Governance of the board is the essential structure that sets corporations up for success. It blends tried and tested principles with the best practices to assist boards navigate the maze of complexity and take the organization to the next level.

A set of clear guidelines sets the direction of a company is a way to ensure compliance, and offers guidance for managing risk. It also sets the tone for corporate culture and accountability. But with so much to be done the need for good governance is a lot of work and cooperation. We’ve compiled our top board governance tips to help you create an ethical, legally compliant and efficient businesses.

Create a strategic plan for the future

A well-managed board can set an ambitious program for the coming years. This gives directors a focus and ensures that their time is spent in a manner that’s most valuable to the organization. This could mean creating a leadership development program to help the next generation of board leaders.

Create a culture of accountability

The best boards are known for having high standards of ethics and legal compliance. This includes a stringent code of conduct, a procedure for whistleblowing as well as a policy on conflicts of interest. Boards should clearly communicate their policies and ensure that all employees are aware of their obligations.

Avoid Micromanaging

The most effective boards are ones that provide oversight but don’t interfere with the day-today management of staff and operations. This allows board meetings performance executive management to focus on strategic issues. Additionally, avoiding micromanaging enables the board to better serve its stakeholders.