1. Tomorrow’s Australian Company
Proposed RMIT – Nankai University research

2. Background The origins of the Tomorrow’s Company project:
Initial presentation by Professor Charles Handy at the RSA
The RSA project until 1995
The initial report: Tomorrow’s Company
The formation of the Centre for Tomorrow’s Company
Subsequent reports
Tomorrow’s Global Company
Tomorrow’s Global Talent
Tomorrow’s Owners

3. The main theme of the reports
The underlying theme of the projects in the UK have been:
The global environment is changing
Social and environmental issues are becoming more important
Business is part of society, not independent of it
The theme of inclusiveness – or stewardship - is central
Redefining measures of success
Embedding values conducive to inclusiveness
Creating frameworks for change
The future is seen as balancing the natural environment, the social and political system, and the ‘real economy’ (supported by the financial economy)
The real economy produces goods and services that meet human needs

4. The formation of the Australian Project
The Tomorrow’s Australian Company project was established to examine the challenges and choices that will face tomorrow’s companies operating in a global environment. It will examine:
The key forces for change and the resulting challenges and opportunities for Australian corporations.
The role of business in society, locally and globally, and clarify the future relationship between business, government and civil society.
It is intended that the project will identify ways in which corporations can be shaped to be a force for both economic, environmental and social betterment, and describe the respective contribution of companies and of all the other stakeholders (including governments and not-for-profit organisations) who are needed to work together to achieve this betterment.
It will suggest innovations in governance, reporting and accountability that can win the confidence of business, shareholders and society

5. Next steps in Australia
On reviewing our agenda, we have concluded:
Tomorrow’s global companies may need to adopt a new approach in pursuing a sustainable life style at the level of the firm, employees, leadership, capital, society and the natural environment. This could involve the scrutiny of internal and external governance mechanisms and principles designed for tomorrow’s global company’s owners and the tomorrow’s global company’s staff.
The following concepts and business practices are to be investigated:
Sustainability
What is sustainability? What does sustainability mean for tomorrow’s Australian company?
Stewardship
What is stewardship? What does stewardship mean to tomorrow’s Australian companies’ owners, managers and board of directors?
The internal and external governance mechanisms will achieve sustainability
The other challenges that tomorrow’s Australian companies will face in future and the solutions tomorrow’s Australian companies may be able to offer?
RMIT University©2010
Graduate School of Business and Law

6. The Chinese component
The addition of the Chinese component has enlarged our thinking:
Examining the emerging role of owners and board of directors in the PRC, and what changes could be made in enhancing corporate governance.
Exploring how far tomorrow’s global companies need to be more entrepreneurial in the way of pursuing sustainable competitive advantages together with sustainable development, through identifying and exploiting entrepreneurial opportunities in a long time span.
Examining the role of change in Chinese public-listed companies, and the extent to which dominant control can allow a company to pursue real innovation.
Other questions emerging out of the Chinese arm of the project are:
What is the role of family business in an economic society?
How could corporate governance and sustainability be enhanced through ownership reform?
Is ownership reform required in order to implement stewardship principles in Australian, Western, or Chinese society?

7. Next steps We are still at a planning stage.
Associate Professor Ren Bing has completed a review of the UK studies, and is now looking at a series of more detailed questions that can be asked in China and Australia
We are seeking to carry out a series of case studies of companies undergoing reform in both countries to examine similarities and differences
Our key question is quite simple:
What is required to make owners and managers want to change in the direction of sustainability?