Good Board Practices In Corporate Governance
Effective corporate governance is determined by the good practices adopted by the board. In leading an organisation, the focus on responsibilities such as determining strategic objectives, monitoring performance, and ensuring robust financial management cannot be overemphasised. Transparency and openness are integral to fostering trust within the organisation and with shareholders, hence, boards should promote regular and clear communication. Additionally, a process to deal with potential conflicts of interest must be established to maintain integrity.
In setting the strategic direction, boards should engage positively with management to build constructive relationships that ensure proper implementation of the strategies. Evaluating performance regularly is just as vital to ensure the company is on track to meeting the set objectives. Lastly, the board should ensure a comprehensive risk management strategy is put in place as a preventative measure against potential threats to business continuity. Diversity in board composition is another indispensable aspect of good corporate governance as it ensures a wide range of views and skills within the organisation.
In our thought provoking Board Evaluation paper, you’ll discover:
✓ Why a Board evaluation is critical to the performance of an organisation.
✓ What are the core elements that make up the scope of an effective Board evaluation.
✓ A powerful approach that will build commitment to drive action within your organisation.
We help your Board get under the skin of what steps they need to take to provide maximum value to the business.
Our approach builds commitment and ownership, is relevant to the needs of your organisation and is inclusive, giving a voice to all Board members and key stakeholders.
The Mightywaters Team
The Mightywaters Team has considerable experience in working with Boards. They developed the GIFT® framework through understanding the areas that drive Board effectiveness. They work across sectors and different governance codes, and often with organisations with unusual or complex shareholding / stakeholder arrangements.
Anna Withers
Founder and Director
Anna focuses on the psychology and neuroscience of work, providing specialist expertise in one-to-one coaching, counselling and conflict resolution, and in the use and interpretation of psychometric tools. She has a particular interest in decision making and in helping individuals and teams make better decisions.
Mark Withers
Founder and Director
Mark brings nearly four decades of business experience and works at the most senior organisational levels, helping leaders tackle their tough people and organisational challenges. He is also a highly skilled facilitator who is able to create environments that enable groups and teams of all sizes to collaborate, innovate, create and decide more effectively.
Does your Board have untapped potential?
Withers, A. (2019). Does your Board have untapped potential?. Ethical Boardroom, Autumn Issue.
A board effectiveness evaluation that gets under the skin of what’s working well and what’s getting in the way of peak performance is the perfect vehicle to help boards unlock this potential. But what does an effective board evaluation look like? Read Anna’s article published in Ethical Boardroom and find out why and how to conduct a board evaluation and the conditions for success.
