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There are certain key points that determine the success in the functioning of a corporate government and to resolve those doubts that arise along the way, the INALDE Business School professor and expert on this topic explains the 3 fundamental points in this process. Purpose of corporate governance Corporate governance is a set of policies, standards and processes that facilitate and promote the control of the company by its governing bodies, mainly its board of directors. This is a figure that has gained a lot of weight and relevance in the business field because the separation between the ownership of companies and their management and administration increases every day. The board of directors is the heart of corporate governance; This body defines policies that set the course, orientation and direction of the company through decision-making as one of its main functions. This means that a board member is not an advisor who provides advice or recommendations. On the contrary, and in the light of corporate governance, he is a company director who, in a collegial manner and through his decisions, generates initiatives, leads the organization as a whole and, above all, coordinates and supervises the work of the CEO and his team. immediate management team.

Read also: "Learn about the types of board of directors in corporate governance" Failure to fulfill this function leads to the very common and widespread practice in companies that consists of having BTC Users Number Data passive, advisory boards of directors and, in some cases, who are not aware of serious problems, fraud or risks that put stability at stake. and survival of the organization. Functioning of corporate governance Corporate governance has four fundamental pillars to achieve better functioning: information, deliberation, decision making and monitoring. Information is the main input of corporate governance, through which boards of directors make decisions and carry out supervision and control of the company. The information must be characterized as relevant, timely and appropriate.



Relevance has to do with whether the information contains the appropriate elements to make a correct decision. On the other hand, the timeliness in the delivery of information is related to sufficient time and advance notice for its study and analysis, in order to provide the appropriate elements to solve company problems in a comprehensive manner. Deliberation is the driving force of a board of directors because its main function is to make final decisions, which entails conversation about the strategy with the management teams and, to do so, it must generate the contrast of opinions, reflection and the design of alternative scenarios. to the CEO 's proposals . It is the space of intelligent opinions (Canals 2004). The decision means that boards of directors cannot stop at simple debate. Rather, their deliberations must lead to a decision that typically involves resource allocation.
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