The process of establishing effective corporate governance is the process of establishing rules, controls, policies and resolutions that encourage positive corporate behavior and a positive work culture. It also helps protect organizations from threats to their business and crises like corruption of leadership and cybersecurity threats. It includes contingency plans to assist companies in dealing with these business challenges and emerge on the other side stronger and more resilient.
Corporate governance structures and practices differ according to the size of a company or industry, the structure of ownership, and jurisdiction. These governance structures and practices, despite their differences, should all have the same objective: to create lasting value for shareholders. They should also allow for flexibility to adapt and modify their governance practices as needed to accomplish this goal.
The board of directors of a company is charged with establishing strategic objectives, appointing and monitoring senior management, and representing the interests of shareholders. Board members must be aware of their responsibilities, and work with management to carry out their duties in a manner that is supportive of the expansion of the business and financial performance.
Stakeholders need to be encouraged to engage in dialogue and interaction with the board of directors and management. They will be able express their opinions in areas that are traditionally the responsibility of the board and the management, like strategic direction and decision-making. It is essential that the board and management are honest and open about their governance structures and practices, and the motives behind using them.
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