To improve our governance practices, it is absolutely vital to consider the different perspectives of the various stakeholders in good governance.
There has been much debate about principles-based versus rules-based governance. There also is much concern about whether our focus should be on strategy or control. Many believe that risk management is at the intersection of good governance by promoting well-defined strategic goals and objectives and the management of risks in achieving them.
Improving governance involves the board, executive management, accountants, auditors (both external and internal), the investor and others. Everyone’s views are valid and contribute to moving forward and improving governance.