These are sound financial and non-financial internal control processes, practices, and competencies established to support the company and its managers in achieving results and in ensuring responsible and effective utilization and management of company resources.
Board members who are not part of the company’s executive team, and do not engage in the day-to-day management of the organization but is involved in policy-making and planning exercises.
Director who also serve as an officer in the company or participate in the management of the company, and simultaneously serving as a member of the company’s executive management e.g. President and CEO who is also a member of the board.
The independent director is a special type of non-executive director and hence does not participate in the management of the company and who, apart from his fees and shareholdings, is free from any business or other relationship with the company, which could, or could reasonably be perceived to, materially interfere with his exercise of independent
Everyone has a part to play in ensuring good corporate governance. The ultimate accountability rightfully rests with the board of directors and the officers, but the day-to-day observance of Corporate Governance principles and practices is everyone’s responsibility.
A stakeholder is either an individual, group or organization that has an interest in a company and can either affect, or be affected by the organization's actions, objectives and policies e.g. shareholders, employees, government, regulators, customers, and suppliers.
Good corporate governance is at the heart of any successful business - - - because doing good is good business. It makes companies more accountable and transparent to the investors and gives them the tools to respond to legitimate stakeholder concerns. It contributes to the achievement of company objectives, drives improvement and development, and increases