http://scoreboardroom.com/steps-to-create-a-nonprofit-social-media-policy/
The implementation of effective corporate governance involves establishing rules, controls, policies and resolutions that promote positive corporate behavior and work culture. It also safeguards companies from threats to their business and crises like corruption in the leadership and cybersecurity threats. It also provides contingency planning which helps businesses deal with these business forces and become stronger and more resilient.
Corporate governance structures and procedures vary according to a company’s business, ownership structure, and jurisdiction. These governance structures and practices, despite their differences are all aiming at the same aim: creating long-term value for shareholders. They should also be flexible enough to adjust their governance practices to achieve this purpose.
The board of directors of a business is responsible for setting strategic goals, appointing senior management and monitoring them, and representing the shareholders’ interests. The board members must be aware of their responsibilities, and work with management to meet them in a manner that aids the expansion of the business and financial performance.
Stakeholders need to be encouraged to engage in dialogue and communication with the board of directors and management. They will be able to speak out in areas that were traditionally the management and the board the management, such as strategic direction and making decisions. It is important that management and the board are open and honest about their governance practices and structures and the motives behind using them.