A succession plan is a comprehensive document that starts with the hiring process and works its way through the ranks and details different leadership positions in the organization. No matter the size of the organization, a succession plan is key to having a smooth transition. Frequently, the process of identifying potential successors for roles within a company involves considering internal candidates.
The Institute of Certified Secretaries Kenya (ICSK) plays a pivotal role in upholding governance standards through its comprehensive framework, focusing on recommended practices for preparing, passing, recording, and maintaining resolutions. Resolutions serve as official decisions by an organization's governing body, guiding actions and binding stakeholders.
Forfeiture of shares occurs when a shareholder loses their ownership rights and privileges over the shares they previously held. This can happen for various reasons, such as non-payment of allotted shares, violations of company policies, or breaches of shareholder agreements.
Effective minute taking and retention are essential aspects of corporate governance, ensuring transparency, accountability, and compliance within organizations. This article provides a detailed overview of Governance Standard 003, elucidates its significance in corporate governance, and explores the crucial role of the company secretary in minute taking and retention.
Having the same person hold both the positions of CEO and Board Chair affects the company in multiple ways, which can be either beneficial or detrimental. Generally, separating the roles of the CEO and the Board Chair is considered best practice by many regulators, but should this be the case?
In a constantly changing business environment, organizations face numerous challenges when it comes to governance and compliance. Generally, risk is the possibility that an outcome will not be as expected.
Managing governance and compliance risks is a critical aspect of modern business management. Organizations that prioritize effective governance, regulatory compliance, and ethical conduct position themselves for sustainable success.
Stakeholder engagement involves the process of actively involving individuals, groups, or entities affected by or having an interest in a company's operations, decisions, or policies. By embracing stakeholder engagement, businesses enhance transparency, accountability, and ethical conduct, ultimately fostering long-term sustainability and success.
The Companies Act, 2015 (the “Act”) in Section 142-147 has outlined the various duties of directors as below;
In the realm of Corporate Governance, the composition of boardrooms has long been a topic of discussion and debate. One particularly contentious issue has been the lack of gender diversity on corporate boards, with some organizations still maintaining all-male or all-female boards.
