governance Flashcards
governance
framework of rules/policies/processes that control an organization’s operations
importance of governance to a business?
- sustain success
- respond to external changes
*ensure accountability
process governance purpose and aims
ensure improvements align with values/objectives
*standardise management practices.
* achieve what is expected.
* ensure processes are executed correctly.
corporate governance? responsibility and and
responsibility of the board of directors,
*comply with law at all times.
* follow all policies
* ensure objectives are achieved.
non profit governance?responsibilities and aims
responsibility of the trustees who take decisions
* ensure objectives are pursued.
* implement policies in line with objectives
* dont have a bad rep and loose funding
public governance?
•how public actions are decided/carried out
- provide ethics and code of conduct.
*policies are implemented as intended - correct course of action if problems are identified.
roles corporate?
*bod-oversight of the company, strategic planning, decision making, financial planning
chief executive officer (CEO).
* chief operating officer (COO).
* chief finance officer (CFO
responsibilites corporate (financial legal and regulatory)
Financial:
– Allocate budgets and monitor financial activity.
– File annual accounts.
* Legal:
– integrity,-accountability
* Regulatory:
‒ Ensure documents are filed.
‒ Policies/procedures follow regulatory guidelines.
non profit roles
Appoint and assess the executive office
* Financial requirements – some additional responsibilities.
* Regulatory-file appropriate paperwork.
* Legal-act ethically and lawfully.
non profit responsibilites?
- Achieve goals – keep promises
- Participate in fund-raising activities
- Advocacy of the cause
fiduciary duties?
A duty of honesty, loyalty and good faith to the beneficiaries
- duty of care.
- duty of due diligence.
- can only act in the best interests of their beneficiary.
strategic governance impacts ?
Affects the development and functions
•strong influence on resource allocation •Influences the performance/behaviour
•Encourages innovation
governance decision making impacts?
•quality of decision
•transparency
•accountability
stakeholders governance impact?
•Formalises business processes
•increase stakeholder participation
•Ensures efficient allocation of resources.
public sector governance impact?
•Ensures efficient\fair resource allocation.
•Offers a transparent judicial systems.
•Operates democratic processes in governance.
