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Corporate governance is the organization of policies, rules and procedures that govern a business. It also takes into account the interests of the employees, customers, and shareholders as well as government, lenders and the community. These elements are essential for a strong, thriving business.
The human element is crucial because it ensures that everyone who are involved in the operation of a company are competent, ethical and committed to the company’s goals. This is especially important at a time where people are tired of corruption and demands more transparency, equity, and accountability.
Transparent reporting systems are a crucial aspect of good corporate governance. This includes ensuring that the board receives financial reports that are thorough each month, which provide insight into the company’s performance, and why. It is also a good idea for boards to have a system of checks and balances to prevent fraud and mismanagement.
Guidelines and policies are also an crucial to good corporate governance. They should reflect the company’s culture, align with legislation/regulations and internal policies, and be clearly available to all stakeholders.
A presiding director is an autonomous director who manages and supervises the board. This is an essential element of good corporate governance. This is especially important if the structure of the board leadership structure of one company is based on dual roles such as chair and CEO or if there are close personal ties between top management. A company must also ensure that its compensation practices do not create conflicts of interest among directors.
