What are some steps a private company should take to put a corporate governance plan in place?
Most private companies have some form of corporate governance already. But business owners should take the following steps to get the right elements in place. • Create a board of directors. Many privately-held companies may already have a board, but make sure your board is composed primarily of independent outside directors. These directors should be like a portfolio of investments that are varied and balanced. Directors should be leaders from a variety of industries who provide value, contacts, opportunities and plenty of objective advice. A good board is worth its weight in gold. • Develop policies and procedures. While this sounds like a lot of busy work, the beauty of creating this is that once it is done, everyone knows exactly what the rules are. The board of directors should approve this document and provide oversight in its application. • Develop efficiencies. Make sure that the company’s physical processes and day-to-day operations are efficient. These processes include: purch
Related Questions
- Is a company required to notify NASDAQ when it becomes non-compliant with one of the corporate governance rules, as set forth under Listing Rule 5600 Series?
- What does Cajun Crawfish Company charge to conduct a private or corporate live crawfish boil / Cajun theme event?
- What are some steps a private company should take to put a corporate governance plan in place?
