Looking at corporate social responsibility, as the concept is evolving, can a business outsource it?
Jaffe: That really presents two different questions. How you implement your policy can, as with internal audit or other functions, be outsourced to an external provider. However the tone that has to be generated, the buy-in to the mores , the top down and bottom up buy-in cannot be outsourced. The board really should be setting the policy. If Sarbanes-Oxley has effectively done one thing well, it is to get many of the board functions back on track. Whether you favor the European or the American board model, the point is that the board must first set the tone, management must buy-in and then you can have people from the outside involved in the implementation. However, you cannot just outsource a way of life. You cannot effectively inculcate values to your people unless you demonstrate to them that you believe in them. Editor: Please talk more about the role of the board in terms of setting the tone, setting the standards and how to reach into the organization without micromanaging. I se
