Corporate governance is the management of policies, rules and procedures that govern the company. It also considers the interests of the shareholders, customers and employees and also the lenders, government and the community. These are the essential elements for a strong and thriving business.

The people element of good governance is to ensure that those who participate in the company’s activities are competent, ethical and committed to the company’s goals. This is especially crucial during an era when people are tired of corruption and are demanding greater transparency, accountability, and equity.

Transparent reporting systems are a key element of good corporate governance. This means that the board receives accurate financial reports every month that provide visibility into how the company’s performance, and why. It is also a good idea for boards to set up checks and balances in order to guard against fraud and improper management.

Guidelines and policies are another important aspect of 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 independent director who manages and supervises the board. This is an essential aspect of good corporate governance. This is particularly important if the structure of a board’s leadership one company is based on dual roles such as chair and CEO or if there are close personal connections among the top leadership. A company must also ensure that its compensation practices do not create conflicts of interest among directors.

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