Good Governance
Various definitions:
The pillars of successful corporate governance are: accountability, fairness, transparency, assurance, leadership and stakeholder management
According to the United Nations, Good Governance is measured by the eight factors of Participation, Rule of Law, Transparency, Responsiveness, Consensus Oriented, Equity and Inclusiveness, Effectiveness and Efficiency, and Accountability.14 Oct 2021
University of Lincoln -Corporate governance is the directing force of a business, encompassing:
- Ethical behaviour
- Financial reporting
- Hiring and firing policies
- Law compliance
- Corporate strategy
- Compensation
- Risk management and more
With stakeholder investment, staff engagement and public confidence at stake, the board must strive to serve all business areas and interests using the best intelligence, strategies and tools available.
Their approach should be shaped and informed by the four core principles.
Public institutions support good governance, which, in turn, promotes sustainable economic development and, thereby nurtures the welfare of the people. The vital bond between a people and its government is that of trust, and these public institutions help maintain that trust.