What are the Key Components of a Governance Audit?
A governance audit typically involves several key components:
1. Board Structure and Composition: Evaluating the mix of skills, experience, and independence among board members. 2. Roles and Responsibilities: Assessing whether roles and responsibilities are clearly defined and understood. 3. Compliance and Risk Management: Ensuring adherence to legal and regulatory requirements and identifying potential risks. 4. Strategic Oversight: Examining the board’s role in shaping and overseeing the company's strategic direction. 5. Performance Evaluation: Reviewing processes for evaluating the performance of the board and executive management. 6. Stakeholder Engagement: Assessing the effectiveness of communication and engagement with stakeholders.