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Corporate governance is a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations.
2. The transactional relationship which involves dealing with disclosure and authority.
Rights and equitable treatment of share: Organizations should respect the rights of shareholders and help shareholders to exercise those rights. They can help shareholders exercise their rights by openly and effectively communicating information and by encouraging shareholders to participate in general meetings.
Interests of other stakeholders: Organizations should recognize that they have legal, contractual, social, and market driven obligations to non-shareholder stakeholders,
including employees, investors, creditors, suppliers, local communities, customers, and policy makers.
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Integrity and ethical behavior: Integrity should be a fundamental requirement in choosing corporate officers and board members. Organizations should develop a code of conduct for their directors and executives that promotes ethical and responsible decision making.
Disclosure and transparency: Organizations should clarify and make publicly known the roles and responsibilities of board and management to provide stakeholders with a level of accountability. They should also implement procedures to independently verify and safeguard the integrity of the company's financial reporting. Disclosure of material matters concerning the organization should be timely and balanced to ensure that all investors have access to clear, factual information.
Role and responsibilities of the board: The board needs sufficient relevant skills and
understanding to review and challenge management performance. It also needs adequate size and appropriate levels of independence and commitment.
- Protect the interests of depositors; - Consider the interests of other recognized stakeholders; and, - Align corporate activities and behaviours with the expectation that banks will operate in a sound manner and in compliance with applicable laws and regulations.
Banks are also important catalysts for economic reforms, including corporate governance practices. Because of the systemic function of banks, the incorporation of corporate governance practices in the assessment of credit risks pertaining to lending process will encourage the corporate sector in turn to improve their internal corporate governance practices.
Importance of implementing modern corporate governance standards is conditioned by the global tendency to consolidation in the banking sector and a need in further capitalization.
Increase efficiency of their activities and minimize risks; Get an easier access to capital markets and decrease the cost of capital; Increase growth rate; Attract strategic investors; Improve the standards of lending; Protect the rights of minority shareholder and other counterparts; Strengthen their reputation and raise the level of investors and clients.
Social Reporting
Social reporting is the use of social media to report collectively and live from events, like workshops, and conferences. It allows to share in real time photos, videos, power point presentations, and summaries / comments. You can for example set up a blog for an event, feed in your photo stream as well as your bookmarks from delicious, videos on Blip TV, YouTube, or twitter feeds. You can blog about the different session, and include short interviews in video,
podcast or written format. You can invite participants to be part of the social reporting team by contributing with blog posts, photos, and videos. SR adds to the "official" documentation a rich mix of stories and conversations. It means a contribution to both facilitation and documenting. And it has human voice and a philosophy of inclusion and empowerment.
Social reporting from events varies from traditional "post event" reporting in two ways. 1. Interactive: It happens both during and after the event to allow people who cannot be at the F2F to have at the minimum a "line of sight" to the event and possibly even a way to interact with people at the event by commenting on material produce from the event. 2. Collaborative: It is done not by one person, but by a team that can either be a dedicated reporting team, or if your event participants have some social media experience, ANYONE can contribute by uploading and tagging photos, taking notes and blogging them from sessions, or participating in a podcast.
through requisite understanding of the company and the business. Boards must take a hard look at its own performance evaluation and enable continuous feedback and communication cycle. Effective boards build capabilities within themselves and their organizations that allow them to do both, protect existing assets (compliance role), as well as, manage threats to future growth (strategy oversight role). This section of the site includes a range of useful publications relating to improving the effectiveness of the board. Roles of the board of directors The roles of the board of directors include :-
Determine the company's vision and mission to guide and set the pace for its current operations and future development.
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Determine the values to be promoted throughout the company. Determine and review company goals. Determine company policies
Review and evaluate present and future opportunities, threats and risks in the external environment and current and future strengths, weaknesses and risks relating to the company.
Determine strategic options, select those to be pursued, and decide the means to implement and support them.
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Determine the business strategies and plans that underpin the corporate strategy. Ensure that the company's organisational structure and capability are appropriate for implementing the chosen strategies.
Delegate to management
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Delegate authority to management, and monitor and evaluate the implementation of policies, strategies and business plans.
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Determine monitoring criteria to be used by the board. Ensure that internal controls are effective. Communicate with senior management.
Ensure that communications both to and from shareholders and relevant stakeholders are effective.
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Understand and take into account the interests of shareholders and relevant stakeholders. Monitor relations with shareholders and relevant stakeholders by gathering and evaluation of appropriate information.