Today’s corporations are bigger and more powerful than ever, yet they remain so vulnerable that colossal, time-honored brands can vanish in a blink. Even corporate value has become less material. It once rested in such physical assets as plants, machinery, buildings, and cash. But by 2020, the Economist was reporting that “61% of the market value of the S&P 500 sits in intangibles such as research and development, customers linked by network effects, brands and data. The link between the CEO authorizing investment and getting results is unpredictable and opaque.”1 This, in turn, has put a soaring premium on trust and relationships inside companies and between companies and their stakeholders. That ...
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