How rude! Just what is good corporate governance? It's simply good manners.

• Author: Mitchell, Mary
• Position: Guest Column

WITH THE MESSES produced at Enron, WorldCom, Global Crossing, and far too many other companies, we are learning about some very arrogant, greedy, and downright rude people.

Sadly, these rude individuals--the corporate executives, directors, lawyers, accountants--need to be reminded of noblesse oblige, or that rank, their rank specifically, compels obligation. Remembering this would help bring into focus their duties and responsibilities.

Good manners are about treating others the way we want to be treated. An individual with good manners is responsible for his conduct and the consequences of his behavior. Individuals with good manners define themselves by their actions.

Is it not rude to think only of oneself? Yet is that not what happens when corporate officers report inaccurate financial results, engage in self-dealing, and are less than candid with the board, outside constituents, etc.?

The damage from bad governance is direct and swift:

1. Stockholders, who through their elected directors chose the executives leading the companies whose shares they own, stand to lose on their equity investments.

2. Employees, whose jobs, work environment, and life security are entrusted to the executives, pay for the executives' lack of good manners with their jobs, their pensions, or sometimes even their lives.

3. Directors, who are financially and personally responsible for the business conduct of the executives, lose when the bad judgments and their consequences surface.

4. Suppliers' businesses and financial stability are damaged by the actions of the executives who rudely ignore the obligations imposed by the code of noblesse oblige.

5. Retirees who depend on the good governance of the corporation may lose pension benefits, their personal retirement investments in their company's stock, and retiree medical plans when rudeness rules.

6. Communities in which a corporation has offices, plants, or other facilities stand to lose a significant corporate citizen, employer, and taxpayer when the company s leaders fail to understand or choose to ignore noblesse oblige.

7. Other investors, such as bondholders, partners in joint ventures, and franchise holders, all depend on good governance to protect and enhance their investments--and rudeness will negatively impact each of them.

8. Consultants are subject to financial loss and professional destruction when their clients are governed without regard to good manners and when the resulting misinformation, fraud, and...