Corporate governance encompasses the system by which an organisation is controlled and operates, and the mechanisms by which it, and its people, are held to account. It is the framework of rules, relationships, systems and processes within, and by which, authority is exercised and controlled in corporations. It encompasses the mechanisms by which companies, and those in control, are held to account.
In addition to being responsible for more than the statutory obligations such as recording board minutes and ensuring compliance with laws and regulations, a governance professional:
leads and advises on best practice in governance, risk management and compliance
champions the compliance framework to safeguard organisational integrity
promotes and acts as a ‘sounding board’ on standards of ethical and corporate behaviour
balances the interests of the board (or governing body), management and other stakeholders.
Governance practitioners have a significant impact on the level and quality of corporate governance and governance culture within an organisation, including a pivotal role in assisting the board achieve the organisation’s vision and strategy.
The role of the person responsible for governance includes:
Advising directors and officers on director duties, the Corporations Act, the organisation’s constitution, stock exchange and other regulatory and statutory requirement
implementation of governance programs and risk management frameworks, risk and compliance policies, processes and procedures
Maintaining the corporate structure, including subsidiaries and associated administration
Implementing the corporate strategy
Ensuring corporate accountability by communicating with the organisation's stakeholders
Managing board and committee administration
Preparing board minutes and meetings
Legal and regulatory matters that impact on the organisation
Services
The services that Executive Financial Services provides include:
• ASX Listing Rules
• Policies and procedures
• Regulatory compliance
• Board reporting
• Statutory financial reporting