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Board governance is the crucial structure that allows corporations to be set for success. It blends tried-and-tested principles with best practices that allow boards to tackle the challenges and take their organization to the next level.

A set of clear guidelines establishes the direction of a company ensures compliance and provides expertise for managing risk. It also sets the tone of corporate culture and accountability. Good governance is not easy, especially when there are many things on the line. That’s why we’ve gathered our top board governance tips to help you create ethical, reputable and successful organisations.

Develop a plan of action for the future

One of the most important things an effective board can do is establish a clear and ambitious plan for the future. This gives directors a direction and ensures that their time is used in a manner that is most profitable for the organization. This could involve creating a leadership development program to nurture the board’s next generation of leaders.

Establish a Culture of Accountability

Great boards are known for their strict standards for ethical and legal compliance. This includes a stringent code, a policy on whistleblowing and a code of conduct on conflict of interest. It is crucial for boards to clearly communicate these policies and ensure that everyone is aware of their responsibilities.

Avoid Micromanaging

The most effective boards are those that offer oversight, but do not get involved in the day-to-day administration of staff and operations. This allows the executive management to focus on strategic issues. The board will be able to better serve its stakeholders by avoiding micromanagement.