A greedy legacy?

Anyone studying public relations with me will be familiar with Milton Friedman’s famous quote that “the business of business is business.”   The economist believed the only social responsibility of management was to the shareholders and to society via employing people and paying taxes.

Interesting then to see a significant proportion of oppose a generous “golden goodbye” package for CEO John Browne at the oil giant’s AGM.

Browne has been much respected with a strong personal reputation – but problems at BP, especially over its safety record, have tainted the image of the company, and Lord Browne.

The appearance of such executive pay deals is that management doesn’t care much about the views of shareholders – and Browne is happy to leave a legacy of a damaged corporate reputation and even a poor personal one – provided he benefits financially.

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Heather Yaxley

Heather Yaxley is passionate about PR - teaching the CIPR qualifications, lecturing part-time at Bournemouth University and running the Motor Industry Public Affairs Association (MIPAA). I'm undertaking a PhD looking at Career Strategies in PR. I love sharing ideas and knowledge - connecting news and views by blogging on public relations and educational developments, especially relating to accelerated and active learning. I'm also a published author, qualified trainer and experienced consultant.

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