Final answer:
When public opinion turns against a company, it can cause damage or even destruction to the company's reputation. Responsible corporate governance is crucial for maintaining accountability and preventing such scenarios. The Lehman Brothers case exemplifies the repercussions of governance failure. The correct answer is option B.
Step-by-step explanation:
To be accountable means to be responsible for one's actions and outcomes in various situations, including within organizations. In the context of an organization, when public opinion turns against a company, it can lead to a loss of trust that significantly damages or even destroys the company's reputation. This can happen when the actions of a company are revealed to be against the interest of the public, causing a backlash that can affect sales, stock prices, and overall perception of the company.
Organizations place importance on responsibility and ensuring that decisions made at various levels are carried out with a sense of duty and recognition of consequences. Various mechanisms of corporate governance, such as shareholders, auditing firms, and a diligent board of directors, are established to oversee executive actions and maintain accountability. Sadly, when these governance systems fail, as seen in the case of Lehman Brothers, the resulting lack of accountability can lead to severe consequences for the firm and its stakeholders.
It is crucial that all individuals within an organization, regardless of their rank, are willing to accept personal responsibility for their part in the organization's success or failure. An unwillingness to do so can contribute to a broader culture of evasion of accountability, which can be detrimental to the organization as a whole.