Top Board Governance Tips to Build Ethical, Compliant and Successful Organizations
Board governance is a crucial structure for companies to succeed. It combines tried and true principles with the best practices to help boards navigate the complexities and propel the organization to the next stage.
A clear set of rules determines the direction of a company, oversees compliance and provides guidance on how to manage risk. It also sets the guidelines for corporate culture and accountability. Good governance isn't always easy especially when there are many things at stake. We've collected the best governance tips for boards to build ethical, dependable, and successful organizations.
Establish a Strategic Agenda for the future
A well-governed board sets an ambitious program for the coming years. This sets directors up with a goal and ensures their time is focused on the most valuable things for the organization. This could include creating the leadership program needed to prepare the next generation of board directors.
Create a Culture of Accountability
Great boards are recognized for their strict standards for ethical and legal compliance. This includes a robust code of conduct, a policy regarding whistleblowing as well as a policy on conflict of interest. Boards should clearly communicate their policies and ensure that all members are aware of their responsibilities.
Avoid Micromanaging
The most effective boards are ones that oversee operations but don't interfere with the day-today administration of personnel and operations. This allows the executive management to concentrate on strategic issues. Furthermore, not having to micromanage allows the board to better serve their clients.
GDI Products and Services
Leave a comment