Helena Morrissey: A new voice for investors to drive culture change The main complaint emerging from recent focus groups conducted by the CBI was that customers feel taken for granted. Of course, nothing is stopping businesses from getting their own houses in order - prioritising customers should surely be high on the list of corporate New Year's Resolutions. We're all tired of exasperating call centres and the perfunctory letters that start with "we've raised your tariff and are changing the terms of your service," as I have just received (again) from an energy supplier. Lack of accountability is a common gripe. The blame gets passed around and yet we know there is no corporate "other" - people devised those policies and procedures that are so frustrating and yet could be fixed. Expecting a self-induced cultural makeover would, however, be naive at this point, even if it is in businesses" own interests. Firms would surely face less criticism over "excessive" profits or executive pay if customers felt they were getting good value, top quality service. If the dramatic impact of the financial crisis has not catalysed a radical change in corporate behaviour, what possibly can? I'm absolutely certain that more rules or regulations are NOT the answer. Rules can create useful boundaries but they aren't effective (in my experience) at driving real cultural change - in business or in society. The past five years have seen a significant ratcheting up of financial regulations across the globe, which is mostly to be welcomed, but it's clear that hearts-and-minds are not universally won over. What we need is genuine change that can withstand the next economic, political or financial headwinds that are inevitable. Buoyant stock markets and better economies are good news but do risk masking the need for further underlying changes to business conduct. At the very least, we need to accelerate the pace of efforts to improve. Antony Jenkins, who I know took corporate responsibility very seriously long before getting the top job at Barclays, is well aware that rebuilding public trust in his own bank will take a long time - he suggests between five and 10 years. Restoring trust requires people to actually see that what is being done is right - words are not enough. Archbishop Welby thinks that even creating the right culture will take much longer - a "generation" - and Professor Kay says point blank that he is "not optimistic that businesses are becoming more ethical." After all that has happened, I think that's unacceptable. The good news - since it presents an opportunity to shift gears - is that at least some of the resistance to change is blamed on a misperception about what shareholders actually want. Maximising shareholder returns is often cited as a reason for the poor behaviours that ultimately led to the financial crisis. Such a focus can indeed result in irresponsible actions and corrosive cultures, but many long-term investors firmly believe that responsibly managed companies are the ones that will achieve sustainable competitive advantage. Those better-managed companies will, in turn, deliver better returns over the years or decades - not months, weeks, days or hours - that we want to hold our investments. Responsible investing is not a new concept but has evolved considerably over the past few years. No longer peripheral or narrowly focused on "ethical" screening to exclude businesses involved in, say, tobacco or alcohol, it is now a mainstream, broader approach. Many UK fund management firms have firmly integrated the assessment of ESG (environment, social, governance) aspects into their traditional analyses of a company's profits potential, broader strategy and valuation. Done well, it's not a box-ticking exercise but involves active, constructive engagement and dialogue with companies. Issues as diverse as inappropriate executive remuneration or poor employment practices will be raised directly with the management team or the board. If improvements sought are not made, the fund management firm (s) can vote against company resolutions or, as active investors, sell and seek better investments elsewhere. In fact, much of the UK fund management industry now regards strong, positive corporate culture as inextricably linked to delivering good long-term returns for our clients. That's a rational view based on performance - including the painful experiences of investing in the companies that get it wrong, whether those misdemeanours are flagrant violations of the law or taking customers for granted. But it's clear from the Today programme, where there were several references to companies needing to move away from a focus on serving their shareholders, that we have not made these views clear. Companies do not face a choice between delivering for investors and behaving well - these are entirely compatible aims. Last month I wrote about why I believe fund managers should speak up more. This is a good example of an area where we need to raise our voices. Shareholders can and must drive a real breakthrough in the pace of change towards better corporate cultures. We have an imminent opportunity to make more of an impact in the upcoming UK corporate voting season over the specific issue of remuneration, following recent legislation giving shareholders a binding vote on directors" pay. A firm's remuneration policy (including any exit payments) will now require the approval of over 50pc of shareholders before the policy can be passed. This increases the power of our voice - and we should use it to hold companies to account. More generally, if leading investors spoke up about the importance they attach to management culture in assessing a company's prospects, I believe progress would accelerate towards customer-centric, responsibly-managed businesses - to the benefit of everyone. Helena Morrissey is CEO of Newton Investment Management and founder of the 30% Club