Development of corporate and board policies
Codifying an organization’s corporate, human resources and technology policies for employees as well as directors can be time consuming and administratively taxing. The advantage of doing so is not always apparent when pressing strategic, operational and financial goals are competing for management’s attention. Emerging issues such as the use of social media necessitates new polices. Not having written policies could lead to the following risks:
- Misinterpretation or abuse of “understood” policies,
- Conflicts of interest,
- Non-compliance with regulatory requirements,
- Exploitation, waste or loss of assets, and
- The implication that the board and management do not have adequate controls in place.
Establishing a core set of policies need not be an exercise in bureaucracy. I can evaluate documentation of your existing policies and make a recommendation for their amendment if required as well the adoption of corporate, human resources and technology policies that would be appropriate for your organization. I can develop these policies in a concise and easy to read format using leading practices in policy development.
The board of directors should also have a core set of policies on matters related to code of conduct, retirement/succession planning, CEO delegated authorities, majority-voting, related party matters among others.
Having a set of written policies communicates your organization’s values, demonstrates the presence of internal controls, provides a framework for decision-making, contributes to an equitable work environment and can save your organization money.