Characteristics of Good Corporate Governance
Corporate governance is how a company or business is governed and run and dictates the code of ethics and work code of the company and its employees.
It is important for any business to possess good corporate governance as this dictates how the company is controlled, directed an administered.
The corporate governance will show the relationship between the employees, board of directors, stakeholders and the overall business community of the company. It is important to keep good corporate governance to ensure good and honest communication between the employees as well as how it is seen as a whole.
Corporate governance consists of strategic goals that fall under the overall business plan of the company. These goals are oriented in such a way as to achieve development and success in the business. The main factor that will promote good governance is the law. The rules and regulations implemented as well as the administration of these strategic goals should all be under the law and therefore, all legal practices. The protection of human rights and abidance with the labor code and other government legalities will promote to lawful good corporate governance.
Having transparency within the company is another factor. This transparency however is limited to important officials, administrators concerned and employees and is different from trade secrets being shown to the public. The transparency depicted in good corporate governance is one that will show that the implementations made by the company are for the good of not only the company itself but of the public as well.
Immediate responsiveness to issues at hand will also dictate good governance as this will also show efficiency and effectiveness of the company in resolving issues and dealing with similar factors. Being fair and just in the handling of these will also show the employees and others involved that they all hold a fair share in the company and that opportunities are open to all. The company should also show accountability for its decisions and actions. This accountability will depend also on who was directly involved but nonetheless it is essential for those people to be responsible and take responsibility for the actions. Accountability works hand in hand with transparency.
Participation is also a key factor in good corporate governance. It is vital to involve oneself in the decision making process and voice out concerns and other related issues in order to develop a good relationship and communication within the company. This participation will show that you are willing to go hands on with the activities that have been set out by the company. This involvement will also get people to see first-hand the positive and negative concerns that occur and how to resolve these overall.
Good corporate governance is based on these key factors along with several others that fall under these. It is important to have good corporate governance in a company in order to ensure customer satisfaction and loyalty, good and lawful practice and implementation and an overall good working environment for employees.
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