Week 5 - Corporate Governance Flashcards
What is Governance?
The system of rules, practices and processes by which a company is directed or controlled.
An effective governance framework would have appropriate regard to what?
Contribution of individual directors
Effectiveness of the board and board performance
Way in which governance is applied throughout the organisation
Strength of the relationships the organisation fosters with its stakeholders
What are the seven characteristics of Effective Governance?
Networks Relationships Governance Histories Cultural Geographies Leadership Decision-making Authority Mutual Accountability
What is the difference between policy and procedure?
Policies are a deliberate system of PRINCIPLES or a statement of intent - how and what you intend to do - that guide procedures, which are the ACTIONS
What are some characteristics of Good Governance?
Accountable Transparent Responsive Equitable and Inclusive Effective and Efficient Follows the rules of law Participatory Consensus oriented