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BusinessWorld May 11, 2021 | 6:38 pm (Part 3) In a trail blazing paper by Dr. Jordi Canals, former Dean of one of the top business schools in the world, the IESE Business School in Barcelona, Spain and now IESE Foundation Professor of Corporate Governance, a new notion in contemporary management and corporate governance is amply explained. This notion is called “purpose” and is distinguished from the usual “mission” and “vision” terms common in management literature. After clarifying what “corporate purpose” means, Dr. Canals presents a framework for boards of directors to work on purpose. His recent paper, completed at the height of the pandemic in January 2021, is precisely titled “The Role of Corporate Purpose in Corporate Governance: A Framework for Boards of Directors and Senior Managers.” Corporate purpose, properly understood, “has the potential to be an engine for organizational change, improve corporate governance and help reconnect

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