CORPORATE GOVERNANCE

 

Issue

Transparency is a key principle in Corporate Governance. As such it is considered part of the process of recognition of responsibility on the part of an organisation for the external effects of its actions and equally part of the process of redistributing power more equitably to all stakeholders. This creates a potential issue for many organisations so how should you approach it?

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Issue

We all know that the failures of the past, especially the global financial crisis of 2007-08, exposed all organisations to a new concern for corporate governance. A greater demand for accountability of organisations to their owners and business partners was required as part of these changing times. This implies that an organisation is part of a wider societal network and has responsibilities to all of that network rather than just to the owners of the organisation. In respect of an organisation’s commercial confidentiality and its strategic competitive advantage this may create a number of difficult issues for many organisations. How should you approach it?

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Issue

Everyone understands the traditional meaning of stewardship. It simply means that the management of an organisation is responsible for the safe-keeping of the financial resources of the organisation. In the context of corporate governance, however, the understanding of stewardship extends beyond the financial resources of the organisation to all resources, both internal and external, that the organisation seeks to use. This extended view of stewardship is one of the tenets of good corporate governance. The question that needs to be asked is how do we accommodate stewardship with transparency and accountability?

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