In 2011 The Institute of Directors in Ireland in partnership with Grant Thornton published Building Blocks for Business Success, a practical guide for owners and managers of private companies on using corporate governance techniques to generate real business benefits.
The publication is designed to dispel the perception that corporate governance is solely about regulation and compliance. It offers practical examples as to how corporate governance processes can make a business more resilient and aware of risks and changing circumstances.
From putting in writing the company’s strategy, to separating board meetings from management meetings, to putting in place a risk management process and establishing an audit function – the publication is one which can be referred to as the needs of the business demand.
Building Blocks for Business Success is specifically designed to assist in strengthening the indigenous private companies that form such a vital part of the Irish economy.
IoD member, Eamon Moore of E-MIT Solutions, commented on the publication,
"For a company of our size, with seven employees, it was at first difficult to see how corporate governance was relevant to our organisation. Yet when we examined the techniques outlined in the publication, we found that we were in fact already implementing many of the governance practices suggested. For instance, E-MIT Solutions has adopted a range of risk management processes to protect against data loss and ensure business continuity and we also have a series of company-wide policies in place which our employees can access, anytime and anywhere, through our company intranet, available through our cloud computing solution.
"The corporate governance practices we have introduced have made doing business far more effective and efficient. And as the needs of the business grow, we recognise the role and value of corporate governance in contributing to our long-term success."
The publication is available from the Institute of Directors, or request from Grant Thornton.