Good Governance Matters

Why governance?

In today’s highly regulated and compliance-driven environment, with greater demand for accountability, it’s not enough to be seen to do the right thing – it’s essential to do things right.

Good governance establishes trust in your organisation and builds confidence in how it operates.That’s true whether your organisation is a multinational corporation, a public sector body, an investment fund, a local credit union, a sports governing body, or in the voluntary sector.

Your stakeholders might be investors, staff, Government, regulators or your local community, but all require strong governance and greater transparency.Expectations have evolved; disclosure and openness speak to the credibility of your organisation and how it functions. Good governance delivers this.

Open up or cover up?

Your board is accountable; its role is to give proper oversight and ensure the right decisions are made. Too often, boards fail in their duty, and the results are catastrophic for individuals and the organisations they should be governing. There continues to be multiple well-documented instances of major board and governance failures in Ireland..

How would you answer these questions, for example:

  • Does the board and committees have clearly defined terms of reference?
  • Do all the board members know the business and fully participate?
  • Does your board have a succession plan?
  • Does your board have the necessary mix of skills and competencies?
  • What is your risk management framework?
  • Can executives make decisions without the consent of the board?
  • Is management being fully challenged on performance and decision making?
  • What matters are reserved for board decision?
  • How well are you prepared for a governance review?
  • Are you fully compliant: would you pass a PRISM or your regulator’s scrutiny?

If you can’t answer these questions, then talk to Governance Ireland. Our independent review helps you define the governance gaps in your organisation and helps you to put better structures and processes in place. Shape and organise the board you want and need for your organisation; contact us today.

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Every company needs a practical approach to governance that will work given the composition of its board, its management team, and its resources. At the same time, companies need to ensure that the regulatory requirements are being met.

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Creating a sound governance program requires the ability to understand and effectively implement the many regulations and guidelines within the context of the realities of your organisation. That’s what Governance Ireland does best, we can help you meet your governance challenges.