Definition: Governance refers to the set of processes, practices, and structures through which an entity is directed, controlled, and held accountable.
It encompasses the mechanisms by which decisions are made, authority is exercised, and performance is monitored, ensuring alignment with organizational goals and stakeholder interests.
Governance outlines the framework for decision-making, including the roles, responsibilities, and authority of individuals and committees involved.
Effective governance establishes clear lines of accountability, defining who is responsible for specific actions, outcomes, and compliance with policies.
Transparency is a cornerstone of governance, ensuring that information, decisions, and processes are accessible to stakeholders, fostering trust and openness.
Governance frameworks often include guidelines and codes of conduct to ensure ethical behavior and compliance with legal and regulatory requirements.
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