What is Corporate Governance?

In any organization there is delegation of authority and distribution of duties and tasks among its members. This governance system is called corporate governance. It consists of procedures and mechanisms which controls the system collectively. It also describes the decision making process to be followed by the top management in order to set future goals and build corporate strategies.

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What are the Codes of Corporate Governance and Their Importance?

Every organization needs a code of conduct to be followed honestly by its members. It should be applicable to all the organizations of the world for smooth running of their business. Basic codes of corporate governance are mentioned below:

Accountability: It says that the board will be held accountable for all the actions taken by the organization. It is also responsible for the risks to be taken by the organization to meet the goals.

Effectiveness: The board should be knowledgeable enough to perform all the important tasks related to the organization. The directors should possess required experience and skills to run the organization.

Leadership: In this code it is specified that the company should run by a competent leadership which should take the organization to new heights of success in future. The powers should be delegated to all the directors according to their skills and qualities.

Shareholder relations: The organization should respect the stakeholders as they are the prime investors in the company. They should be paid their dividends timely and their roles in the organization should be clearly defined.

Remuneration: Each director and executive director should be remunerated sufficiently according to the set standards in the market. All the payouts should be transparent and match the market standards.

How Corporate Governance is Beneficial to the Business?

  • It is helpful to streamline business processes: When business processes and systems are streamlined, maximization of profits can be observed at a fast pace.
  • It is an effective checking and monitoring tool: Within set guidelines, everyone in the management, the employees and the stakeholders can be monitored effectively.
  • It helps in internal control of the system: Implementation of corporate governance effectively builds a sound internal control system.
  • It enhances decision making capacity: When right and effective corporate governance guidelines are laid, the top management is helped in decision making process.
  • It helps to reduce cost and increase investment: With good corporate governance cost reduction and attracting investment from the investors can be achieved.

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