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Chapter 1: In the Company of Knucklehead... > Why Should We Dig Deeper Than “Good ...

Why Should We Dig Deeper Than “Good to Great”?

Two things have changed since I wrote those books on globalization and social needs and have therefore inspired this book’s broader investigation. First, from 2010 to 2011, several of my clients asked my firm to start benchmarking how companies as great as Toyota and BP “got it wrong” regarding their social risks. BP experienced a more than $20 billion loss in value from its Gulf Deepwater Horizon spill, while Toyota had a massive quality mishap that cost it billions and lowered its stock for some time.

This request for more on enterprise risk came from clients at very large firms, including the CEO and chief financial officer (CFO) of Warren Buffett’s Shaw Industries, key leaders at Hess, the new chairman at FMC, and a key engineering senior vice president at ConAgra. We also heard rumbling among our 40-plus corporate affiliates. This caused some pause (and some pain) among our staff and our senior associates as well. We realized something in struggling with these questions about anticipating enterprise-wide risks: as a firm, we were hitting all the pistons when it came to the major market-shaping shifts for which we had become known. But we were only beginning to understand what good governance requires when it comes to ranch-betting ac....


  

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