Governance is the act of governing. It relates to decisions that define expectations, grant power, or verify performance.
It consists of either a separate process, or part of a decision-making or leadership process. In the case of a business or of a non-profit organisation, governance relates to setting the compass, strategy, monitoring and mentoring management. Then there’s faithfully reporting to stakeholders, identifying and managing risks. You could also include developing cohesive policies, guidance, processes and decision-rights for a given area of responsibility.
There has been renewed interest in the corporate governance practices of modern corporations globally, particularly accountability. This is especially relevant since the high-profile collapses of several large corporations during 2001–2002, most of which involved accounting fraud. Accelerated by the GFC and in NZ’s case, the collapse of our finance company sector, partly attributed to poor governance, accentuating the aspiration for good governance.
Get it sorted with us, first time or last time.
Partners and Senior VAS Team members at Gilligan Sheppard serve as directors and trustees in a wide range of business enterprises and understand the issues confronting directors and trustees from many perspectives.
|For further information, please contact Michael Vukcevic,
from our Value Added Services team. Michael Vukcevic
Read Michael’s profile here…