Good corporate governance in any organisation is extremely important.
Not only because it means you can “tick" boxes about meeting certain codes or standards. But also because well-governed organisations are more effective at what they do. Their practices and procedures meet a higher standard than those that don’t comply with any sector codes, principles or benchmarks.
That’s why we have developed online Tools for the Third Sector and for the Private Sector.
Charity Governance Codes are effectively standards or benchmarks that your charity should comply with, or explain why you don’t. They are either set by the charity sector or by the Charity Regulator, depending on where your charity is located.
Charity trustees are made up almost exclusively of non-executive directors, who also have legal and fiduciary responsibilities similar to private companies.
Complying with the latest charity governance codes may sound straightforward. The reality is that the process is often very manual and paper-based. This is time consuming and it may involve the engagement of a governance specialist, which can be expensive.
Another not-for profit organisation?
If you are a board member of another not-for-profit organisation such as a credit union or sporting body, you too must comply with good governance standards. This is expected by your regulator and/or governing body.
Private Sector governance is growing in importance. Not just because of public interest but also because owners and directors are increasingly seeing how it can improve their business.
However if you are the owner or director of a private sector business, then you probably aren’t aware of any “corporate governance" or “best practice standards" to benchmark your business against.
UK listed companies must comply with the Corporate Governance Code produced by the Financial Reporting Council. But most of this code is not relevant to smaller, private or family owned businesses.
And yet as a private sector business owner or director you could really benefit from adopting a professional approach to good governance practices.
It would allow you to focus on enhancing profit and cash flow; improving policies; introducing clear procedures; developing focused strategic and operating plans; holding more effective board meetings; managing staff more professionally; engaging better with key stakeholders; generally benchmaking against best practice for private sector companies.
Our Company Health Check Tool will help you to test your company operations against best governance practices in the private sector. So you can make the improvements your business needs.
You will produce your company’s own personalised SMART Action Plan instantly. This will help you to take your business forward with a clear and professional structure. And at your own pace.
Find out more about the Admor Company Health Check Tool here.