A new era of good corporate governance is more likely to come from the values of Gen Y than through stricter government regulation, according to the Dean of Flinders Business School, Professor Angèle Cavaye.

Professor Cavaye said the baby boomer mindset of personal prosperity, materialism and shareholder wealth is likely to be replaced by the next generation’s strong sense of social responsibility.

“Corporate governance has come under increased scrutiny thanks to the global financial crisis, and that can only be a good thing,” Professor Cavaye said.

“However, I think the business world in the years ahead will be shaped by the values of Gen Y – their concern for the environment, equity, philanthropy, and caring for others – rather than the pursuit of personal gain,” she said.

“This generation doesn’t strive for the same things that baby boomers aimed for in life. In 20 years time, they will be the CEOs and they will be the ones in control and business will be done differently.”

Professor Cavaye says that despite criticism in educating some of the high profile business leaders associated with the crisis, business schools internationally will play a vital role in the recovery from the global financial crisis.

“While the finger has been pointed at a small group of elite business leaders for the global downturn, we need the best financial and economic brains to help us out of this crisis. The world needs the insights and knowledge of the emerging business leaders and we have an opportunity to complement their new values with the skills required to tackle challenges in the modern economy,” she said.