Corporate governance is a very complex issue. It involves many stakeholders without much-aligned interests and expectations. From one side, there are business founders concerned about the company image, VC and shareholders; investors focus on profit, with some concern about the company reputation. On another side are clients who consider quality, ethics and price, employees that count on pay and responsibility, privacy and safety, and suppliers interested in integrity, reliability and fair treatment. But also, there is a third side, governmental agencies checking compliance over regulations, with the public concerned over the environment and overall impact on community and society at large.
Therefore, Corporate governance promotes transparency, integrity, accountability at work and participation of the stakeholders. It relies on guiding principles and high standards for the benefits of all stakeholders, which all that together put very high demands on organisations.
From the managerial perspective, the requirements include many aspects in line with managing quality, environmental issues, health and safety at work, emergency management, risk management, business continuity, organisational resilience, human resource management, anti-corruption and fraud. They all require systematic monitoring, control and improvement.
But from the governance perspective, there are three important areas which need particular attention in order to fulfil fundamental principles of ethical, transparent, accountable and responsible corporate governance:
- Governance of Organizations
- Compliance Management
- Social Responsibility
Each of them is a set of measures which need undoubted commitment and dedicated leadership.
How is it to be done?
It will be implemented through the consulting service. Implementation activities rely on already known standards and frameworks, enabling organisations to apply well-proven principles and good practices. The consultancy services may include social research and think-tank activities as a part of the implementation process and methodology of collecting information, needed for successful improvement and even innovation in the work practices.