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Corporate Governance Overview
Corporate governance has been defined as “the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations”. It is quite a challenge to establish this framework in today’s complex business environment. Directors have to balance the competing demands of charting the strategic direction of their organisation, managing corporate and personal risks; appointing, mentoring and compensating the corporate team as well as meeting the expectations of many internal and external stakeholders.
We bring all of these issues into perspective utilising an in depth review of existing corporate governance, benchmarked against Australian and international best practice, including the ASX Corporate Governance Principles. The review considers the governance framework, terms of engagement for directors and senior management, strategic planning, reporting to the board, delegation by the board, corporate culture, risk management, audit and compliance. We identify areas of strengths and weaknesses accompanied by input to improve overall board and corporate effectiveness.
Facing the challenge“Today, risks don’t fit into easy categories or emerge from pre-determined place. They assault from all sides. It may surprise you to know that at least half of all corporate crises are caused by senior management action rather than external forces. I firmly believe that the most successful, least crisis-prone businesses will be those whose boards have shown firm resolve and taken decisive action. Effective, integrated strategies for dealing with tomorrow’s risks require a change in culture at board level now.”
(Lord Peter Levene, Chairman of insurance giant Lloyds speaking at the World Affairs Council).