Board governance is the critical structure that sets corporations up for success. It is a combination of tried-and-true principles and best practices that enable boards to navigate complexity and elevate their organizations to the next level.

A clear set of guidelines sets the direction for a company and oversees compliance. It also provides expertise to manage risk. It also sets the tone for corporate ethics and accountability. With so much to discuss, good governance requires a lot of work and cooperation. We’ve gathered the top governance tips for boards to build ethical, compliant and effective organizations.

Develop a strategic Agenda for the Future

One of the most important things that a well-governed board does is set an ambitious agenda for the future. This gives directors a goal and ensures their time is devoted to the most important things big data’s role in predictive analytics for the company. This may include the creation of a leadership development program that will help develop the board’s next generation of leaders.

Create a Culture of Accountability

Great boards are renowned for their rigorous standards for ethical and legal compliance. This includes a strict code of conduct, a procedure for whistleblowing and a policy on conflicts of interest. Boards should clearly communicate their policies and make sure that all members know their obligations.

Avoid Micromanaging

The most effective boards are those that provide oversight but don’t get involved with the day-today management staff and operations. This lets the executive management focus on strategic issues. Additionally, avoiding micromanaging enables the board to better serve its stakeholders.