Why the Public Interest matters
IFAC’s definition of the ‘Public Interest’ is: “The net benefits derived for, and procedural rigor employed on behalf of, all society in relation to any action, decision or policy”. ‘Public Interest’ is also generally understood to refer to the ‘common well-being’ or ‘general welfare’ of the public.
A growing number of corporate scandals have made it clear that unethical business practice does not work in the long term. The past few years have highlighted the costs of acting unethically, with a spate of business failures, high public distrust and now, increasingly, public protest against corporate and government wrong doing.