The financial crisis has raised fundamental issues about corporate regulation, governance and business culture. Our first priority must be to get the financial system moving again. But, longer term, it is essential to restore legitimacy to and trust in the practice and profession of management.

To regain society's trust, business leaders must look beyond their responsibility to the shareholder and commit to their duty as institutional custodians. In other words, we need to make management a profession. True professions, such as medicine or law, have codes of conduct and consequences taught as part of the education required of their members.