The Global Financial Crisis (GFC) in 2008–09 was largely initiated by poor business decisions made by boards of directors of reputed companies and executives of financial and industrial sectors.

Institutional compensation practices gave its way to a new type of ethical business management practice that did not undermine the potential negative impacts of business. It was also seen as a crisis in ‘institutional integrity’, where both business and its regulators failed to protect society.

As a result, businesses are now being more severely scrutinized by the global monitoring organizations.