Corporate Governance Orientation Program

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Tuesday, 31 March 2009 15:54

Corporate Governance Orientation Program

The is a one-day seminar covering the essential principles of modern corporate governance, from the essential character of the corporation and the legal framework on which corporate governance is built, to global, regional and local principles that guide corporate governance.

The Program is actually the first module of the ICD Professional Directors Program, the latter being the core program designed to help professionalize the practice of corporate directorship and promote good corporate governance practices in the boardroom. The Program has been extensively offered and market tested, with feedback used to evolve it from one run to the next to assure its effectiveness.

THE PRINCIPLES OF CORPORATE GOVERNANCE
This session begins with the conceptual view of the corporation and the fact that the law sees corporations as juridical personalities with own rights, duties, and obligations. As a distinct and separate juridical person, a corporation must act ethically, with a mind towards responsible citizenship and social responsibility. The focal point of discussions in this session is around Board Directors and the strategies that attempt to improve ways in which corporations can practice good governance.
The main principles of modern corporate governance that are contained in the Organisation for Economic Co-Operation and Development (OECD), the Pacific Economic Cooperation Council (PECC), and the Philippine Securities and Exchange Commission (SEC) Corporate Governance Code are thoroughly discussed on this session.

BEST PRACTICES AND PATHWAYS TO REFORMS
To wrap up the lectures on corporate governance, this session will dwell on the issues of corporate governance in the context of reform and the promotion of best practices. Here, the motivation is really to move beyond compliance to performance by allowing the participants to “get the ball rolling” in outlining concrete steps that can be taken by the GOCCs, taking the recent policy thrust and priorities of the DOF for the government corporate sector into consideration.

FINANCE IN THE CORPORATE GOVERNANCE SETTING
The second part of the CGOP starts with the discussion of the role of market forces in shaping the decisions and actions of Board Directors. It should be noted however that this session is not a treatise on economics and finance but rather, a quick summary of key concepts involved in the market economy. This portion is quite fundamental for situating the OECD principles and putting them in corporate governance setting.

AUDIT,RISK MANAGEMENT AND GOVERNANCE COMMITTEES
This additional module provides insights into the functions and relationships of the various committees of the Board, It should be noted that Boards are “enjoined to set up and organize the appropriate board committees towards ensuring good governance” by the 2007 Presidential memorandum on “Furthering Good Corporate Governance in GOCCs and GFIs”