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The key to ensuring that governance is perfect is not just setting up effective processes and structures but also demonstrating the right behaviors and building trust, establishing an ethical culture and interacting with shareholders. When boards are able to do all of these things well, they can bring significant value to healthcare organizations. They can ensure that they are on the right the right track and propel forward, to the good of the community.
Effective boards have a clear and solid structure that defines their obligations. This includes defining roles for the chairman, the chief executive officer, the individual directors and their committees. Structures that are clear allow directors to focus on their specialties and to work as teams.
The board should create an elaborate plan for the governance of the company, which includes identifying the most pressing issues, setting goals for the organization’s strategic direction and establishing strategies for managing risks. It is also required to ensure that it has the knowledge and skills to fulfill its role. For instance it should mix relevant skills and experience in a specific field.
A reliable and strong board of directors will have an impressive level of expertise, skills and experience that will make it capable of managing key risks and ensuring the success of the business. It will be able to handle the various requirements and expectations of the stakeholders including employees, customers or investors. This will require a well-constructed strategy and a clear understanding of the company’s goals and values.
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