What Is Governance Training?

Uncategorized Feb 07, 2023

In business today, most shareholders want companies to be profitable and align with good governance best practices.

So, what is good governance?

Governance is an organised system of processes, practices, and rules directing, controlling, and governing a business, the fundamental principles of which include transparency, fairness, responsibility, risk management, and accountability.

It involves balancing the interests of diverse stakeholders, including government, senior management, shareholders, financiers, suppliers, customers, and the community. In addition, it encompasses every part of business, from strategy creation to performance monitoring and control, to corporate disclosure.

Good governance also incorporates strategy, ethics, environmental concerns, social responsibility, risk management, and compensation.

Essential to this governance is your board of elected directors, your primary corporate governance influence.

At the same time, under-informed, poorly aligned board members or an unsupportive board culture can result in bad corporate governance, casting doubt over your business's operations and reporting.

It can also cause unwelcome economic, compliance, financial, operations, reputation, competition, human resources, security, and government policy risks.

What Are the Benefits of Good Corporate Governance?

Among the expected advantages of sound governance are the following:

  • Leadership alignment: Control and rules transparency guide your company's leaders, helping to align employee, manager, director, and shareholder interests.
  • Corporate reputation: Healthy governance can help inform stakeholders of your business's integrity and direction, encouraging support and investment. It can also help expand opportunities and safeguard long-term financial stability, return on investment, and rising share prices.
  • Increased trust: Good corporate governance helps create and maintain confidence among public officials, investors, and the community, helping to streamline operations, management and progress, while building resilience and boosting longevity.
  • Reduced risk: Sound governance can help limit waste, financial loss, and corruption and mitigate risk.

Integral to good governance is your board of directors, elected by shareholders or fellow board members and representing the highest level of decision-making in your organisation.

These boards are responsible for essential and critical decisions, including dividend policy, executive compensation, and corporate officer appointments, with obligations to high-level business strategy and financial optimisation, including environmental and social concern prioritisation.

Ensuring your board – made up of diverse individuals and outlooks – is aligned with your company's vision, mission, and objectives and is updated on business, legal and regulation requirements warrants professional board and governance training.

However, what is governance training?

Discover Our Board of Director Training Courses

Our governance course covers all your board members and directors need to know about sound governance practices and requirements, including corporate governance's four P's: "people, process, performance, and purpose".

Our course includes governance fundamentals, re-balance, selection, skills, board operations best practices and how to help ensure balance and success in the boardroom.

New Director Training's courses can be customised to your business and team needs and delivered in-house to your board or directors. Alternatively, your team can individually access our online board governance training courses for self-paced learning.

The accessible and practical course gives your team a refreshed understanding of and confidence in their obligations, yielding a more effective and high-functioning governance team.

So, rely on our governance training to prepare your board of directors to cope calmly and strategically with anticipated and unexpected challenges, driving productivity, performance, and superior decisions and outcomes.

Reach out to New Director Training today for a tailored course to get your board good governance ready.


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