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Stronger Corporate Governance legislation is emerging
globally but true success will come from
self-regulation, increased internal controls and the
strong ethical corporate culture that organizations
create.
Independence cannot be created by structures but by
the
way people act and the independence of mind that they
bring to the organization. Boards must no longer be
purely representative in nature but must lend expertise
and add value to the organization and all other
stakeholders.
Organizations that can demonstrate sound self-regulated
practices are less likely to be inhibited by intrusive
and demanding external regulators.
The purpose of good governance principles is to assist
board members, CEOs and senior managers to develop,
implement and maintain a robust governance system
that
fits the particular circumstances of the entity. It also
provides mechanisms for an entity to establish and
maintain an ethical culture through a committed
self-regulatory approach.
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