Rabab Ali’s scientific contributions

This paper contributes to the literature on sustainability. Following Elkington (2006), the reports published by the World Bank (2006) and The UNU-IHDP and UNEP (2012; 2014) form a new wave of pressure for the corporate world. It requires a departure from the conventional CSR and sustainability approaches. In a context where sustainability is related to inclusiveness and intergenerational wellbeing, the corporate world is called to take on a paradigm shift on the corporate purpose (Kuhn, 1962) and a reform of corporate governance. Applying the model of integrity developed by Erhard et al, (2009) and Erhard & Jensen (2014) to a UAE listed company, we reveal that Shareholder Value Maximization [SVM], as dominant corporate purpose since the 1970s, prevents businesses from considering being in integrity, which undermines workability and diminishes the opportunity set for performance. To reestablish their integrity, businesses should consider fulfilling the fundamental concerns of the relevant parties as their corporate purpose. An overhaul of corporate governance is required to help businesses managing the antagonist concerns of their relevant parties. As a result, businesses could be designed in a way to honoring their word to the relevant parties and promote inclusiveness as well as intergenerational wellbeing.