Governance is an ongoing hot topic in offices these days. The Caribbean Corporate Governance Institute recently hosted several events for Corporate Governance Week and we thought we would share some of our top Do’s and Don’ts of Governance ahead of our upcoming Aegis Governance Conference 2023 – ‘Regulatory Compliance for Digitalisation’ taking place on 28 July at Hyatt Trinidad.
- Do establish clear roles and responsibilities, it promotes accountability and effective decision-making.
- Do promote a culture of transparency and communicate regularly and openly it builds trust and helps all stakeholders make informed decisions.
- Do develop and implement robust internal controls to safeguard our company’s assets, prevent fraud, and ensure compliance with laws and regulations.
- Do ensure your board of directors includes independent and competent members who can provide objective oversight and direction to the growth of your business.
- Do implement risk management strategies like proper due diligence processes and contingency plans to mitigate risks effectively.
- Do prioritize the interests of stakeholders, including employees, customers, and the broader community.
- Don’t neglect compliance requirements, it can lead to legal and reputational issues that can harm your business.
- Don’t overlook ethical considerations, always act with integrity, and consider ethical implications in all business decisions.
- Don’t ignore red flags, feedback, and whistle-blower concerns, always act promptly and impartially to investigate, and address those concerns.
- Don’t neglect succession planning, identify, and groom potential successors to key positions to minimize disruptions.