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Corporate governance goes beyond simply checking the boxes. They are an established set of guidelines that assist companies in performing better and build trust with shareholders and other stakeholders. They serve as a roadmap to help a company succeed. They can be utilized by small or large businesses and privately or publicly owned, and by all types of companies.

Good governance starts with people. Boards must choose the best candidates, design an effective recruitment process and ensure that their members are completely engaged in the task. They should also ensure that they have the appropriate skills to effectively review management practices.

The next step is to work on an arrangement of checks and balances that reduce conflicts of interest. This means creating a code of conduct for directors of boards audit committees, audit committees, and compensation committees. It is also about having policies in place that support transparency integrity, integrity, and ethical dealings.

Boards also require a clearly defined structure of leadership and an independent Director. This is true regardless of whether the board has a separate or combined chair and CEO. A strong independent presiding director can be key to establishing a culture of collaboration and cohesion in the boardroom.

Furthermore, best practices for governance require boards to communicate with shareholders and other stakeholders on a regular basis and in a transparent manner. It is crucial that boards make their financial reports, as well as other information easily accessible. It also involves giving regular updates on new or changing governance standards, and encouraging a dialogue with stakeholders.