President’s Memo: First,Principles

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Exactly 30 years ago, British Prime Minister John Major convened a “Committee on Standards in Public Life,” an independent ethics commission whose charge was to advise the government on a code of conduct befitting those who work in public service or who seek public office. On completing its work, the Committee identified what it called “the seven principles of public life.” These principles included: selflessness, integrity, objectivity, accountability, openness, honesty and leadership. Not a bad list, is it? In an election year, how many of us would like our representatives to commit themselves to such a code?

Reflecting on the list now as I alternate between Zoom calls and unpacking boxes in my new office, I am struck by two things: The first is how guiding these seven concepts can be for any leader, whether seasoned or a recently named CEO like me. The second is how much the Committee’s elaboration on each connects so well to the work of regulators.

Take selflessness, for instance. The commission translated the term as public servants acting solely in the public interest. Integrity, it specified, was about officeholders avoiding placing themselves under obligation to individuals or entities that might try to influence them inappropriately. Objectivity was defined as making decisions impartially, fairly, on merit, and using the best evidence without discrimination or bias. Aren’t all these precisely what makes those who dedicate themselves to public protection so necessary to the public?

Compare these principles, however, to a recent study conducted by global firm Edelman, which found that 63 percent of people these days do not trust government; 61 percent do not trust business leaders; and 64 percent do not trust journalists. Might those percentages correlate to how well—or how poorly—our society observes those seven principles of public life?

Prior to interviewing for the role of NASBA president and CEO, I thought long and hard about what my vision for the organization might be. It was a challenge I set for myself in order to determine whether what I produced would serve NASBA’s hard-won stability and any organization’s always-needed innovation. But I also applied another test to this vision: Was every aspect of my plan rooted in one or more of those seven qualities? I felt the only way I could put myself forward as a candidate was if both boxes were checked.

I called this plan a “mission of modernization” because modernization is a concept that honors an organization’s founding principles by looking at the places where renewal might make it that much more “principal” to those it serves. The mission ended up having five foci with five broad aspirations, which include:

Revisiting our culture: It was author William Faulkner who said that “we cannot swim for new horizons unless we have the courage to lose sight of the shore.” By examining new approaches internally—elevating our aspirations, awareness and collaboration— NASBA can integrate and enhance its impact externally.

Refining our technology: In the age of Amazon, when you can order an obscure product one day and have it at your doorstep the next, how do we at NASBA make nimbler and more dependable the systems and transactions on which our members rely?

Reframing regulation: Storytelling is all—and for the past 40 years, the regulatory story has largely been one-sided and anti. This has set us back. I want NASBA to become an ever-refreshing hub of original content and thought leadership in order to provide members with a “rising tide” of insights and arguments on the issues that will lift regulators and our common cause.

Reasserting NASBA as the “first call”: Whether it’s pathways, pipeline, legal counsel, legislative support, or yes, persuasive storytelling that can beat back antiregulatory ruses, NASBA should be top-of-mind to its members. Calling (or emailing) us second means we’ve missed an opportunity.

Reflecting rigorously: Every good institution—every good leader—has blind spots. The best organizations (and leaders) don’t shy from shedding a light on them. That’s why, over this first year of my presidency, I plan to convene a formal diagnostic process that will seek our members’ unfiltered candor in order to learn where those spots reside and how we can adapt our mission of modernization to remedy them.

Nine months after my self-test—and deciding to put myself forward—here I am. And here we are—together. How do we keep NASBA relevant, impactful, stable but thriving? How do we keep regulation a fundamental of the public good? If you find yourself in the trust business—as you, our members, are—and as we, by extension, are too, the answer is the same: by delivering on what you promise. Over the last 116 years, NASBA has come far by upholding this principle. And while some of the projects I described above will take time, I believe the modernization NASBA will pursue will not only sustain, but further the organization.

I am excited by the new role, invigorated by the prospect of what lies ahead, and eager for the innumerable ways I know your ideas and your inspirations will shape our shared journey.

Daniel J. Dustin
President & CEO