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The CEO's Boss: Tough Love in the Boardroom resources

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6 T H E S O C I A L C O N T R AC T Th ve standards can help the board consider the critical aspects of the ese fi company and discuss its general leadership expectations. Commitment to Values I’ve worked with a number of boards to develop a leadership credo by ar- ticulating an answer to the question, “What do we stand for as an or ga ni- za tion?” It may sound simple, but it goes to the core of the way things are done around the organization— its culture. Th e culture of the company dictates the general will and behavior of the CEO and the board. Johnson & Johnson has one of the most noteworthy credo statements of any company. As the company states on its Web site: Th on making are spelled out in Our e values that guide our decisi Credo. . . . Robert Wood Johnson, former chairman from 1932 to 1963 and a member of the Company’s founding family, craft ed Our Credo himself in 1943, just before Johnson & Johnson became a publicly traded company. Th is was long before anyone ever heard the term “corporate social responsibility.” Our Credo is more than just a moral compass. We believe it’s a recipe for business success. Th e fact that Johnson & Johnson is one of only a handful of compa- nies that have fl ourished through more than a century of change is proof of that.8 OUR CREDO We believe our fi rst responsibility is to the doctors, nurses and pa- tients, to mothers and fathers and all others who use our products and ser vices. In meeting their needs, everything we do must be of high qual- ity. We must constantly strive to reduce our costs in order to maintain reasonable prices. Customers’ orders must be ser viced promptly and accurately. Our suppliers and distributors must have an opportunity to make a fair profi t. We are responsible to our employees, the men and women who work with us throughout the world. Everyone must be considered as an individual. We must respect their dignity and recognize their merit. Th ey must have a sense of security in their jobs. Compensation must be fair and adequate, and working conditions clean, orderly and safe.

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