Governance isn't a palpable thing, which makes it somewhat hard to define. Not being able to define it, touch it, see it or hear it also makes it difficult to know whether governance is good, bad or mediocre. While all that may be true, board directors will easily be able to recognize the effects of good governance when they happen.
While defining governance as a concrete thing isn't really possible, we can put together a list of characteristics that, when viewed collectively, form the basis for good governance. Good governance doesn't require board directors to make good decisions every single time. However, it does require boards to make the best decisions they possibly can. The best possible decisions require using the best risk management processes, which includes gathering information, evaluating that information and using it to guide the direction of the company. Once strategic plans are moving along nicely, boards need to practice oversight to make sure that their plans are being implemented.
Essentially, there are eight main tenets of good governance. The question is, ''Does your board portal provider support these eight components? If so, how? And is your board technology working well enough for you to fulfill your board duties so that you can make the best decisions that you possibly can?
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The Rule of Law
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Accountable
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Transparent
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Cost-Effective
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Responsive
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Equitable and Inclusive
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Effective and Efficient
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Participatory
What is the Governance Cloud?
Board directors are obligated to perform a host of varied duties and responsibilities. Diligent developed a suite of governance tools to help them fulfill their responsibilities accurately and efficiently. The Governance Cloud ecosystem of products includes:- Diligent Boards
- Director and officer questionnaires (pre-filled forms)
- Board evaluations
- Resolutions and voting
- Diligent Messenger
- Diligent Minutes (beta)
- Insights (curated content and videos) (beta)
- Entity Management
Media Highlights
Environmental, social and governance (ESG) issues have become more complex and multifaceted than ever before. At the same time, ESG continues to ascend on board and leadership agendas.
In this buyer’s guide, we explore what a market-leading ESG solution should look like and highlight the key areas organisations should be prioritising as they embark on their search.