Customers are the most important stakeholder for any business. In second place usually comes the government. There is a long list of business areas where the government has the power to impact the value of your business. What will you work on?
- Brand value loss (e.g. Reputation impact of a compliance issue)
- Labor Costs (e.g. pension regulation, employment regulation, dismissal rules)
- Legal costs (e.g. legal staff, external counsel, class-action)
- Governance costs (e.g. various corporate governance codes)
- Compliance costs (e.g. GDPR, lobbying regulation, Anti-trust, Bribery and Corruption)
- Administrative costs (e.g. Health policy: Healthcare insurance, Standards)
- Direct and indirect taxes (e.g. Fiscal policy: corporate taxes, levies and duties, VAT, BEPS)
- Marketing reach (e.g. Health policy: forbidden channels – cigarettes)
- Production costs (e.g. Health policy: food and drug administration)
- Competitive landscape (e.g. Economic policy: subsidies for electric vehicles)
- Investment economics (e.g. Environmental policy: permits for installations and emissions)
- Safety and environmental costs (e.g. Environmental policy: well abandonment standards)
- Financing costs (e.g. Central Bank monetary policy: interest expense)
There are a lot of advisors out there to help you advocate for your positions with government. They are important contributors to your success. GR teams deploy different methods to invest in the right advocacy efforts. Which ones really work?
Posted on 08 April, 2019.