Corporate collapses of past decade have affected all stakeholders through a loss of public confidence, loss of jobs and loss of shareholders' funds. We have seen poor business decisions, extravagant business acquisitions, lack of attention to detail, exorbitant directors fees, lack of board scrutiny and inadequate disclosure internationally and in Australia in cases such as Enron, WorldCom, HIH, the Australian Wheat Board, and numerous state banks. This paper analyzes annual reports, web sites and CSR/ Sustainability and Governance reports of twenty selected companies to highlight the position of human resources and labour in their governance frameworks, and by linking the data to Stum's (2001) performance pyramid, evaluates the extent of organizational commitment. It concludes that despite all the rhetoric around employees being stakeholders, employees continue to be viewed as 'outsiders' with governance primarily focused on shareholder concerns. Employees are primarily seen as constituents of legal and regulatory frameworks and employee codes of conduct and lack a position in strategy and effective decisionmaking structures, thereby conveying to employees that they are perceived only as workers, and not as a person (Stum, 2001). Naturally, the organizations fail to win the commitment of their employees.
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