Regardless of an organisation’s size and shareholding structure, the basic obligations of a directorship remain the same. The responsibility of Business Governance lies with the directors. In companies with only one shareholder/director, often formal procedures such as regular director’s meetings or recording significant business decisions can be overlooked. Independent advice can play a critical role in meeting the Governance challenge by providing fresh thinking, independent judgement, outside experience, objectivity and a new perspective on all issues that come before the Board. UHY Haines Norton have extensive experience in Governance and Advisory Boards, particularly for family businesses and SMEs.
Advantages Of Good Governance:
- Growth and strategic planning
- Risk management
- Regular Board meetings to review performance, risk and strategic direction
- Succession planning and exit strategizing, including inter-generational family succession planning
What Is An Advisory Board?
An Advisory Board provides guidance and thought leadership outside of, and separate to, a formal Board structure. The role of an Advisory Board is to provide advice without making decisions. It has no authority to govern – decisions must be made by the Board of Directors. To set up an effective Advisory Board, company directors provide a clear written agreement defining its terms of reference, including objectives, purpose and activities.
For expert advice about Governance and Advisory Boards, contact us today.