Corporate governance goes beyond just checking the boxes. They are guidelines which help companies perform better and establish trust with shareholders and other stakeholders. They are a roadmap to the future of your company and are applicable to large or small companies whether private or public, and for businesses of all types.

Good governance starts with the people. Boards must select the best candidates, develop an effective recruitment process and ensure that their members are completely committed to the task. They must also ensure that they have the necessary skills to review management practices.

Next, we must create a system to minimize conflict of interests. This involves setting up a code for board directors audit committees, audit committees, and compensation committees, and having policies that promote transparency integrity, honesty, and ethical conduct.

In addition to this boards must have an established leadership structure and an independent lead director. This is true whether the board has a separate or combined chair and CEO. A strong, independent director is crucial to establishing a culture of collaboration and consensus in the boardroom.

Finally, the best governance practices require boards to communicate with shareholders and other stakeholders frequently and transparently. This includes making their financial reports and other information available. It also includes periodic updates on new or changing governance guidelines and encouraging dialogue with stakeholders.

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