What is Corporate Governance?
You know you need it. It’s the cornerstone of any well run and successful organisation. But what – exactly – is corporate governance, and how can you do it well?
Nailing a conclusive definition of corporate governance can be a bit elusive. The Governance Institute of Australia says there isn’t a single, all-encompassing and irrefutable statement that covers it all. They define it as:
The system by which an organisation is controlled and operates, and the mechanisms by which it, and its people, are held to account. Ethics, risk management, compliance and administration are all elements of governance.
The Australian Stock Exchange outlines it as:
The framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations’. It encompasses the mechanisms by which companies, and those in control, are held to account.
At BGS, we think of corporate governance as the framework you put in place to ensure the right people in your organisation make the right decisions at the right time, and have accountability for those decisions that affect the organisation.
Compliance is a basic requirement of every organisation. Good governance is more than just meeting your legal obligations.
At BGS, we take corporate governance a step further by using it as a tool for success. It ensures transparency, accountability, stewardship, and integrity. It enables innovation and agility, and it brings your strategy to life. What’s not to love?
We’re excited. Let’s talk.