Main focus : Social issues. We cover : 258 countries, SARs, islands. Sample country & location : India & Thane. Important role : Corporates & celebrities

Governance

CSR and Governance
Corporate Governance is the acceptance by management of the inalienable rights of shareholders as the true owners of the corporation and of their own role as trustees on behalf of the shareholders. It is about commitment to values, about ethical business conduct and about making a distinction between personal & corporate funds in the management of a company. Corporate Governance must be viewed as ethics and a moral duty. CSRidentity.com believes that values, ethics, moral responsibility and governance are some of the solid roots of the CSR Tree.

A set of board of directors often plays a key role in corporate governance. It is their responsibility to endorse the organisation's strategy, develop directional policy, appoint, supervise and remunerate senior executives and to ensure accountability of the organisation to its owners and authorities.

Key elements of good corporate governance principles include honesty, trust and integrity, openness, performance orientation, responsibility and accountability, mutual respect, and commitment to the organization.

Of importance is how directors and management develop a model of governance that aligns the values of the corporate participants and then evaluate this model periodically for its effectiveness. In particular, senior executives should conduct themselves honestly and ethically, especially concerning actual or apparent conflicts of interest, and disclosure in financial reports.

Commonly accepted principles of corporate governance include:
Rights and equitable treatment of shareholders
Interests of other stakeholders
Role and responsibilities of the board
Integrity and ethical behaviour
Disclosure and transparency

Issues involving corporate governance principles include:

internal controls and internal auditors
the independence of the entity's external auditors and the quality of their audits
oversight and management of risk
oversight of the preparation of the entity's financial statements
review of the compensation arrangements for the chief executive officer and other senior executives
the resources made available to directors in carrying out their duties
the way in which individuals are nominated for positions on the board
dividend policy

The positive effect of corporate governance on different stakeholders ultimately is a strengthened economy, and hence good corporate governance is a tool for socio-economic development. Hence Corporate Governance is a key CSR issue

 

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