Boards and Improving Governance is a course that will be useful for anyone on a board as well as senior managers. Governance is the responsibility of the Board of Directors and it is integral to the success of any business or organization. In this course, lawyer Damien Smith who specializes in advising boards on governance, explains to Peter Quarry that governance involves more than guiding the organization to profitability and successful performance, and more than simply complying with the law. It must also ensure that the business operates ethically, manages the wellbeing of employees and optimizes benefits to all stakeholders.
The board is responsible for the overall governance and strategic direction of the organization. Good governance is primarily about protecting a business, ensuring that it operates ethically and within the law. But boards should take a holistic approach to governance. As well as promoting the long-term financial viability, opportunity and returns, it must also incorporate strategic and monitoring activities in the interest of employees, customers and other stakeholders. Good governance is consensus oriented, accountable, transparent, communicative, equitable and inclusive.
- Learn that as well as complying with the law, governance needs to be holistic - based on corporate social responsibility and strong accountability principles.
- Discover that good governance involves developing and articulating policies within an ethical framework.
- Understand that boards must be strategic, proactive and exercise a duty of care to employees, stakeholders and the community.
- Recognize that boards must provide leadership and progress the culture of the organization.
- Enshrine strong principles covering relationships, ethics and values.
- Set clear policies and strategies, without micro-managing the organization.