A clearly defined corporate governance framework promotes transparency and fairness, helping your business to build strong relations with its shareholders as well as the local community. It helps identify the roles and responsibilities of each, as well as accountability and ensures compliance with the law and regulations. It also aids in the business’s long-term growth strategy through aligning shareholder interests with the interests of the board and management.
There are many kinds of corporate governance, however the one that’s right for you depends on your company’s objectives and the culture of your company. Some of the most important concepts to keep in mind are:
Unitary Board Structure
In this model of corporate governance the board of directors is responsible for making decisions and directing the company’s activities. The board includes both non-executive and executive directors. This type of structure is common in mid-sized and small businesses.
Continental Model
Continental’s two-tiered model is a two-tiered structure that grants control to both a managerial board, and a supervisory panel. The management board is comprised of insiders from the business, such as managers and executives. The supervisory board comprises outsiders such as bankers and union representatives who have stakes in a company.
Stakeholder-Oriented Governance
This type of governance structure, in contrast to traditional structures which prioritize shareholder interests, takes into account all stakeholders including employees, vendors and customers as well as the community. It encourages boards of directors to adopt policies that address environmental and social issues and develop engaging programs that are meaningful. The board should be open about its decision-making process and share that information with all stakeholders. It should also ensure there are clear lines of communication between the management, board members and shareholders.
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