By definition, corporate governance is a system that controls and directs companies. Corporate governance also ensures the effective facilitation as well as the prudent and entrepreneurial management to ensure long-term delivery of company success. In other words, it is all about balancing the stakeholders’ interests (Christie and Warburton, 2017). Otherwise, because corporate governance creates a framework through which the objectives of a particular company are met, it forms the backbone of management from internal controls to action plans as well as corporate disclosure and performance measurement (Bullard, 2017).
There are two sets of governance, good and bad. The bad type of corporate governance reduces the level of reliability of an organization, its obligations to shareholders, as well as integrity. Such factors have overall implications for an organization’s financial health. Organizations that don’t choose auditors with a scale that are appropriate or otherwise, don’t sufficiently cooperate with auditors, are likely to publish noncompliant or spurious financial results (Collard, 2015). Apart from that, organizations with poor executive compensation packages are unable to come up with an optimal incentive for their workers. Other aspects of bad corporate governance include organizational boards that are poorly structured which tend to make it hard for officers to oust incumbents that are ineffective (Cock and Hopwood, 2016).
On the other hand, good organizational governance includes the creation of governing rules that are transparent all of which directors, shareholders, and officers appreciate and incentives aligned to (DETR, 2015). Many world organizations strive to achieve high organizational government standards. In the business world, it is not all about a company’s ability to generate profits that is important but its capability of demonstrating proper corporate citizenship via the promotion of ethical behavior, environmental awareness, and sound practices within the organization (Daly and Cobb, 2017).
Sustainable development is made up of two important words; “sustainable” and “development” By definition, sustainability refers to a form of development that ensures that the current needs of an organization are satisfied without having to necessarily compromise future generation’s capacity. In other words, sustainability guarantees the existing balance that occurs between environmental care and economic growth as well as social well-being (Devall, 2013). On the other hand, sustainable development refers to a concept geared towards finding solutions associated with population growth and industrialization problems. There are three categories of sustainable development. Such categories are environmental sustainability, social sustainability, and economic sustainability (Daly, 2015).
At this level, sustainability ensures that nature is prevented from being used as an inexhaustible source of resources but rather protected or rationally used. This form of sustainable development includes aspects of renewable energy investments, environmental conservation, saving water, innovation in sustainable architecture and construction, supporting sustainable mobility, as well as contributing to the achievement of environmental sustainability in every front (Devall, 2013).
In this case, sustainability fosters the development of communities, people, and cultures to achieve the fairly-distributed and reasonable quality of healthcare, life, and education worldwide. The social aspect of sustainability also accounts for the fight against gender inequality particularly in countries that are still developing (Hair, et al., 2018).
Economic sustainability concentrates on equal economic growth, which leads to the generation of wealth without having to harm the environment. With economic resources equally distributed, other sustainability pillars are also strengthened to ensure complete development.
The UN’s Economic and Social Council provides a commitment in general regarding the definition of “decent work”. Such commitment needs the satisfaction of Article 7 on International Covenant on Social, Economic, and Cultural Rights. By definition with regards to Article 7, decent work refers to employment which “gives respect to the fundamental rights of humans alongside those of workers with regards to work conditions, safety, and remuneration… respect for mental integrity and the physical outlook of employees in exercises of employment”
The International Labor Organization also known as ILO suggests that “decent work” entails work opportunities for productive jobs as well as being able to deliver an income that is fair, workplace security, families’ social protection, and better prospects that help in personal development (Lee and Holland, 2013). However, aspects of decent work include:
ILO is, therefore creating a community work agenda, which is represented by tripartite constituents for the mobilization of resources for opportunity creation. The agenda is also intended to reduce poverty levels. The agenda is called the “ILO Decent Work Agenda” which describes an integrated and balanced programmatic approach to achieve the objectives of decent work and productive employment. “ILO Decent Work Agenda” has four work pillars that include:
The goals of Sustainable Development also proclaim decent work for the growth of a sustainable economy (Lee and Holland, 2013).
By definition, economic growth refers to an increase in production within a given timeframe. More accurately, economic growth measurement needs to remove inflation effects and create profits for business organizations thereby raising the prices of stocks. Organizations are afterward given the capital to hire and invest in workers. With the creation of more jobs, the amount of income rises as well. Consumers will have an increased amount of cash to buy products. On the same note, purchases lead to increased growth of the economy. For such a reason the UN recognizes the growth of the economy making economic growth the most watch incentive under the goal of “decent work and economic growth” (Bramwell, 2014).
The most appropriate measure of economic growth is “gross domestic product”. The gross domestic product determines the economic output of an organization. The domestic products are services and goods that businesses produce. Such does not matter if the goods are sold overseas or domestically. GDP also measures final production and does not include manufactured parts as part of the final product. However, exports are included because they are part of a country’s products. The measure of economic growth be it global or local, is done every quarter. On the same, when a more accurate measure is required, real GDP is used (Hair, et al., 2018).
In line with the UN goal requirements as well as the regulations of the World Bank, every country’s gross national income is used instead of GDP for the measurement of growth. Such include income that citizens inject back to the economy particularly those that work abroad. The study of economic development is vital because it enables individuals to determine major sources of income in a country or globally as well as the growth of emerging markets (Bramwell, 2014). When GDP of countries are compared, the extent of economic growth of different countries are determined. On the contrary, GDP does not include certain economic aspects such as unpaid volunteer work, child care, or black-market activities. Apart from that, GDP does not account for the environmental costs. In this sense, we mean by example that the current price of plastic is low or cheap because it does not include disposal costs. Therefore, GDP does not determine the measurement of how such costs affect the society’s wellbeing. The global society will have its standards of living generally improved when the environmental costs are factored in; and that’s what the goal of “economic growth and decent work” is all about. All societal valuables should be measured (Lee and Holland, 2013).
Currently, several world forum reports account the fact world societies value what they are able to measure. For instance, the Nordic countries are ranked first according to the Global Competitiveness Reports. They have formulated budgets that majorly focus on the growth of the economy through programs such as provision of world-class education, provision of high living standards, and creation of social programs. Otherwise, such programs ensure that a workforce that is creative, skilled, and motivated is created. As a result, such countries also have high rates of taxes. However, the revenue is used in long-term investments, which are the building blocks of economic growth (Lee and Holland, 2013).
Most analysts do watch the growth of world economies to discover the business cycle stages in which the economies are in. Expansion is, thus, the best phase regarding business cycles. However, in case the rate of growth is beyond healthy, overheating arises leading to an asset bubble (Bramwell, 2014). This case can be described using instances where there is a lot of money in the market yet there are few services or goods available. Such occasions describe the “peak” phase within the cycle. Otherwise, this is the point in time when the growth of the economy dissipates. Otherwise, this is the time when people sell a lot than they buy. In case this phase elapse, a recession occurs. Otherwise, if a recession occurs for a long time, an economic depression result (Bramwell, 2014).
After the Earth summit in 1992, the UN recognized that the achievement of sustainable development would need all the societal sectors and people of all races to work together. According to Agenda 21 that was adopted in the summit, there are nine formalized and sentiment societal sectors that open participation would facilitate with regards to UN activities aligned to sustainable development. Such sectors are referred to as “Major Groups” and are made up of:
A few years after the summit, there was a rise in the importance of engaging the nine sectors effectively as reaffirmed by the Rio+20 Conference. Afterwards, the outcomes were documented as “The Future We Want” that highlighted the Major Groups’ roles which play along the pursuits associated with sustainable societies both for the current and future generations (Bramwell, 2014). Apart from that, world governments also invited volunteer groups, local communities, migrants, foundations, and families to take part in the processes of UN. Otherwise, MGoS (Major Groups and other stakeholders) still demonstrate high engagement levels with UN processes that are intergovernmental. The coordination of input with regards to processes that are intergovernmental on sustainable development is directed by the UNDESA/DSD (Division for Sustainable Development). With regards to UNDESA, members came up with modalities of MGoS participation. Therefore, the participation and engagement of MGoS in processes that relate to sustainable development varies (Dobson, 2014).
In the Sustainable Development Division via the programme of Stakeholders Engagement, collaborations exist closely with MGoS. Under the MGoS, there exists another body that coordinates facilitators and is known as Organizing Partners. The “Organizing Partners” group is composed of organizations which are accredited and are needed to be facilitators between DSD and Major Group constituencies. The Organizing Partners are also required to coordinate inputs as well as have communications streamlined within their constituencies.
The main objective of “Economic Empowerment and Decent Work” is to ensure that about 600 million jobs are created globally by 2030. Such creation of new jobs is considered the key towards the promotion of prosperity, reduction of poverty, and protection of the planet (Buckingam-Hatfield, 2017).
The promotion of dignified, safe, and paying jobs is a necessity towards ensuring global success concerning the agenda of global sustainable development. One meeting; ECOSOC (The United Nations Economic and Social Council) and of which was attended by two sitting presidents, two prime ministers, several other ministers, business leaders, and economists, discussed that employment was the key factor in eradicating poverty, protecting the planet, promoting prosperity, and ensuring the well-being of current and future generations. This meeting was co-organized by DESA (the UN Department of Economic and Social Affairs) and ILO (the International Labor Organization) (Bramwell, 2014).
Currently, there are more than 200 million individuals in the world that are unemployed while several other millions working in conditions that are poor. According to the estimates of ILO in that line, the global economy needs to put up about 600 million jobs come 2030. Apart from that, there is a need to lift the working conditions of about 800 million employees. The current director of ILO Mr. Guy Ryder announced that the Department’s deliberations illustrated links that are inextricable between sustainable development and decent work (Bradford, 2016). He also demonstrated how encouraged the department was concerning the wide support provided by actors and the Member States on the real economy calling. On the same note, the Vice-President of ECOSOC, Mr. Vladimir Drobnjak stressed on the vitality of breaking the silos that separate issues that are interrelated like poverty eradication, decent work, empowerment of women, industrialization, investments, and promotion of trade. According to him, job creation and environmental sustainability mutually reinforce one another. However, approaches that transition towards environmental sustainability has a positive impact on productivity, quality, and job creation (Blowers, 2015).
According to Prof. Joseph Stiglitz, the Nobel Prize-winning economist, it is important that the world economy emphasizes on youth unemployment. The argument he puts across is that the globe is currently facing an unemployment crisis. Statistics also favor his argument in that there are about 73 million youths seeking jobs. This figure means that currently, a young individual is thrice as much likely to be jobless as an adult (Bookchin, 2017). Apart from that, the President of IOE (the International Organization of Employers), Daniel Funes de Rioja, highlighted on the vitality of tackling the mismatch between the labor market and education. He said that the situation could be eradicated if the better alignment of education systems and employers is created thereby promoting apprenticeships. Such methods of alignment also include the creation of a global apprenticeship network as argued by Daniel Funes de Rioja (Bennholdt-Thomsen and Mies, 2016).
Otherwise, the meeting discussed herein, deduced that the provision of a living minimum wage is one of the basic rights and that the provision of “decent work” is important in the definition and signification of future societies. Apart from that, creativity and innovation, entrepreneurship, and digital literacy should be at the heart of tackling the unemployment crisis (Beck, 2017).
In the ECOSOC meeting, a number of actors towards the achievement of sustainable development goals were brought on board. The actors then discussed several confronting issues that pertain to sustainability. It was then made clear that the difference between decent work and employment depended on attributes such availability of safe working environments, provision of fair wages, and upholding dignity (Alier, 2016). As proven by the words of several UN department leaders and other esteemed world leaders, more than half the worlds employed population do not access decent jobs. Most employees face work issues such as exploitation and dangerous working conditions leading to several cases of death at work. Therefore, the meeting called upon the Member States to respect and ratify the conventions of ILO as well as honor the rights stipulated in trade union rules and regulations. Such would only be the way of ensuring that safety and productivity are increased in an organization. Otherwise, there is the need to ensure green growth to ensure that employment is dignified to achieve sustainable development goals (Agyeman, Bullard and Evans, 2015).
Reference
Agyeman, J. Bullard, R. and Evans, B. (2015) Just Sustainabilities: Development In An Unequal World. London: Earthscan.
Alier, J. M. (2016) Problems of Ecological Degradation: Environmental Justice or Ecological Modernization. Capitalism Nature Socialism. 14: 133
Beck, U. (2017) The Risk Society. Sage: London
Bennholdt-Thomsen, V. and Mies, M. (2016) The Subsistence Perspective. Zed Press: London
Blowers, A. (2015) The Time for Change. In Planning for a Sustainable Environment, Blowers A (ed). Earthscan: London
Bookchin, M. (2017) Remaking Society. Black Rose Books: Montreal
Bradford, G. (2016) How Deep is Deep Ecology? Times Change Press: Ojai, California
Bramwell, A. (2014) Ecology in the Twentieth Century: a history. Yale University Press: London.
Buckingam–Hatfield, S. (2017) Gender and Environment. Routledge: London
Bullard, R. (2017) Dumping in Dixie: Race, Class, and Environmental Quality. Westview Press: Boulder, Colorado
Christie, I. and Warburton, D. (2017) From Here to Sustainability. Earthscan: London
Cock, M. and Hopwood, B. (2016) Global Warning: Socialism and the Environment. Militant Labour: London
Collard, A. (2015) The Rape of the Wild. Women’s Press: London
Daly, H. and Cobb J. (2017) For the Common Good: Redirecting the Economy towards Community, the Environment and a Sustainable Future. Green Print: London
Daly H. (2015) Sustainable Growth: An Impossibility Theorem. In Valuing the Earth: Economics, Ecology Ethics, Daly H, Townsend (eds). MIT Press: Cambridge, Mass.
DETR, (2015) A Better Quality of Life: A strategy for sustainable development for the United Kingdom. DETR: London
Devall, B. (2013) Simple in Means, Rich in Ends. Green Print: London
Dobson, A. (2014) Sustainable Development and the Defence of the Natural World. In: Global Sustainable Development in the 21st Century
Hair, J. Anderson, R. Tatham, R. and Black, W. (2018) Multivariate Data Analysis, 5th Edition. New York: Prentice Hall.
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