In the aftermath of the Royal Commission banking investigation apologising and meaning it is critical. In all aspects of business practices, regulations come under scrutiny, which can be intense and highly public and boards need to confront the harsh reality and put things right for their customers, employees, the community and investors.
With this in mind boards also need to reduce and limit the amount of risk they are exposed to, taking in advice from experts and management before reaching a decision. So how do you say sorry and show everyone that it is sincere and meant? The good thing is saying sorry isn’t actually a negative or bad thing to do. When handled correctly and done right it can show awareness, humility and concern for others. There is however a fine line between a sincere apology and walling in self pity which the board should be aware of.
Anthony Mitchell speaks to the Australian Institute of Company Directors around his tips for how to say sorry and the issues your company and board should take into consideration to handle a apology. To read the full article and learn more about this click here