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Governance
Course: Citizenship and Governance
University: University of the Philippines System
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Corporate governance is the system of rules, practices and
processes by which a company is directed and controlled.
Corporate Governance refers to the way in which companies are governed and
to what purpose. It identifies who has power and accountability, and who makes
decisions. It is, in essence, a toolkit that enables management and the board to
deal more effectively with the challenges of running a company. Corporate
governance ensures that businesses have appropriate decision-making
processes and controls in place so that the interests of all stakeholders
(shareholders, employees, suppliers, customers and the community) are
balanced.
Governance at a corporate level includes the processes through which a
company’s objectives are set and pursued in the context of the social, regulatory
and market environment. It is concerned with practices and procedures for trying
to make sure that a company is run in such a way that it achieves its objectives,
while ensuring that stakeholders can have confidence that their trust in that
company is well founded.
As the home of good governance, the Institute believes that good governance is
important as it provides the infrastructure to improve the quality of the decisions
made by those who manage businesses. Good quality, ethical decision-making
builds sustainable businesses and enables them to create long-term value more
effectivel