Governance: form or substance?
It's not one or the other. Both should be reflected in good corporate governance - holistic and integrated.
THERE is little dispute that good corporate governance is good business. Yet it is disconcerting that behind boardroom doors, there continue to be murmurings about implementing corporate governance processes in areas such as risk management and internal controls. There lingers the impression that these processes are implemented only because of the requirements for corporate reporting and compliance. This leads to the "form" of corporate governance practices prevailing over the true "substance" of good governance practices within an organisation.
The current high costs of doing business and the issue of low productivity faced by many companies further impede boards and management in closely examining the state of corporate governance in their organisations, and taking it a step further to create real value for the business.
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