Board governance is a crucial framework for businesses to be successful. It combines tried-and-true guidelines with best practices to help boards navigate complexity and take the organization to the next stage.

A set of clear guidelines sets the direction of a business, ensures compliance, and provides the necessary knowledge to manage risk. It also sets the tone of corporate culture and accountability. Good governance isn’t always easy particularly when there are many things at stake. This is why we’ve collected our top governance tips for boards to help you build ethical, reputable and successful companies.

Develop a strategic Agenda for the future

One of the most important things boards that are well-run set an ambitious agenda for the future. This helps directors stay focused and ensures that their time is spent in a way that’s most valuable to the organization. This could include creating an leadership program that will help develop the next generation of board leaders.

Create a Culture of Accountability

Great boards are known for having high standards of ethics and legal compliance. This includes a stringent code of conduct, a policy regarding whistleblowing as well as a policy on conflicts of interest. Boards must be clear about their policies and make sure that all members know their responsibilities.

Avoid Micromanaging

The most efficient boards secure deal-making with advanced data rooms are those that have oversight, but do not become involved in the day-today management of staff and operations. This allows executive management to focus on strategic issues. Moreover, avoiding micromanaging allows the board to better serve their clients.