What is Corporate Governance? Why send your staff on governance training?
It is often asked what is Corporate governance and how does it benefit organisations? When it comes to running a company big or small, corporate governance is the framework that will decide whether the business can scale effectively to meet the growing needs of customers and investors, or whether it is doomed to crumble in on itself. The OECD Principles of Corporate Governance (2004) describe the corporate governance framework as a mechanism to “ensure the strategic guidance of the Company, the effective monitoring of management by the board, and the board’s accountability to the company and the shareholders”.
The OECD published principles on Corporate Governance. Even if you have never consciously thought of it, your company has a corporate governance framework and unless employees are given professional governance training they are unlikely to join the dots and understand the commercial benefits of corporate governance. You have set up rules, processes, procedures, policies and other strategic mechanisms to guarantee that every stakeholder’s needs are met and that the company’s objectives are accomplished. This is your corporate governance but have your employees been training to apply best practice and embed good governance as part of the corporate culture.
Governance training for business excellence
Having a robust governance model and effective corporate governance framework doesn’t ensure that your business will remain successful and sustainable. If we look at Enron, they had one of the best corporate governance models and their governance policies were well regarded. However, the directors used dubious accounting practices to hide debt and their auditors didn’t adhere to corporate governance standards. These actions threw the US financial markets into chaos and caused a financial crisis, it also resulted in the loss of Andersen’s reign as one of the big 5 audit firms and ultimately Enron’s bankruptcy.
But what happens when your framework has gaps, or when you encounter government regulations or other industry hurdles that you aren’t prepared to overcome? A proactive corporate governance approach is advised to ensure your organisation embeds good governance practices that remain fit for purpose. This is achieved when your corporate governance framework, your systems and procedures are periodically reviewed for gaps. We know the importance of these periodic reviews and we can assist you with a full governance gap analysis. These reviews should be conducted by experienced governance professionals who have a good understanding of your industry and the regulations, laws and governance framework adopted by your organisation. Part of the governance framework is your delegation of authority, the terms of reference for the board and the committees and any authority matrices.
Listed entities, large corporate groups, family businesses and SMEs all require corporate governance and it can be argued that the smaller businesses need these frameworks even more. One way to enhance an organisation’s corporate governance is to provide the directors, senior executive and management team access to accredited continued professional development corporate training programs.
What is corporate governance? Corporate Governance is the method for businesses to align the objectives of shareholders, the board of directors, senior executives and stakeholders whilst maintaining the corporate objectives, monitoring the current and emerging risks, and sustaining performance.
At Governance Gurus, we are committed to offering the best in governance training and consultation so that you can feel confident that your business is built on a framework of success, growth and sustainability.
Governance training for your leadership team
With mandatory director evaluations and board performance reviews required by law for many businesses, it’s more important than ever to have leaders who are well trained in the systems of quality corporate governance. Corporate training on leadership, director duties, corporate governance and governance, risk management and compliance provide directors and senior executives with the tools for strategic thinking and the implementation of good governance. Our training is accredited for continued professional development hours for your employees and all delegates attending our corporate training workshops receive an independent certificate of the CDP hours gained during training.
Our team is experienced at finding tailor made solutions to your leadership training needs. We regularly advise board evaluations and are committed to working with your company to equip senior management with the best practices in reporting and strategic information gathering.
Governance training for Advanced Company Secretaries
Any system of corporate governance is only as strong as the glue that holds it together: the company secretary. Charged with everything from setting agendas, scheduling board and committee meetings to taking minutes to securely transmitting board papers to the directors, the company secretary or secretariat team is an integral part of any governance framework. An experienced company secretary has good technical knowledge and is commercially minded. They bring with them a unique blend of governance and compliance excellence whilst balancing the commercial and strategic drivers of the business. Our advanced Company Secretary masterclass training workshop series provide a platform to move company secretaries to become strategic thinkers and leaders. We design accredited continued professional development training which offers company secretaries with the tools to advance their knowledge, hone their emotional intelligence and enhance their soft skills.
Governance Gurus can assist by taking control of your secretarial needs, advising your existing team, or even assisting you in creating a division from scratch.
Corporate Governance Advisory Projects
Our professionals are trained and experienced in navigating the often-murky waters of corporate governance. Regulations vary depending on the type of company and its location, but our focus always remains the same: providing expert corporate governance advisory services no matter what stage of implementation you’re in. As part of our advisory and consulting projects we are asked to carry out a review of a variety of legal entities and structures. Whether it’s a public limited company in the UK, a limited liability company in the US or the United Arab Emirates or a company limited by shares in the BVI we can help you review your legal entities and governance framework.
Corporate governance is all about being able to identify gaps and put in place the systems and internal controls to close those gaps. Governance is a journey of process improvements and tightening of internal goals, procedures and policies for business excellence.
We can review your current systems, assess their effectiveness, or even advise you in the creation of new ones. Through dedicated and strategic guidance, Governance Gurus helps find the ideal solution to your corporate governance needs.
Finding the right governance training and the best Governance solutions today
We’ve ferried countless businesses large and small across the changing sea of corporate governance. Governance Gurus meets your company where it’s at, providing workshops, in-house training, consulting, or whatever other services you need to meet your objectives. Business excellence and world class corporate governance doesn’t happen by accident, the highest performing companies are only successful and sustainable when they embed a good governance model across their business.
Get in touch today and let us create the bespoke governance training solutions you need for sustainability, success and increased profitability.