Corporate Governance Implementation
Effective management requires appropriate documentation. Formalization of the rules ensures clarity within the company in terms of expectations and roles; and promotes accountability and alignment of internal practices with legal and best practice requirements.
With an increasing demand for disclosure of corporate governance policies and practices to the market, a robust internal policy framework sends a strong signal to regulators, investors and stakeholders as to the maturity of the corporate governance framework.
Examples of such policies include those relating to:
- Board and leadership – such as Board and Committee Terms of Reference, Board Nomination Policy, Board Evaluation Policy, Chart of Authorities and a Group Governance Policy.
- Internal control – such as Code of Ethics, Anti-Corruption Policies and Whistleblowing Policies; and
- Key issues – such as sustainability, human rights and business integrity.
Embedding, maintaining and overseeing the implementation of this framework presents further challenges, which unaddressed may result in a lack of shared understanding of the rules, organizational inefficiencies, and weak individual accountability.
Morrow Sodali offers a range of services to help overcome these challenges by aiding in the development, review, and update of a wide array of internal documentation and supporting their operationalization, with the objective of building a solid corporate governance and control edifice. Our corporate governance implementation services include:
- Development of Internal Policy Framework: We assist organizations with drafting a wide range of internal policies, charters, terms of reference and procedures. The documentation is tailored to the client’s organizational specificities and needs, and takes into account the applicable regulatory and best practice expectations. This assistance may be standalone or as part of the implementation of the Corporate Governance Action Plan detailed below.
- Review of the Existing Internal Policy Framework: We review the company’s existing internal policy framework and its implementation in practice. Based on the findings of our review, we create recommendations to improve the processes, practices and policies of the company. We may also act as a sounding board for the Board Chair and CEO. Our review aims at regulatory compliance, modernizing the company’s internal policies and meeting best practice expectations.
- Corporate Governance Action Plan (“CGAP”): If required by clients, we can develop a detailed CGAP detailing the necessary steps to implement the recommendations provided during the review of the internal policy framework. The CGAP includes the timeline, priorities, responsible party and sequencing of each recommendation.
- Training on Policy Framework: We can assist in the development of a training program and materials to ensure efficient and successful implementation. We deliver training to the board and senior management, and also provide ‘Train the Trainers’ sessions.
For more information on our governance implementation services, please contact us: boardgovernance@morrowsodali.com.