TORONTO and LONDON, May 09, 2018 (GLOBE NEWSWIRE) -- Today, ACCA (the Association of Chartered Certified Accountants) published a report examining the interrelation between businesses and society, and the importance of good corporate governance in facilitating a positive relationship between them.
Because the focus of the corporate governance debate is shifting from an emphasis on compliance with processes and procedures to the outcomes of applying them, ACCA published the Tenets of Good Corporate Governance to explore some of the key topics and issues in global corporate governance practice and debate: from the campaign to promote diversity and balance at a board level to the call to place executive remuneration in the context of the remuneration gap between the top and the bottom of the company.
The report – Tenets of good corporate governance – examines five key issues:
- The relationship between companies and society
- Diversity and balance
- Enabling an effective board
- Executive remuneration
- Gatekeepers of corporate governance
The report highlights the need for companies to think deeply about their business model and how it may look in 5, 10 or 20 years’ time. Companies need to achieve their long-term business purpose, but this must also involve picturing where the society is going, and how they fit within the vision. Businesses need to realize the importance of a motivated and engaged workforce and positive relationship with their environment.
“While the corporate governance debate has come some way over the last decades, many still see it as a compliance exercise. However, some companies are exceeding existing best practice which, combined with a change in public perception, should raise the standard of practice over time,” said Jo Iwasaki, head of corporate governance at ACCA. “Hopefully this report helps businesses to examine their vision and strategic direction in a broader context, which will in turn allow their companies to achieve long term growth.”
Dr Richard LeBlanc, Associate Professor, Law, Governance & Ethics at York University and contributor to the report, added:
“This is a terrific report by ACCA, and a must-read for all North American company directors and governance professionals. It reflects best global take-away practices for leading, value-added boards, and captures key trends and debates that are occurring in American and Canadian boardrooms. ACCA should be commended for such a timely, relevant, balanced and useful contribution.”
Tenets of good corporate governance is the latest report in ACCA’s tenets series, which also includes the tenets of tax, business law and corporate reporting. The full series is available here: www.accaglobal.com/gb/en/professional-insights/global-profession/tenets-of-good-corporate-governance.html
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for finance professionals, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,200 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after finance professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. www.accaglobal.com
ACCA is not affiliated with any Chartered Accountant (CA) organization or Chartered Professional Accountant (CPA) organization.
Contact: Jaime Williams, 347-361-7183, jaime@anatgerstein.com