Introduction
Transparency and Accountability are difficult to achieve. Often boards want to increase the number of closed meetings and report only the good news. Developing a strategic plan which is measurable, realistic and achievable is also difficult. Committment to these tasks requires committment and dedication to the mandate and mission of the organization, and a belief in open communication with stakeholders.
Why Should Boards Be More Open?
More and more governments and other regulators are demanding that boards of directors demonstrate openness and report honestly and clearly. On October 29 the the Ruler of Dubai issued a decree on the governance of boards of directors of the profit and non-profit institutions and corporations owned by the federal government (read more on WAM/Emirates News Agency).
The November 1 statement in CPIFinancial (see Hawkamah calls for coporate governance codes for investors), notes that there is a call that corporate governance codes for investors.These two examples demonstrate that transparency and accountability are key for the sustainability and credibility of every industry and entity.
In 2000, when I was working with the provincial government in Newfoundland and Labrador, we were leaders in this area. Now it is apparent that the requirement for transparency and accountabilty is moving quickly around the world. No industry, business, government agency, non-for-profit entity is exempt.
The question is whether these requirements restrict or inhibit boards in any way?
Boards of Directors need some flexibility.To read more follow this link-
This is permitted in the Decision Making Model of Governance, a model which enables boards to structure themselves based on their unique circumstances. Also, our free newsletters contains invaluable information to make life easier for board members and CEOs.
