Self Regulate

From a corporate perspective, self-regulation is better than government regulation in every way. Some industries regulate their own behavior so well that they are able to stave off burdensome governmental regulation altogether.

But self regulation requires taking the initiative—seizing the momentum from outsiders who want to impose their will on your organization. You will have to figure out which areas you can make a difference in, and which areas you cannot. Then proceed to act in those areas.

Involve outsiders. Find a small group of experts from the business, academic and non-profit world to plug into your self-regulatory body. Give it a charter with teeth.

When you have created a successful self-regulatory program (whatever it is) make a big deal of it. Give it an important name and take credit for recognizing the need to move in the right direction.

After you have done that, then issue a challenge to the entire industry to follow your lead. Develop a company manifesto or an industry call to action extolling the importance of self-regulation as a benchmark of corporate responsibility and good governance. Self-regulation can be good for all stakeholders.

(c) 2008 Adonis E. Hoffman