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Management Association of Australia Limited
Corporate Governance
"Corporate governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set, and the means of attaining those objectives and monitoring performance."
This is summed up in a quote from Corporate Practices and Conduct, 3rd edition1:
“The essence of any system of good corporate governance is to allow the board and management the freedom to drive their organisation forward but to exercise that freedom within a framework of effective accountability”.
The basic principles of effective corporate governance are threefold:
Further information on corporate governance is provided in the CPA Australia/PriceWaterhouseCoopers Corporate Governance ToolKit available here (click).
[1] Bosch Committee, Corporate Practices and Conduct, Third Edition, 1995, Australia
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