The Dovenschmidt Quarterly
The last few decades witnessed a range of corporate scandals, some triggered by the ambiguous role of accountants (Enron), and others by a lack of managerial accountability (Ahold). Oil companies are heavily criticized after oil spills (most recently BP’s policy in the Gulf of Mexico) and disregard for corporate governance (Shell’s policy in Nigeria). Forced by public opinion companies such as Shell and BP have to rethink the sustainability of their global strategy and their relations with their constituencies. Problems in the financial sector (e.g. takeover of ABN Amro by Fortis, Bank of Schotland and Banco Santander) prompted a variety of questions, such as the relationship between the corporation and its stakeholders, the legal framework of its operations, and the role of supervising bodies. These developments call for a thorough analysis and rethinking of corporate structures in order to create a more socially responsible approach.