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Leadership in the Dock

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The Business Case for Love
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Abstract

Successive scandals in the UK, Europe, USA and Japan have rocked the reputation of business and those CEOs responsible. For those in control, sorry seems to be the hardest word, and the lack of real accountability for those at the top has fuelled real mistrust amongst employees and customers alike. One country, Iceland, went a different way and held the bankers to account, with surprising results, for the economy, the population and the national football team.

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Notes

  1. 1.

    ‘World’s biggest banks Fined $321 billion since financial crisis’, Bloomberg, 2 March 2017, https://www.bloomberg.com/news/articles/2017-03-02/world-s-biggest-banks-fined-321-billion-since-financial-crisis

  2. 2.

    ‘City regulator fines balloon to £320 m in six months’, The Guardian, 14 July 2019, https://www.theguardian.com/business/2019/jul/14/city-regulator-fines-balloon-to-320m-in-six-months

  3. 3.

    ‘Shrewsbury and Telford Hospital NHS Trust fined over fall deaths’, BBC News, 28 November 2017, https://www.bbc.co.uk/news/uk-england-shropshire-42155597

  4. 4.

    ‘Southern Health fined £2 m over deaths of two patients’, BBC News, 26 March 2018, https://www.bbc.co.uk/news/uk-england-43542284

  5. 5.

    ‘Rolls-Royce to pay £671 m over bribery claims’, The Guardian, 16 January 2017 https://www.theguardian.com/business/2017/jan/16/rolls-royce-to-pay-671m-over-bribery-claims

  6. 6.

    ‘BP fined a record $20.8 billion for oil spill disaster’, The Verge, 5 October 2015, https://www.theverge.com/2015/10/5/9454393/bp-oil-spill-record-fine-doj-settlement

  7. 7.

    ‘EE fined £2.7 m for overcharging customers’, The Guardian, 18 January 2017, https://www.theguardian.com/business/2017/jan/18/ee-fined-overcharging-ofcom-mobile-phone

  8. 8.

    ‘Olympus Scandal’, Wikipedia, https://en.wikipedia.org/wiki/Olympus_scandal

  9. 9.

    ‘Takata Corporation’, Wikipedia, https://en.wikipedia.org/wiki/Takata_Corporation

  10. 10.

    ‘Toshiba boss quits over £780 m accounting scandal’, The Guardian, 21 July 2015, https://www.theguardian.com/world/2015/jul/21/toshiba-boss-quits-hisao-tanaka-accounting-scandal

  11. 11.

    ‘Japan Inc.: a corporate culture on trial after scandals’, The Financial Times, 3 January 2018, https://www.ft.com/content/26d4843a-e743-11e7-97e2-916d4fbac0da

  12. 12.

    ‘Japan Inc.: a corporate culture on trial after scandals’, The Financial Times, 3 January 2018, https://www.ft.com/content/26d4843a-e743-11e7-97e2-916d4fbac0da

  13. 13.

    ‘Volkswagen emissions scandal: Few rogue engineers are to blame, says VW chief executive’, The Independent, 9 October 2015, https://www.independent.co.uk/news/business/news/volkswagen-emissions-scandal-a-few-rogue-engineers-are-to-blame-says-vw-chief-executive-a6687201.html

  14. 14.

    ‘United Express Flight 3411 incident’, Wikipedia, https://en.wikipedia.org/wiki/United_Express_Flight_3411_incident

  15. 15.

    ‘36 Bankers, 96 Years in Jail’, The Reykjavik Grapevine, 7 February 2018, https://grapevine.is/news/2018/02/07/36-bankers-96-years-in-jail/

  16. 16.

    ‘Olafur Hauksson, the man who jailed Iceland’s bankers’, The Financial Times, 9 December 2016, https://www.ft.com/content/dcdb43d4-bd52-11e6-8b45-b8b81dd5d080

  17. 17.

    ‘Special Report: Iceland: Bankers Behind Bars’, Sky News, 12 September 2017, https://www.youtube.com/watch?v=eDKmEwP-5pg

  18. 18.

    ‘Special Report: Iceland: Bankers Behind Bars’, Sky News, 12 September 2017, https://www.youtube.com/watch?v=eDKmEwP-5pg

  19. 19.

    ‘Iceland jailed bankers and rejected austerity-and it has been a success’,12 June 2015, https://www.commondreams.org/views/2015/06/12/iceland-jailed-bankers-and-rejected-austerity-and-its-been-success

  20. 20.

    ‘GDP rises 2% in Iceland in 2nd qtr’, https://countryeconomy.com/gdp/iceland

  21. 21.

    ‘And now we smite them…’ Reykjavik Grapevine, 14 June 2016, https://twitter.com/rvkgrapevine/status/742809859289190400

  22. 22.

    ‘When saying sorry is the only thing to do’, BBC News, 20 April 2016, https://www.bbc.co.uk/news/business-36093703

  23. 23.

    ‘Timeline: Oxfam sexual exploitation scandal in Haiti’, The Guardian, 15 June 2018, https://www.theguardian.com/world/2018/jun/15/timeline-oxfam-sexual-exploitation-scandal-in-haiti

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Cox, M. (2020). Leadership in the Dock. In: The Business Case for Love. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-36426-7_2

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