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CGF ARTICLES, OPINIONS & EDITORIALS

UNPACKING THE IMPORTANCE OF A CORPORATE GOVERNANCE FRAMEWORK® (2015-07-21)

Presentation by Terrance M. Booysen (Breakfast Seminar)

My topic, Unpacking the critical importance of a Corporate Governance Framework® (and the mutually fulfilling roles of ISO standards) may come as a revelation for many of you this morning. But before I delve into the matter of a Corporate Governance Framework®, I wish to state that many organisation’s GRC practices have remained not only static through the years, but also largely fragmented.

Whilst many will admit that GRC must be seen (and treated) as a process – in other words one that evolves and adapts to the changing environment and business circumstances – it’s then not surprising that whilst GRC is not embedded within the organisation’s strategy, that many organisations are still battling to stay abreast with the complexities of doing business in an ever-increasing regulatory landscape. Clearly this situation has dire implications not only to the organisation’s bottom line and its sustainability, but more so to its survival.

Accordingly, it has become increasingly important for organisations to be adaptable, but also for them to be smart about the manner in which they govern their business. Therefore it’s imperative that they make use of an intelligently structured Corporate Governance Framework® and through its use, that the board is able to make better business decisions which have been correctly assessed (and mitigated) against their risks.

One of the quickest ways to debilitate a board -- and often this breeds mistrust amongst the executive and non-executive directors -- is when information is not forth-coming and / or complete. And whilst the independence of non-executive directors must be upheld, it is equally important that they not only receive reliable and sufficient information for their decision making, but also that they have a proper understanding of the business which they co-direct together with the executive directors.

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