Convergence in corporate governance systems and sustainability culture

The aim of this paper is to encourage a debate about the effective adoption of CSR approach by companies’ boards can be a substantial factor of convergence between insider and outsider corporate governance systems. Corporate social responsibility (CSR) and sustainability require good corporate governance, grounded on stakeholder engagement, fairness, transparency and accountability. All these principles are related with more externally focused boards and determine a governance approach directed to the growth of sustainable value in the long-term. Leadership aiming at sustainability requires CSR to be transferred from top management to the entire organisation, increasing the ability to manage complexity with respect to articulated goals and spreading a real culture of sustainability into organization. In this sense, the CSR, if properly realized, can be considered as a factor of substantial convergence between the different systems of corporate governance existing worldwide.