Is consultation always necessary before the timetables for the implementation of corporate governance requirements are developed?...

Is consultation always necessary before the timetables for the implementation of corporate governance requirements are developed? Discuss in 80 to 100 words.

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Corporate governance is the mechanisms, processes and relations by which corporation are controlled and directed. Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and includes the rules and procedures for making decisions in corporate affairs.

Timetables for the implementation of corporate governance requirements are developed in consultation with stakeholders.

Consultation is an important and valuable part of the Governance document development or review process. Stakeholder are those individual/groups who will be impacted such as staff members, committees etc. Consultation may identify issues that you had not thought of and it will also alert the stakeholders to the pending introduction of a new or amended Governance document.

ekkarill92 answered 2 years ago

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