Thomas Clarke

While substantial evidence is emerging internationally of positive increases in the participation of women on company boards, there is less evidence of any significant change in the proportion of women in senior executive ranks. This paper describes evidence of positive changes in the number of women on boards in Australia. Unfortunately these changes are not mirrored in the senior executive ranks where the proportion of women remains consistently low. We explore some of the reasons for these disproportionate changes and examine the likely effect of the recent amendments to the Australian stock exchange’s corporate governance code designed to improve gender diversity both on boards and throughout organisations. Based on the early corporate response to these regulatory changes, it is interesting to consider whether Australia’s approach in promoting voluntary self-regulation at the corporate level may be as effective in the long run as the emerging trend in Europe to apply legislated quotas for female corporate board representation. Interview evidence is presented suggesting that the primary reasons for the lack of women in leadership are not simply lack of opportunity at the apex of the corporation, but issues at mid-management level that are unlikely to be resolved by mandatory board quotas. In some circumstances carefully monitored voluntary targets may be more effective at promoting cultural and strategic change at the heart of the corporation. In summary, mandatory quotas may achieve early and significant results in terms of female board representation. However, voluntary targets for women’s participation on boards and in executive ranks may promote more effective cultural and practical change in support of greater representation of women in leadership.

“There was something a little unseemly about how the building societies intending to demutualise did so by encouraging their members to vote in favour with the inducement of significant payments in shares”. Should one have no regard for the intentions of those who produced the present capital accumulation, or for the idea of holding reserves in trust for future members? The author is DBM Professor of Corporate Governance at Leeds Business School, Leeds Metropolitan University, Calverley Street, Leeds LS1 3HE

“There was something a little unseemly about how the building societies intending to demutualise did so by encouraging their members to vote in favour with the inducement of significant payments in shares”. Should one have no regard for the intentions of those who produced the present capital accumulation, or for the idea of holding reserves in trust for future members? The author is DBM Professor of Corporate Governance at Leeds Business School, Leeds Metropolitan University, Calverley Street, Leeds LS1 3HE.

The continued advance of global value chains as the mode of production for an increasing number of goods and services has impacted considerably on the economies and societies both of the developed world and the emerging economies. Although there have been many efforts at reform there is evidence of unresolved dilemmas of human rights, environmental issues and ethical dilemmas in the operation of the global value chain. This paper focuses on the role and performance of Apple Inc in the global value chain in Asia. Apple is the most successful corporation on earth measured in financial terms and yet has failed to find a solution to recurrent employment and environmental problems occurring in plants manufacturing Apple components. This analysis informs the current theoretical debate on the development of the global value chain and the continuing institutional failure that leaves employees vulnerable and the environment neglected.

Initially commissioned to record the progress of Pittsburgh’s Renaissance I, these unforgettable black-and-white photographs of Roy Stryker's Pittsburgh Photographic Library capture the city in a state of flux. They reveal a union of opposites—the suited wonderment of the downtown businessman with the easy grace and competence of a shirtless construction worker balanced high over his head; the anonymity and isolation of planned housing with the belief in expansion and renewal; the energy and excitement of a city on the move with the traditions of the established elite; the juxtaposition between the growing optimism about the ability of technology to improve our lives; and the traditional steel and other heavy smokestack industries that still dominated the region. The Renaissance was seen as a way for Pittsburgh to keep abreast of modern urban life and to preserve its economic position, but the rapid development of a white suburban middle class was sapping the very essence of the personalized downtown neighborhoods. These photographers have captured the convergence of destruction and rejuvenation that is the essence of an urban renaissance—all the anxiety and hope of the decade is reflected in these poignant photographs. Constance Schulz's fascinating essay on the story of the PPL, in order to present a full picture of the political and civic goals, achievements, and failings of the project, provides a thorough discussion of the background of the Pittsburgh Photographic Library, putting into perspective the Allegheny Conference's purpose for initiating the PPL, Roy Stryker's own vision and work, as well as those of the photographers who worked for Stryker on the project, and the politics that undermined the full implementation of it. Clark M. Thomas's accompanying narrative offers an eclectic range of facts and fascinating bits of the city's history and neighborhood lore, as well as noting important political and economic episodes. It also provides a glimpse into the often underrepresented lives of minorities and women in the region's development. Anyone moved by the incredible social upheaval and expansion that occurred in cities across the nation in the 1950s following years of depression and war will want to have this collection.

This article explores how corporate governance processes and structures are being used in large Australian companies to develop, lead and implement corporate responsibility strategies. It presents an empirical analysis of the governance of sustainability in fifty large listed companies based on each company’s disclosures in annual and sustainability reports. We find that significant progress is being made by large listed Australian companies towards integrating sustainability into core business operations. There is evidence of leadership structures being put in place to ensure that board and senior management are involved in sustainability strategy development and are then incentivised to monitor and ensure implementation of that strategy through financial rewards. There is evidence of a willingness to engage and communicate clearly the results of these strategies to interested stakeholders. Overall, there appears to be a developing acceptance amongst large corporations that efforts towards improved corporate sustainability are not only expected but are of value to the business. We suggest that this is evidence of a managerial shift away from an orthodox shareholder primacy understanding of the corporation towards a more enlightened shareholder value approach, often encompassing a stakeholder-orientated view of business strategy. However, strong underlying tensions remain due to the insistent market emphasis on shareholder value.