PricewaterhouseCoopers has published a booklet - The Board Agenda: Good Practices for Meeting Market Expectations
PricewaterhouseCoopers has published a booklet - The Board Agenda: Good Practices for Meeting Market Expectations - which sets out the basic good governance practices increasingly expected by international investors. PwC says that, although business cultures differ around the world, consensus is beginning to emerge on what good practices are:
Board structure -
a working partnership between the board and executive management
a strong independent element
board size small enough for effective decision-making
international experience on the board, where relevant Conduct of board meetings -
the chairman ensures full discussion n decisions are made on a consensus basis
meetings are held regularly
adequate time and information is given to preparing for meetings Strategy and planning -
reviewing and challenging management’s strategic options
thinking sufficiently widely when reviewing strategy proposals
taking steps to reduce risks in planning mergers or acquisitions Transparency and disclosure
understanding the information demands of shareholders and others
publishing a balanced commentary on the operating and financial results
appointing an audit committee to take board level responsibility for financial reporting
taking responsibility for all published financial information.
