‘Right culture key to governance’

Irish companies need to develop the right culture if corporate governance is to work in any organisation, according to a major new survey.

One of the main features of the collapse of the Irish financial sector in 2008 was the complete lack of appropriate corporate governance standards and risk management practices.

However, a new survey commissioned by PwC, Arthur Cox and the Irish Stock Exchange found that nine out of 10 respondents found that culture was the most important factor in creating an environment that promoted sound corporate governance practices.