The implementation of effective corporate governance involves the creation of guidelines, policies, rules, and resolutions that encourage positive corporate behavior and a positive work culture. It also protects organizations against threats to their business and crises such as leadership corruption and cybersecurity threats. It also includes contingency plans to assist businesses in coping with these forces of business and emerge on the other side stronger and more resilient.
Corporate governance structures and practices differ according to the size of a company and industry, ownership structure and the jurisdiction. These governance structures and practices, despite their different are all aiming at the same goal in mind: delivering lasting value for shareholders. They must also be able to adapt their governance practices to meet this aim.
The company’s board of directors is tasked with setting goals for the company’s future, appointing and monitoring senior management, and representing the interests of shareholders. Board members should be aware of their obligations and work with the company’s senior management to ensure that these responsibilities are carried out in a way which promotes growth for the business and financial performance.
Stakeholders need to be encouraged to engage in dialogue and communication with the board of directors and management. They will be able speak out in areas that were traditionally the management and the board the management, such as strategic direction and the making of decisions. It is vital that the board and management are honest and open about their governance practices and structures and the motives behind using them.
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