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Adhering to the best practices of corporate governance isn’t easy However, it doesn’t have to be. Having the right tools will help your board start off and stay on track throughout the year.

Corporate governance goes beyond simply complying with the law and adhering standard regulations. It’s a method of business that can transform a company.

Accountability is one of the most crucial aspects of corporate governance. Transparent reporting systems as well as the system of checks and balances that detect potential issues in financial reporting are all a part of this. For example, it’s important to make sure that all board members know what they are responsible for and are prepared for board meetings and other events.

Another important aspect of good corporate governance is creating a clear and logical path for the involvement of shareholders. This means that shareholders can remove directors who are not performing well. This also includes having clear and readily available information on the company’s financials, which includes the ability to review the company’s quarterly financial reports.

Additionally, it’s important to have a clear plan for addressing social and environmental issues. Many investors are now searching for ESG criteria to help them decide on stocks. It’s also essential that you can demonstrate your company’s positive contribution to society.