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Types of Corporate Governance Best Practices

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Corporate governance isn’t only for legally-structured businesses that are corporations. They’re a set of guidelines that the leaders have to go beyond execute effectively on well-planned strategic plans–they must also be accountable and fair to all stakeholders. Regardless of whether your business has one or many stakeholders–shareholders, employees, clients, students or the community–your company’s approach to governance will change over time and depend on your unique needs and context. There are a few general principles you can apply to any size organization:

Transparency is among the most crucial elements of good corporate governance. Transparency is vital for management and board members to be open with auditors, shareholders and the public about financial reporting, accounting, major decisions and internal practices. This also means that your company is open about its environmental and social impact in ways that are easily accessible to those who might be interested.

Setting clear roles and responsibilities is a further aspect of corporate governance. This can be done by drafting job descriptions for the board the chairperson, vice-chairperson and chairperson, committees, and their chairs, or by making terms of reference to directors individually. This will ensure that there are clear boundaries and limits on authority, as well as an established set of the responsibilities. It will help create a culture of collaboration and open communication as well as reducing mistakes and ensure compliance with regulations. It can also lead to better opportunities for growth when your business expands and diversifies.

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