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Governance of the board is the essential structure that prepares corporations for success. It combines tried and trusted principles with the best practices to assist boards in navigating complexity and help take the business to the next level.
A clear set of rules defines a company’s direction and ensures compliance. It also provides the necessary expertise to manage risk. It also sets the tone for corporate culture and accountability. With so many things on the table good governance requires a lot of work and cooperation. We’ve compiled our top tips for governance on boards to help you create ethical, reputable and successful organizations.
Create a Strategic Agenda for the Future
One of the most important things an effective board can do is set an ambitious agenda for the future. This helps directors stay focused and ensures that their time is used in a manner that is most valuable to the organization. This may include creating a leadership development program to help the next generation of board leaders.
Establish a culture of accountability
Great boards are renowned for their strict standards for ethical and legal compliance. This includes a strict code of conduct, a policy regarding whistleblowing, and a policy regarding conflict of interests. Boards should be clear about their policies and ensure that all members are aware of their responsibilities.
Avoid Micromanaging
The most effective boards are those that provide oversight but don’t be involved in the day-today management of operations and staff. This allows the executive management to focus on strategic issues. Moreover, avoiding micromanaging allows the board to better serve their stakeholders.
