Corporate Governance

Corporate Governance

The profile of corporate stakeholders and their ability to influence business has changed.

The profile of corporate stakeholders and their ability to influence business has changed.

The profile of corporate stakeholders and their ability to influence business has changed.

The Corporate Governance Codes of Curacao, Bonaire and Sint Maarten urge companies to establish and prove "good corporate governance". Companies must demonstrate they are managing the interests of all their capital providers in order to show that they have a sustainable business model.  Boards have a duty to maximize a company’s overall economic value and ensure best use of all types of capital. They need to report openly on the companies’ achievements and challenges to its owners. Boards need to take responsibility for driving the organizational change towards integrated thinking and for ensuring the content of their corporate reporting meets owners’ information needs. Active governance requires positive action and candid disclosure by boards to meet the material information needs of their shareholders. Directors should ask themselves whether they are satisfied with the following: 

  • Are the board and management’s strategic planning activities, including the impact on strategy and strategic objectives being communicated effectively?
  • Is the board’s assessment of strategic risks and external factors (including going concern) being communicated properly? Does this communication include an explanation of what has changed and the consequential impact, including any changes to the organization’s risk profile?
  • Have executive and staff incentives been discussed? Is the link to integrated thinking, cultural change and effective implementation of short- & longer-term strategies explained?
  • How have one-off reportable events been handled? Has there been continuous disclosure? Does disclosure include board activity, speed & accuracy of response and consequences/outcomes?
  • Has the content of the Integrated Report been discussed regularly? Have the directors been involved in the structure & design of the primary report, other public reports and other board papers?
  • Have changes to standing data been properly explained? What about implications of the changes on strategy or risk?  

 

What can KPMG do for you?

  • Design and implement Corporate Governance structures and processes.
  • Review the compliance with applicable corporate governance codes. 

 

Potential benefits

  • Effective communication.
  • Understanding of the link to integrated thinking, cultural change and effective implementation of short- & longer-term strategies.
  • Understanding of management involvement.  

 

Featured Success Story
KPMG's GRC team performed Corporate Governance Scans for large public entities in Curaçao, Bonaire and Sint Maarten based on the local Corporate Governance codes. In addition KPMG has organized seminars on local and international Corporate Governance Developments.

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