Good corporate governance should be more than systems and practices to avoid substantial value depletion if the company runs afoul of regulations or decides to pay some executive more than some watchdog thinks is appropriate. It should also incorporate proactive planning and execution on behalf of shareholders, society and the environment. 

Every year some corporate managements propose and boards of directors approve billions of dollars in spending in support of businesses that have not had a rate of return that is higher than their cost of capital for several years, have not presented viable plans for significant improvement, yet are growing in size. High return businesses fail to develop plans to expand. Common wisdom holds that all growth is good growth, and that anything that is accretive to earnings is worth pursuing. These are dangerously naive beliefs that undermine responsible corporate governance.

Your customers and investors are watching you. They care about your social and environmental role. The decisive force in marketing to your customers and your investors is your cultural relevance. The public is saturated with image advertising. It has lost its effectiveness.

The extent to which your CSR initiatives contribute to your investment returns depends upon the market's ability to factor the consequences into share price. 

Help them do that. Help yourself.

If you are a senior corporate manager or member of the board of directors, ask yourself:

• Do you know where in the corporate portfolio of businesses growth (or disinvestment) will most likely create value for shareholders? 
  
• Do you know if business unit plans should create value for shareholders if they were achieved?
  
• Are you being proactive in finding and implementing socially responsible solutions that will create value for customers and investors?