Title: Corporate governance with a difference: fiduciary duty for a wisdom economy

Authors: Laurent Leduc

Addresses: Greenleaf Canada Institute, Toronto, Ont., Canada

Abstract: Fiduciary duty is not restricted merely to the property of shareholders but includes ethical obligations to a wider constituency – stakeholders – in terms of power. Several approaches to corporate social responsibility (CSR) are considered in terms of their respective orientations to the external world. Robert Greenleaf|s notion of ||service to others|| or ||servant-leadership|| is considered as a case of the fifth level approach to CSR. An historical perspective offers a precedent for reclaiming corporate charter grants as a means for reinstating the corporation|s responsibilities to the wider community. Two propositions are offered to help us revision corporations in ways that would enable their total service obligations to all constituencies.

Keywords: Robert Greenleaf; servant-leadership; corporate social responsibility; CSR; stakeholder theory; invisible hand; self-interest; enlightened self-interest; enlightened other-interest; wisdom economy; fiduciary duty.

DOI: 10.1504/IJBGE.2004.005251

International Journal of Business Governance and Ethics, 2004 Vol.1 No.2/3, pp.147 - 161

Published online: 16 Sep 2004 *

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