Balancing family dynamics with sound business practices is essential for family-owned businesses. Embracing good governance practices, from compliance to transparency, paves the way for long-term sustainability and success. Explore the key strategies to achieve harmony and efficiency in family enterprises.
Declaring beneficial ownership is vital for transparency and compliance. It involves disclosing the ultimate owners of a company or asset, even if held indirectly. This practice helps combat financial crimes, ensure good governance, and build public trust. Failure to comply with regulations can lead to penalties.
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.
Board papers play a crucial role in the effective functioning of boards. They serve as the primary means of communication between board members and provide essential information and analysis for decision-making.
The Companies Act, 2015 (the “Act”) in Section 142-147 has outlined the various duties of directors as below;
Corporate social responsibility is increasingly important in today’s business environment, as is corporate consistency in building a strong societal and community impact. A delicate balance is required to achieve corporate responsibilities while maximizing shareholder profit. A social audit team is comprised of different stakeholders’ representatives. The team examines the implementation of various programs
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.
Social and Ethical Audits allow the company to see itself through a variety of lenses and captures the Company's ethical and social Profile.
Surrendering of shares refers to the voluntary return of shares held in a company by the registered shareholder for those shares. Surrendering shares, is in effect, the same as transferring those shares in favour of the company that issued them.
The Board has the mandate of setting out the strategic direction of the company, overseeing management's performance, and ensuring that the company operates in compliance with the expected legal and ethical standards. With an increase in stakeholder expectations and enhanced regulatory requirements, there has been an increasing need for use of various mechanisms to assess the performance of the board.