsibility can an executive have over an organization? Imagine for a moment that you are the head of a multinational corporation with operations across the globe. You have over 100,000 employees that work underneath you when you consider all the various divisions and subsidiaries. How can you possibly be accountable for every problem that occurs on your watch?
Every CEO will say the buck stops with them. How realistic is this perspective in a huge company? Any reasonable human being will expect a CEO to experience problems because no one is perfect. What I am curious to know is that after mistakes are made, how much responsibility really falls on the CEO’s shoulders?
-Does taking action convince stakeholders that the problems within an organization have been adequately addressed?
-If a CEO does not know about problems, should the stakeholders hold that CEO responsible for the mess?
-If a CEO did not know, should we consider that an act of negligence in most cases?
-When is a CEO personally responsible for the failures of a company?
The point of this blog post is to get you to think about your own performance. I invite you to reflect on when you are personally responsibly for part of the problem. Furthermore, I want to expose the value of being informed in all situations.
These issues matter when we elect to engage the process of leadership. Considering these issues now rather than later will be of benefit to you when you are working in a management position.
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