Corporate Governance is in its very essence, a set of principles and due processes by which a company is governed. Gamagara Development Forum’s (GDF) Corporate Governance is guided by source documents such as the Article of Associations, Company Act, King III, etc. These principles in turn, provide GDF with certain guidelines as to how it should be run, by whom and when. It involves a set of relationships between GDF’s management, its board, and stakeholders. More specifically it is the framework by which the various stakeholder interests are balanced.
The Board of Directors of Gamagara Development Forum (GDF) has the responsibility to organize its functions and conduct its business in the manner it deems most effective and efficient, consistent with its duties of good faith, due care, loyalty and also include fiduciary duties of the board. In that regard, the Board has to adopt a set of flexible principles to guide its governance practices in the future.
The practice of corporate governance has been practiced in various organisations as a means to avoid misconducts, scandals and/or any unlawful conduct within the organisation. Organisations should strive for a good corporate governance image, as this will surely enhance and assist in maintaining the organisation’s reputation. Corporate governance ensures that GDF is run with integrity as well as the necessary transparency. An organisation that represents good corporate governance is one that allows for necessary disclosure and decision-making. A good corporate governance image also gives an organisation a sense of confidence, not only in its personal entity, but in the industry as well as in the economical markets –national and/or international. Corporate governance is as well essential as it adds value to a company – the kind that will prove beneficial to stakeholders and trustees.