Governance refers to the systems, policies, and procedures that a company has in place to manage its operations and ensure accountability, transparency, and ethical behaviour. This aspect of ESG considers factors such as board composition, executive compensation, anti-corruption policies, and shareholder rights. A strong governance framework can help companies mitigate risks, protect their reputation, and attract and retain investors. Good governance practices can also contribute to a company’s long-term financial performance and create value for stakeholders. Therefore, incorporating the governance aspect of ESG into an organization’s sustainability strategy is essential for ensuring ethical behaviour, achieving long-term success, and maintaining stakeholder trust. Key components and concerns include:
Transparent and accountable governance systems refer to a company’s internal processes and systems that ensure that it operates in a responsible and ethical manner, making information about its operations and decision-making available to stakeholders. This can include:
Ethical board composition refers to the make-up and practices of a company’s board of directors that promote good governance, accountability, and responsible decision-making. This can include:
Ethical behaviour is related to social responsibility and involves the company’s impact on stakeholders, including employees, customers, suppliers, and the broader community.
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