Governance

 

Good governance leads to increased revenues, a better working environment, lower staff turnover, succession planning and many other positive benefits. 

We all know the importance of employing an accountant to prepare the financial statements and tax returns of the company. We are aware of the importance of fulfilling our legal requirements. Corporate governance is equally important and brings all aspects of the company together. The Company Secretary traditionally undertook that function and indeed in listed companies still does so. Since the 2006 changes to company legislation there is no longer a legal requirement to appoint a company secretary, but the role is every bit as relevant now as before 2006.

Failures of governance are at the heart of all the catastrophic organisational failings we read about in the news, from Arthur Anderson and Enron, Volkswagen, Carillion, FIFA corruption and racism at the Yorkshire County Cricket Club to the 2008 financial crisis. Getting the governance of an organisation right is not for a wish list, but an absolute necessity. Closer to home we often read about failures detailed by the Isle of Man Financial Services authority. Other issues caused by poor governance can include a dominant CEO or MD ignoring the board, bad working practices, leading to high staff turnover or increased legal costs.

We can assist with Corporate Governance by

  • Reviewing the overall operation of the business, identifying weaknesses and recommending changes;
  • Challenging why things are done and assisting with implementation of changes to working practices;
  • Integrating all aspects of the business to the same high standards;
  • Ensuring the correct reporting lines and communication are established;
  • Assisting with acquisitions and their integration into the business;
  • Reviewing the operation of the board, including the agenda, board packs and relationship of the directors;
  • Building on relationships with shareholders and other stakeholders of the company.

All organisations have their own requirements and challenges. We work individually with each organisation to agree a way forward. There are no standard solutions and all advice is bespoke to our clients. We will help each organisation achieve its goals meeting the philosophy of the directors and shareholders.

Contact us to find out more.

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